Green Car Loans



V.P. Credit Union is joining the growing movement of creating a greener and cleaner environment by offering the Green Car Loan Program. Members that purchase an eligible vehicle under this program will be granted a preferred interest rate. The interest rate granted is dependent on the carbon footprint the vehicle generates. The lower the emissions, the lower the interest rate. In addition, relationship pricing is also available along with extended repayment periods. Most importantly, members that participate in this program will be making a positive impact toward a healthier environment.

Product Facts

All Green 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 repayment period is 10 years.

Weekly, biweekly, semi-monthly and monthly payment options are available.

Loan interest rates fluctuate and are based on the VPCU Prime Lending Rate.

There are two tiers of interest rates being offered for this program.

Vehicles falling under the Tier 1 category will qualify for an interest rate of Prime + 1.00%.

Vehicles falling under the Tier 2 category will qualify for an interest rate of Prime + 1.50%.

Affordable payment protection is available.
 
 
 
Relationship Pricing Details

Additional rate discounts are available through our special relationship pricing offer for this program. Members that setup or currently have their direct payroll deposit, a VPCU mortgage or carry a VPCU Collabria Visa credit card will be eligible for further rate discounts. In addition, members that obtain CUMIS creditor insurance on their loan will receive a further discount as well. Please see below for a breakdown of the additional discounts available:
 
  • Entire Direct Payroll Deposit to a VPCU account: 0.50% rate discount
  • VPCU Collabria Visa card: 0.50% rate discount
  • VPCU Mortgage: 0.75% rate discount
  • A CUMIS Insurance product obtained on the loan: 1.00% rate discount
The maximum relationship discount in addition to the preferred loan rate shall be 1.50%.
 
Please refer to some examples below for clarity on how relationship pricing is applied to the Green Loans:

Example #1: If a current member has their entire direct payroll deposit at VPCU, a VPCU Collabria Visa card and a VPCU Mortgage with us, the relationship pricing discount offered would be 1.50%. Thus, if this member purchased a Tier 1 eligible vehicle, their final loan rate would be Prime – 0.5%.
 
Example #2: If a current member has a VPCU Collabria Visa card and adds CUMIS Insurance coverage, the relationship pricing discount offered would be 1.50%. Thus, if this member purchased a Tier 1 eligible vehicle, their final loan rate would be Prime – 0.5%.
 
Example #3: If a current member has their entire direct payroll deposit at VPCU and a VPCU Collabria Visa card with us, the relationship pricing discount offered would be 1.00%. Thus, if this member purchased a Tier 2 eligible vehicle, their final loan rate would be Prime + 0.5%.
 
Example #4: If a current member has a VPCU Mortgage with us, the relationship pricing discount offered would be 0.75%. Thus, if this member purchased a Tier 2 eligible vehicle, their final loan rate would be Prime + 0.75%.
 
 
Vehicle Eligibility

Our eligible vehicle list will be reviewed annually. You may view the list of eligible vehicles by clicking HERE.

Vehicles that fall within Tier 1 are known to emit zero carbon emissions and are fuel cell based vehicles.

Vehicles that fall within Tier 2 are known to emit between zero to 95 grams of carbon per kilometer and are hybrid plug-in type vehicles.

In the event you find a vehicle that is not on our current list, please contact us accordingly by calling 778-945-9448 or email us at loans@vpcu.com. Alternatively, you may wish to review the Government of Canada’s Fuel Consumption Ratings Webpage listed below. Furthermore, we have also included an EV charging station map for your reference below.
 
Government of Canada Fuel Consumption Ratings Webpage
https://fcr-ccc.nrcan-rncan.gc.ca/en/
 
EV Charging Station Map
https://chargehub.com/en/charging-stations-map.html

Expected Savings Calculator
https://chargehub.com/en/calculator.html
 
 
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 loans@vpcu.com.


2. Why is the preferred rate not offered to other non-eligible vehicles?

V.P. Credit Union 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 VPCU charge any loan processing fees for personal loan applications?

VPCU does not charge any loan application processing fees. However, in some cases where vehicles are being pledged as security, a collateral registration fee may apply. In the case of the Green Car Loan Program, the collateral registration fee is waived.
 

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 loans@vpcu.com.
 

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 loans@vpcu.com 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 VPCU Prime lending rate work exactly?

The VPCU 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:

https://chargehub.com/en/electric-car-incentives-in-canada.html
 

9. I see that your rates are based on the variable VPCU 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 Green Car Loans?

Loan approval amounts are always determined by reviewing your employment income, net worth and credit rating along with other factors. For the Green Car Loan program, the maximum loan amount per member is $75,000. In the event you are seeking green car loan financing that exceeds this amount, please let us know and perhaps we can propose alternate solutions for you.
 

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.