In Latin America, the transition to sustainable mobility is supported by various forms of financing, with special emphasis on “green loans” or loans that offer partial or total financing, along with reduced interest rates on the total price of electric vehicles.
Below, Mobility Portal Latinoamérica lists the banks that offer financing to purchase an electric vehicle in the main countries of the region.
Argentina
BBVA offers a line of loans for sustainable purposes. It offers a maximum amount of 30,000,000 Argentine pesos with a fixed rate and up to 60 months.
It covers the purchase of goods for renewable energy, energy efficiency, and sustainable mobility.
Within the latter point, it includes the purchase of electric vehicle chargers, hybrid and/or electric cars, and the adaptation of internal combustion vehicles to electric and/or hybrid ones.
Santander has launched loans with preferential rates for the purchase of Tito units: 72 per cent APR for up to 36 months and 75 per cent APR for 48 and 60 months.
For SMEs and micro-enterprises, a 55 per cent APR is offered for 48 months.
Banco Nación does not offer credits but provides facilities to access electric micromobility units, such as bicycles and scooters, through 18 fixed installments.
Brazil
Banco BV is the only bank that offsets 100 per cent of the CO₂ emissions from financed vehicles.
It allows the choice of the type of vehicle (car, motorcycle, bus, or truck) to be financed, whether new or used, along with the initial instalment amount. It also allows setting the amount of instalments.
Banco Pan offers to finance 100 per cent of the amount of an electric vehicle and start paying in 90 days distributed over 60 instalments.
Santander Brazil allows payment for electric cars in up to 72 instalments.
Honda Bank proposes financing options available for the Civic Hybrid model.
Chile
Banco Estado offers a “general green credit” that allows financing approved electric vehicles, such as scooters, bicycles, tricycles, hybrid cars, and electric cars.
The financial institution also has a credit agreement with the Be-electric brand to finance bicycles, motorcycles, and cars.
Both options have a preferential monthly rate, financing of 100 per cent of the vehicle value, up to 60 months term, and 90 days to pay the first installment.
Colombia
BBVA Colombia has a sustainable mobility line that finances up to 100 per cent of the hybrid or electric vehicle with a term of up to 84 months.
Banco de Bogotá finances up to 110 per cent of the acquisition of hybrid and electric vehicles for up to 84 months.
Banco de Occidente developed the “Occiauto Planeta Azul Credit” line, through which it promotes access with 100 per cent vehicle financing and up to 84 months of financing.
Bancolombia with its Sustainable Triangular Line provides companies to facilitate their working capital management.
Dealers access credit to finance sustainable vehicles they acquire from their supplier, extending the term of their accounts payable, with a benefit of up to one percentage point on the interest rate.
Costa Rica
Banco Credomatic offers a loan for new and used vehicles with a payment term of up to 96 months. For electric and hybrid vehicles, it offers fixed rates for the entire term, with a maximum of 85% financing of the value of the new or used vehicle.
Ecuador
Banco ProCredit provides financing with special conditions for the acquisition of Nissan Leaf electric vehicles.
The institution finances 70 per cent of the total vehicle cost, with terms of up to 60 months and an annual interest rate of 10 per cent.
Additionally, they provide financing for the acquisition of Skywell eT5 electric vehicles, marketed by Grupo Mavesa, with financing of up to 100 per cent of the total vehicle cost, terms of up to 72 months, and an annual interest rate of nine per cent.
Banco Pichincha offers green loans for hybrids and electric vehicles with terms of up to 72 months.
It is aimed at light vehicles for private use, commercial use, or taxis.
Additionally, there is a loan available for various expenses such as registration, administrative expenses, satellite devices, and accessories.
In the case of Produbanco, it offers a sustainable purpose option with terms of up to 84 months.
Lastly, Banco Guayaquil offers the Autofácil credit with the possibility of paying 20 per cent down payment and financing the balance for up to 72 months, with an interest rate adjusted every 180 days.
Mexico
BBVA Mexico proposes a specific credit for electromobility with an annual fixed interest rate of 12.99 per cent from down payments of 5 per cent on new hybrid or electric cars. The terms for paying off the loan range from 12 to 60 months.
HSBC Mexico offers the “Green Credit” for the purchase of hybrid or electric cars. The benefits include a single annual fixed interest rate of 11.70 per cent, a 5 per cent down payment for new and used cars, and a one per cent opening fee.
Santander Mexico announced that customers will have access to offers from ten per cent down payment and financing of up to 72 months, as well as plans with zero per cent commission for opening a new plan to encourage the purchase of electric vehicles in the country.
Banorte and its “Green Auto Loan” finance 90 per cent of the invoice value with the option to choose the monthly payment plan that best suits their needs.
Finally, Ci Banco offers the “Ciatu verde” credit with a fixed annual interest rate from 14.25 per cent, down payment starting from 20 per cent of the car value, and terms of up to 60 months.
Panama
In Caja de Ahorros, loans for “ecological vehicles” are available with an interest rate of 4.5 per cent, with a minimum down payment of 15 per cent and up to 84 months of financing.
In Multibank, the loan is approved with a 20% initial payment and an interest rate of 5.50 per cent.
In the case of Banco General, plans for hybrid and electric cars have interest rates from 5.50 per cent to seven per cent. Financing terms are 96 months, similar to those provided for combustion cars.
At BAC Credomatic, the rate depends on the customer’s salary, but averages 4.5 per cent with a financing term of 108 months and a ten per cent down payment.
Scotiabank offers financing conditions with an offer that includes terms of up to 96 months and promotional interest rates starting from five per cent.
Paraguay
Banco Nacional de Fomento offers credits for 100 per cent Electric 0 Km vehicles up to 150,000 dollars, which can be paid over a period of five to seven years, for the purchase of a 100 per cent electric 0 km vehicle, nationally or foreign-made.
Peru
BBVA offers financing for new electric and hybrid vehicles for private use with a rate of 7.99 per cent and financing of up to 100 per cent of the vehicle price.
Dominican Republic
Banco Promerica provides financing for electric cars with a fixed rate of eight per cent for three years on vehicles up to six years old and up to five years of financing on new vehicles.
The CIBAO Savings and Loan Association offers 80 per cent financing to be paid in six years.
BanFondesa offers a financing program to access environmentally friendly technology where the interest rate varies depending on the amount, term, and purpose of the loan, which can be checked on the website.
Banco Popular offers loans for 0KM electric and hybrid vehicles with terms of up to 84 months with financing of up to 90 per cent.
Uruguay
At BBVA, there is the option to finance electric vehicles up to 100 per cent of the vehicle value in 60 installments.
HSBC, in partnership with Chevrolet, covers from 80 per cent to 100 per cent, with a term of up to 72 installments.
