Consumers in Oklahoma and Kansas looking to buy vehicles with compressed natural gas conversions have another financing option with Communication Federal Credit Union.
The $830 million cooperative in Oklahoma City said it has launched new loan programs for CNG conversions as well as for consumers who want to add them to their existing vehicles.
Loans for home refueling appliances are also included in the lending program.
CNG is an alternative to gasoline that’s made by compressing natural gas to less than 1% of its volume at standard atmospheric pressure, according to cngnow.com. Consisting mostly of methane, CNG is odorless, colorless and tasteless and is drawn from domestically drilled natural gas wells or in conjunction with crude oil production.
For new vehicles purchased with a CNG system installed, Communication FCU said it will finance up to the manufacturer’s suggested retail price of the vehicle plus the cost of the conversion.
For pre-owned or member-owned vehicles with a CNG fuel system or conversion installation, the credit union said it will finance up to 115% of the NADA retail value.
Financing for new, pre-owned and member-owned vehicles will be at the credit union’s standard auto loan rates.
CNG costs about 50% less than gasoline or diesel, emits up to 90% fewer emissions than gasoline and there’s an abundant supply here in the U.S., according to cngnow.com.
There are nearly 12,000 CNG fueling stations worldwide including about 500 in the U.S.
Communication FCU serves more than 50,000 members.