Capital Corner: Green Auto Loan

Update: Corrected link to Veridian CU.

Your new car can be red, white, blue, black, or any other color, but if it is rated at 30 mpg or higher (combined city and highway), MCT Federal Credit Union will give you a ¼% discount on the loan rate. Rates are as low as 3.99% for 36-month terms or less. Eligibility for membership in MCT includes teachers and students of public and private schools in Montgomery County, MD, as well as their families. Employees of over 100 companies and organizations in Montgomery County are also eligible.

Elsewhere around the Beltway, a green discount is also being offered by NIH Federal Credit Union. Their discount is ½% for vehicles getting city mpg of 25 or better.

A search reveals that similar programs are being offered by other credit unions around the country. Among them are:

• Stanford FCU
  
• Sound CU (Tacoma, WA)
  
• Columbia CU (Portland, OR)
  
• Veridian CU (Iowa)
  
• Envision CU (Florida)