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Self-Help Credit Union

Electric Vehicle Loans

Go electric and save!

EVs can deliver cost savings through lower maintenance costs and cheaper power for your vehicle, all while making your community healthier and safer through cleaner air. 

Special rate discounts: SHFCU members can get a 0.25% discount on an EV or PHEV (plug-in hybrid electric vehicle).  

About Self-Help Electric Vehicle Loans

  • Maximum loan amount of $75,000 

  • Maximum term of 84 months (7 years)

  • Can include home charger and installation with your loan 

  • Competitive interest rates 

3 reasons to get an EV:

  • Lower cost of ownership 

  • Requires less maintenance 

  • Better for the environment and for public health 

Interested in purchasing an EV?

Contact your local branch today to speak with a loan officer. Members can also apply online; just log in and go to Loan Application under Online Services.
 

Electric Vehicle Tax Credits

The EV Tax Credit, which provides credits for qualifying electric vehicles and plug-in hybrid electric vehicles (PHEV), will only be available until the end of September. If you’ve been considering taking advantage of the benefits of an EV, here are some things to keep in mind:

  • You must sign a lease or purchase an EV by September 30 to qualify.
  • The credit applies to both new and pre-owned EVs.
  • The credit is relevant for fully electric vehicles and plug-in hybrid electric vehicles (PHEV).
  • It may be applied at the point of vehicle purchase (depending on the dealership) to instantly lower the sticker price by 30% of the vehicle cost, up to these maximums:
    • New vehicles: $7,500 
    • Pre-owned vehicles: $4,000 
  • Regardless of whether you claim the credits at the point of sale or if you wait to claim them when you are filing taxes, you must file form 8936, Clean Vehicle Credits, with your tax return.
  • Income limits apply, but you may use your adjusted gross income from the year you purchase the vehicle or the year prior — whichever is less. 

While there are a number of EVs and PHEVs that qualify for this credit, there are some specific requirements for your chosen vehicle that should be considered: 

New EVs and PHEVs 

  • Must have a battery capacity of at least 7 kilowatt hours 
  • Must be made by a qualified manufacturer
  • Must undergo final assembly in North America
  • Must meet critical mineral and battery component requirements
  • The MSRP of the vehicle cannot exceed $80,000 for SUVs, vans, and pickup trucks or $55,000 for other vehicles 

To find out if a new vehicle is eligible for the tax credit, search fueleconomy.gov 

Pre-owned EVs and PHEVs 

  • Must have a sale price of $25,000 or less (see the IRS website for inclusions and exclusions in the sale price) 
  • Must have a model year of at least 2 years earlier than the calendar year that it is bought (anything purchased now would have to be model year 2023 or older)
  • Must have a battery capacity of at least 7 kilowatt hours
  • Must buy the vehicle from a dealer

To find out if a pre-owned vehicle is eligible for the tax credit, search fueleconomy.gov

  

Shop with confidence.

Learn more about buying an EV: