Financing / Refinancing your Mach-E

nhammerschmidt

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Hi all!

I have been looking into options for financing or refinancing my Mach-E when it comes in and I came across a Credit Union that’s only purpose is to support clean energy.

Their name is Clean Energy Credit Union. One of the benefits of financing with them is they only finance electrified vehicles and other clean energy products (like solar).

They also allow you to re-amortize your EV loan after you get your tax credit! This allows you to get a lower payment once you receive the credit.

Give them a look: https://www.cleanenergycu.org/home/home
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OWG

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Hi all!

I have been looking into options for financing or refinancing my Mach-E when it comes in and I came across a Credit Union that’s only purpose is to support clean energy.

Their name is Clean Energy Credit Union. One of the benefits of financing with them is they only finance electrified vehicles and other clean energy products (like solar).

They also allow you to re-amortize your EV loan after you get your tax credit! This allows you to get a lower payment once you receive the credit.

Give them a look: https://www.cleanenergycu.org/home/home
Any idea on rates? Did not see that without joining.
 

RickMachE

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Hi all!

I have been looking into options for financing or refinancing my Mach-E when it comes in and I came across a Credit Union that’s only purpose is to support clean energy.

Their name is Clean Energy Credit Union. One of the benefits of financing with them is they only finance electrified vehicles and other clean energy products (like solar).

They also allow you to re-amortize your EV loan after you get your tax credit! This allows you to get a lower payment once you receive the credit.

Give them a look: https://www.cleanenergycu.org/home/home
Why is it a benefit to use a credit union that only finances EVs?

Why does the tax credit matter? The credit comes to you, they don't get it. Your loan balance doesn't go down when you get the tax credit.

Their rates are high:

Term Clean Energy Pen Fed https://www.penfed.org/auto/refinance

4 years 2.29% 1.99% (1.79% for 3 years)
5 years 2.39% 1.99%
6 years 2.79% 2.39%
 


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nhammerschmidt

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Why is it a benefit to use a credit union that only finances EVs?

Why does the tax credit matter? The credit comes to you, they don't get it. Your loan balance doesn't go down when you get the tax credit.

Their rates are high:

Term Clean Energy Pen Fed https://www.penfed.org/auto/refinance

4 years 2.29% 1.99% (1.79% for 3 years)
5 years 2.39% 1.99%
6 years 2.79% 2.39%
They allow you to make a lump sum payment with your tax credit and then re-amortize the loan which would drop your payment. Some people may like that option.

Their rates are a bit higher than PenFed, but you need to have absolutely exceptional (800+) credit at an attractive LTV (80% or less) to get PenFed’s best rate, Clean Energy is a bit more flexible.

I don’t mind paying 30 basis points of rate to support their mission.

This is just one option, I think it’s a good one, I never said it’s the best one for everybody.
 

RickMachE

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Understand your perspective. Here's there last financial report - https://www.cleanenergycu.org/home/fiFiles/static/documents/Clean Energy CU - 2020 Annual Report.pdf

This is a small credit union, started in 2017, to support the solar industry.

They had as of 12/31/20, 2,844 members, with $48.6 million in loans against $14 million in deposits, and they made $600,000, of which $100,000 was donations. In comparison, PenFed had 2.5 million members, with over $20B in loans, and a profit of 133 million. Of course, as a person taking out a loan, why would I care about these numbers? If I get a loan, that's all that matters.
 

Nklem

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Digital credit union is offering 1.49% for 65 months on EVs. There is a Facebook post on Mach E Nation with an Owner who will refer you, that’s a great rate in place of options. Just something to consider,
 

Motomax

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Digital credit union is offering 1.49% for 65 months on EVs. There is a Facebook post on Mach E Nation with an Owner who will refer you, that’s a great rate in place of options. Just something to consider,
Based on their website, you need direct deposit and 5 transactions a month to keep your 0.50% discount.
 
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nhammerschmidt

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Based on their website, you need direct deposit and 5 transactions a month to keep your 0.50% discount.
To be fair, Clean Energy requires autopay or there is a 2% rate increase, but they don't require and transaction minimum.
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