Electric Car Financing
VP Financial is joining the growing movement of creating a greener and cleaner environment by offering the New Electric Car Financing program. Members that purchase an eligible brand new electric vehicle under this program will be granted a preferred interest rate. In addition, extended repayment periods are available as well. Most importantly, members that participate in this program will be making a positive impact toward a more sustainable environment.
All New Electric Car Loans are considered “open” meaning that they can be paid down or paid off in full without penalty at any time.
The maximum loan amortization period is 10 years with loan terms for five year terms.
Weekly, biweekly, semi-monthly and monthly payment options are available.
Fixed rate of 4.25% OR Variable rate of Prime + 1% are available.
Affordable payment protection is available.
100% brand new electric vehicles are eligible for this program. Used electric cars and hybrid vehicles are not eligible for preferred pricing under this program.
Electric Vehicle Resources
For ease of reference, we have provided a number of quick link resources below in regards to electric vehicles.
Government of Canada Fuel Consumption Ratings Webpage
EV Charging Station Map
Expected Savings Calculator
Questions & Answers
1. How do I apply?
Please refer to our loan application form for details on how to apply. You can access the loan application form by clicking HERE. If you have any questions please call us at 778-945-9448 or email us at [email protected].
2. Why is the preferred rate not offered to other non-eligible vehicles?
VP Financial is a financial services co-operative that follows a number of core values and principals set by the International Co-operative Alliance. One of these principles is our concern for community. We have created this program to promote a healthier environment by mitigating the carbon footprint generated by vehicle emissions. For more details on our core values and principles, please click HERE.
3. Does VP Financial charge any loan processing fees for personal loan applications?
VP Financial does not charge any loan application processing fees at this time. However, in some cases where vehicles are being pledged as security, a collateral registration fee may apply.
4. How long does it take to get a loan approval?
Once you have provided us with a completed loan application form and the required income verification documentation, we will respond to your request within 1 to 2 business days. Response times will vary depending on the volume of requests. The most efficient way to submit your request is to email the signed completed loan application form and your income verification documents to [email protected].
5. I can’t make it into the branch to sign documents or chat with a Loans Officer because of my unusual schedule. What can I do?
You can send us the loan application form by printing it off, completing and signing it and scanning it to us via email at [email protected] or directly to a lender you may be working with. We will correspond with you accordingly from there. Should your request be approved, and as electronic signatures are now accepted, all required documents would be sent through Docusign for you to sign via email. Please read about our Docusign service by clicking here.
6. How does the VP Financial Prime lending rate work exactly?
The VP Financial Prime lending rate is a variable rate. It may increase or decrease based on market conditions. In addition, all financial institutions use the interest rates set by the Bank of Canada as a benchmark when setting their respective Prime lending rate. A summary of the Bank of Canada interest rates can be viewed HERE.
7. Is it true that with the EV Permit you receive a decal that allows you to drive in the EV & HOV lane even if you are alone in the car?
Yes! For more details, please visit the B.C. government website for more information by clicking HERE.
8. Do I have to complete any forms myself in order to capture all the government rebates and grants available?
In most cases, the car dealerships will be very familiar with all the government grants and rebates available to you for your EV or Hybrid vehicle purchase. They will prepare the necessary paper work for you accordingly. Please contact your local dealership for more details.
For ease of reference, a list of the available electric car rebates and incentives can be found by clicking the link below:
9. I see that your rates are based on the variable VP Financial Prime Lending Rate. Are fixed rates available as well?
Yes, fixed rates are available. Please contact us directly for more information.
10. Is there a maximum loan approval limit for New Electric Car Loans?
Loan approval amounts are always determined by reviewing your employment income, net worth and credit rating along with other factors. For the New Electric Car program, the maximum loan amount per member is $150,000.
11. Will there be a lien placed on my car under this program?
Liens and other forms of collateral security for the loan are always based on the strength of the credit application and the amount of credit being requested. Generally speaking, large car loan requests will require a lien be placed on their vehicle.
12. The loan term and rate offered is for a period of five years. What happens after five years?
If you have an outstanding balance on your loan after the initial five year term, the rate will be re-negotiated prior to the five year term expiring. We will touch base with you to go over your rate options prior to the end of the initial five year term.