More and more Australians are looking to buy electric vehicles and many car lenders are now offering competitive rates.
For example, Westpac announced a new Green Fixed Auto Loan for environmentally friendly vehicles.
The new car loan starts at a low 4.99% per annum (comparative rate of 6.21% per annum*) and comes with free additional repayments. You can borrow between $10,000 and $100,000, which is a good range when looking to buy an eco-friendly car.
To qualify for Westpac’s new green car loan, your car must be on its list of eligible carsbe for personal use, made locally or imported by the manufacturer and be less than seven years old at the time of application.
How Does Westpac’s Green Car Loan Compare?
For starters, the green car loan is 99 basis points lower than the average fixed car loan rate of 5.98% in Mozo’s database. It is also 16 basis points lower than the average fixed rate of 5.15% for green auto loans in our database.
Westpac is one of many lenders now offering green financial services to customers looking for greener options to help tackle the climate crisis.
If you’re planning on buying a new set of wheels soon, check out Mozo’s car loan guides for more on electric vehicles. Alternatively, you can start comparing car loans below.
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