The credit union’s offer includes an interest rate of 3.99% per annum (comparative rate of 4.76% per annum*) for fixed and variable loan options.
With an appetite for electric and hybrid vehicles showing no signs of slowing down, the credit union took the wheel, joining a number of lenders offering green auto loans for low-emission vehicles.
Community First Fixed and Variable Green Auto Loans are secured personal loans that include:
- Loan term up to seven years
- Minimum loan amount of $10,000
- $195 application fee
- $5 monthly costs
- $100 PPSR fee (securities registry)
Community First’s Green Car Variable Loan offers the flexibility of having no prepayment penalty.
Fixed and variable loan options also allow funds to be withdrawn in advance for a fee of $15 online or $30 by staff assisted at Community First’s 14 NSW branches.
John Tancevski, CEO of Community First Credit Union, said the introduction of green car loans with a competitive rate of 3.99% per annum aims to provide affordable financing for motorists to take advantage of electric and hybrid vehicles.
“Electric vehicles are not only cheaper to operate and quieter on our roads, but will reduce carbon emissions and air pollution, which will improve community health,” Tancevski said.
“Each eligible motorist will pay our competitive interest rate of 3.99% per annum.”
To be eligible for a Community First green car loan, applicants must meet the following requirements:
- Are over the age of 18
- Have a regular income
- Are not or have not been bankrupt
- Are an Australian citizen or permanent resident
- Haven’t defaulted on loans, credit cards, interest-free credits, or store cards in the past five years
- Have held your current job for more than six months
- Have an acceptable credit risk profile
Looking for a new car? The chart below shows green car loans with some of the lowest interest rates on the market for low-emission vehicles.
Basic criteria: fixed and guaranteed car loans for “low-emission” cars. Data accurate as of September 1, 2020. Rates based on a $30,000 loan for a five-year loan term. Products sorted by advertised price. Refunds are calculated based on advertised rates. *The comparison rate is based on a loan of $30,000 over 5 years. Please note: this comparison rate is only true for this example and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate. Rates correct as of April 27, 2022. See disclaimer.
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