Truliant Federal Credit Union of Winston-Salem, N.C. has introduced a car loan aimed at consumers who want to purchase fuel-efficient autos. The Fuel Efficient Auto Loan is for any new or used vehicle that gets 29 miles per gallon or more on the highway, according to the Environmental Protection Agency or manufacturer sticker, the credit union says. The loan features a rate discount of 0.5 percent.
The loan also can be used to finance up to 135 percent of the vehicle’s total value. Credit union officials say that will help its members get out of existing loans on inefficient SUVs or trucks, which have seen values plummet because of rising gasoline prices.
Truliant ranks as the Charlotte region’s fifth-largest credit union, based on its total assets of nearly $1.19 billion.
“First and foremost the Fuel Efficient Auto Loan is for any new or used vehicle, not just hybrids, that get 29 miles per gallon or more on the highway according to FuelEconomy.gov or the manufacturer’s sticker,” said Joseph Whitaker, executive vice president and chief operating officer for Truliant Federal Credit Union. “Our goal with this new loan is to help people save money on their monthly payments and reduce cost at the pump.”