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Electric cars are seen by many in today’s society as a status symbol, a battle cry for ecological advancements and protection, and a safety net for their wallet. While the cost of electric cars has been astronomical in the past, they are coming down. With the right resources, preparation, and creativity, you can take advantage of car loans with bad credit and put the cash you save on fuel toward your car payment.
A Little History
The electric car as we know it today has come a long way since its humble beginnings. Steam engines powered the first cars, and it wasn’t until the late 1800s that gasoline-powered internal combustion engines became popular. Electric vehicles also appeared during this time, but they failed to gain much traction due to their limited range and high cost.
It wasn’t until the early 2000s that electric cars started to come back. Thanks to advances in battery technology, electric vehicles could finally rival their gasoline-powered counterparts in terms of range and performance. Today, electric cars are becoming increasingly popular, with many significant automakers offering them in their lineup.
Most Popular Electric Cars on the Market Today
Tesla Model S – The Tesla Model S is widely considered the best electric car on the market today. It has a range of up to 335 miles on a single charge, and its spacious interior makes it perfect for families. The Model S is also one of the fastest cars in its class, with a 0-60 time of just 2.5 seconds.
Chevrolet Bolt – The Chevrolet Bolt is another popular electric car. It has a range of up to 238 miles on a single charge, and its affordable price makes it an excellent option for budget-conscious buyers. The Bolt is also significantly smaller than the Model S, making it easier to park and maneuver in tight spaces.
Nissan Leaf – The Nissan Leaf is the third best-selling electric car in the world. It has a range of up to 150 miles on a single charge, and its affordable price makes it an excellent option for budget-conscious buyers. The Leaf is also significantly smaller than the Model S and the Bolt, making it easier to park and maneuver in tight spaces.
Why You Should Consider an Electric Car
Operation and Maintenance Costs – Firstly, electric cars are much cheaper to operate and maintain. Electric vehicles don’t require oil changes; their brakes last longer because they regenerate energy when slowing down.
Ecologically Beneficial Design – Electric cars also produce no emissions, so they’re much better for the environment. Electric vehicles are so efficient that they have fewer greenhouse gases than the most fuel-efficient gasoline-powered cars.
Governments Incentives – Additionally, many governments offer incentives for buying electric cars, such as tax breaks and access to carpool lanes. These incentives can make electric cars even more affordable.
Low Noise – Another advantage of electric cars is that they’re much quieter than gasoline-powered cars. This makes them ideal for city driving, and it also means you won’t have to listen to the deafening roar of a car engine when you’re trying to relax at home.
How to Afford an Electric Car on a Budget
If you’re looking to buy an electric car but on a tight budget, there are a few things you can do to make it more affordable.
Buy Used – One option is to buy a used car. Electric cars hold their value very well, so you can often get a great deal on a used car.
Lease – Another option is to lease an electric car. Many automakers offer leasing programs that make it easier to afford an electric vehicle. At the end of the lease, you can choose to buy the car or upgrade to a new model.
Get a Car Loan with Bad Credit – If you have bad credit, you may be worried that you won’t be able to get a car loan. However, many lenders specialize in car loans for people with bad credit.
If you’re considering purchasing an electric car, car loans with bad credit are an option. You should expect to pay a higher interest rate and have a lower loan amount, but getting a car loan with bad credit is possible.
Consider talking to your bank or credit union first, and then discuss your options with a lender specializing in loans for people with bad credit. Some dealerships will work with low credit if you provide a sizeable down payment or tangible collateral in exchange for the financial risk they take.