Scotiabank offers Canadians new loans to purchase green vehicles

Toronto – Scotiabank today announced its new EcoLiving Auto Loan program for Canadians who are considering the purchase of eco-friendly cars. The program provides highly competitive loan pricing on a wide array of 2011 and 2012 hybrid, electric and clean diesel vehicles.

“There is rising interest in green vehicles and consumers need the right information and financing choices to make the switch to greener technologies,” said Ron Porter, Scotiabank’s Senior Vice-President of Automotive Finance and Indirect Lending. “With the help of the EcoLiving Auto Loan, we can give dealers a powerful financing tool to put their customers behind the wheel of green vehicles.”

Porter noted there is considerable potential for green car sales in Canada. Canadian car-buyers have embraced hybrids, making Canada the third largest market for hybrid vehicles, after the US and Japan. According to Scotiabank Senior Economist, Carlos Gomes, there has been a significant acceleration in sales of green vehicles over the past six months, with volumes expanding at a robust double-digit pace.

The new auto financing option is part of the Scotiabank EcoLiving program, which provides Canadian homeowners with resources that help save money, reduce energy usage and contribute to a healthier home and planet. The Bank is also offering Scotiabank EcoEnergy Financing for renewable energy projects and the Scotia Global Climate Change mutual fund. In launching the EcoLiving Auto Loan program, Scotiabank also announced a $25,000 donation to the Nature Conservancy of Canada (NCC). In addition, Scotiabank Dealer Finance has pledged to make a $10 donation to the NCC for each loan booked under the new program.

As Canada’s leading private national land conservation organization, NCC partners with Canadians to protect and care for the country’s most important natural areas through property purchases and long-term land stewardship.

“Since 1962, NCC and our partners have helped to conserve more than one million hectares of ecologically significant land nationwide,” said Lynn Gran, Vice-President of Strategic Philanthropy for NCC. “Through the EcoLiving Auto Loan donation program, funds will go towards our stewardship work which will increase our ability to protect Canada’s critical natural areas and endangered species.”