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HOPE makes it happen for drivers with the lowest rates you can find on new and used Electric Vehicles (EVs) and Plug-in Hybrid Electric Vehicles (PHEVs).
up to two years old
For new purchases or refinancing of new
full electric and plug-in hybrid electric vehicles.
With our low interest rates and generous $500 charger cash-out offer, Hope Credit Union can make EV ownership happen for you, especially if your vehicle is eligible for upfront discounts of up to $7,500 from the federal government. EV owners who charge at home can also expect to save thousands of dollars on fuel costs in just the first five years of ownership. With new cost-saving EV models coming to market every month, HOPE wants to help you go electric or refinance your electric vehicle today!
Interested in our standard auto products? Learn more about how EVs can save you big money!
Learn more about HOPE’s $500 cash-out offer to help you buy an EV charger and install it home to make EV driving convenient and cheaper to fuel up than a gas-powered vehicle.
Electric vehicles save you money in three major ways!
With an EV, you charge at home using electricity rates that are typically ⅓ of the average cost of gasoline. This difference can save you thousands of dollars over the course of many years.
| Monthly Fuel Costs Comparison | Electric Vehicle | Gasoline Vehicle |
|---|---|---|
| Annual Miles Driven | 15,000 | 15,000 |
| Gasoline, Price per Gallon | $2.97 | |
| Vehicle, Miles per Gallon | 30 | |
| Price per Kilowatt Hour (Memphis LGW) | $0.12 | |
| Vehicle Miles per Kilowatt Hour | 3.2 | |
| Total Estimated Annual Fuel Costs | $562.50 | $1,485.00 |
| Annual Fuel Cost Savings | ||
The Department of Energy and IRS keep a running list of electric vehicles that qualify for the discounts based on their made-in-America content.
EV discounts are not available for individuals who make more than $150,000 annually or couples that make more than $300,000.
The discounts are only available for trucks and SUVs that cost up to $80,000 and all other vehicles (passenger cars) up to $50,000.
Before buying an electric vehicle, we recommend doing some research to understand if one is right for you and your family. While there are many benefits to EV ownership, it’s also a different type of vehicle. Below, we link to some resources that can help you get up to speed on the basics of EV charging, EV batteries, maintenance, the differences between full battery electric vehicles and plug-in hybrid electric vehicles and more.
The significant cost savings from EVs come from being able to charge your vehicle at home. It’s also what makes driving an EV convenient: you can charge overnight and always start the day with a full battery. That’s why HOPE wants to help you afford a home charger and find a local electrician to install it for you.
If you choose, you can add $500 to your EV loan balance when your loan is approved. You can then receive that $500 as a direct deposit, check or cash to use immediately to buy a home EV charger or to put toward installation costs.
When applying for an EV auto loan, you will need:
When you’re ready to secure a loan on a specific vehicle, you will need to provide the vehicle’s information, including the purchase price, the vehicle identification number (VIN), year, make, model, mileage, and title. You’ll also need to provide proof of insurance for the car.
If it sounds like a lot of paperwork, don’t be overwhelmed. The team at Hope Credit Union helps members
just like you with applications every day. We’re ready to assist with your application so you can drive off in
your dream car with an affordable loan.
A co-applicant or cosigner can strengthen your application but is not required to apply.
A co-applicant or co-borrower has equal ownership of the car and responsibilities for repaying the loan.
A cosigner is a guarantor for an EV auto loan; they have no rights to the vehicle, but they’re responsible for any late or missing payments on the loan.
If you’ve been declined for a loan or need a larger loan amount, a co-applicant or cosigner can help you qualify for more money or a better rate. Contact us to learn more about co-applicants and cosigners and if adding one to your loan application is the right choice for you.
You will receive a decision within 48 hours of your completed application.
When applying in a branch or over the phone, we can provide instant decisions and review your financing
options.
Your first payment is due 30 days after you receive your loan. You can find your payment due date on
your closing documents and your monthly statement.
400 Arba Street
Montgomery, AL 36104
P: 334-834-7483
F: 334-834-2803
3421 McGehee Road
Montgomery, AL 36111
P: 334-604-4110
F: 334-604-4111
4000 Gray Street, Suite B
College Station, AR 72053
P: 501-490-0646
F: 501-490-0424
8411 I-30
Little Rock, AR 72209
P: 501-562-1060
F: 501-562-1027
1114 Missouri Street
West Memphis, AR 72301
P: 870-735-8398
F: 870-732-5447
1726 O. C. Haley Blvd.
New Orleans, LA 70113
P: 504-527-0688
F: 504-527-0691
1635 Elysian Fields Avenue
New Orleans, LA 70117
P: 504-635-4475
188 Porter Avenue
Biloxi, MS 39530
P: 228-374-1554
F: 228-374-3387
140 West Shaw Avenue
Drew, MS 38737
P: 662-745-0406
546 MLK Boulevard North
Greenville, MS 38701
P: 662-378-5744
120 Humphrey Street
Itta Bena, MS 38941
P: 662-254-0040
F: 662-254-0054
350 Woodrow Wilson, Suite 370B
Jackson, MS 39213
P: 601-362-8050
F: 601-713-0975
1748 University Boulevard
Jackson, MS 39204
P: 601-965-7100
F: 601-961-6780
16620 Main Street
Louisville, MS 39339
P: 662-773-3550
F: 662-773-3614
917 West Delta Avenue
Moorhead, MS 38761
P: 662-246-8855
F: 662-246-8005
134 East Peeler Avenue
Shaw, MS 38773
P: 662-754-2070
109 West Cunningham Street
Terry, MS 39170
P: 601-878-0773
F: 601-878-9468
106 East Main Street
Utica, MS 39175
P: 601-991-3336
F: 601-885-2137
470 Commerce Street
West Point, MS 39773-7993
P: 662-494-7473
F: 662-494-6886
1350 Concourse Avenue, Suite 115
Memphis, TN 38104
P: 901-354-7500
F: 901-354-7501
3048 Harvester Lane
Memphis, TN 38127
P: 901-358-4496
F: 901-358-4518
1451 Madison Avenue
Memphis, TN 38104
P: 901-721-8124
F: 901-721-8133
2923 Ridgeway Road
Memphis, TN 38115
P: 901-795-8980
F: 901-794-1872
EV Loan Contact Form
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Disclaimers
¹Loans subject to approval.
²“APR” is Annual Percentage Rate. Advertised “as low as” annual percentage rates (APR) assume excellent borrower credit history. Your actual APR may differ and will be based upon several factors, including credit history, model year, term, and loan amount. A loan on an new electric vehicle (up to 2 years old) with an interest rate of 3.99% (4.059% APR) for 72 months would have a monthly payment of $390.40. Additional rates and terms are available. Advertised rates are available on loans applications submitted from April 1 through June 30, 2025. Rates subject to change.
³Term of 84 months only available for vehicles up to 2 years old and loan amounts of at least $35,000.
4Existing HOPE vehicle loans must be in good standing and be at least 12 months old to be eligible for this offer.
