compare green auto loan rates

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The big four banks, Westpac, today unveiled a new, lower car loan interest rate for eligible customers considering buying a new or used hybrid or electric vehicle (EV).

The competitive rate offer is in addition to several lower rate green loans available and worth comparing, if you are considering buying an environmentally friendly vehicle.

And if you’re considering going green with your next car, you’re not alone, with the latest research from Westpac revealing that 70% of Australians plan to own a hybrid or electric vehicle in the future. In fact, more than a third (34%) of petrol and diesel drivers are considering switching for their next car purchase.

Westpac research also found that the top motivators for considering a hybrid or electric vehicle were:

  • Fuel economy (78%),
  • Reduced operating costs (69%) and
  • Reduced carbon emissions (60%).

Westpac’s green car loan rate is a decrease from its existing car loan rate, providing customers rate from 4.99% (comparison rate 6.21%) to borrow between $10,000 and $100,000 to finance a hybrid or EV purchase.

The green car loan rate is available for new and used hybrid and electric vehicles less than seven years old.

Crossing the affordability barrier

Some of the biggest barriers to switching to a hybrid or electric vehicle in Australia are the cost of the vehicle, “range anxiety” about how far in miles a charged battery could take you given the sheer size of Australia, as well as poor charging infrastructure.

Although the latter two options are beyond the control of finance providers, green car lenders will on average offer lower interest rates to Australians looking to buy a hybrid or electric vehicle to encourage them to make a more sustainable.

In fact, Westpac research found that 67% of Australians surveyed believe car cost is the biggest barrier out of these three factors to switching to a green car option. It’s no surprise, then, that the Big Four banks have lowered their interest rates on auto loans to offer a more competitive product to eligible customers considering going green.

Westpac’s Managing Director, Consumer & Business Banking, Chris de Bruin, said: “We all have a role to play in helping Australia move towards net zero. We know that cost is one of the biggest barriers to adoption of hybrid and electric vehicles. This offer can therefore help more customers to switch to a greener vehicle. »

“Given the recent increase in gas prices, electric and hybrid vehicles are appealing to people who are environmentally conscious, but also financially conscious. We expect demand for these vehicles to continue to grow, with many Aussies already planning to make the switch,” he said.

“We’re also seeing new government incentives, better access to charging stations and more manufacturers offering hybrid and electric vehicles, which will help accelerate the transition,” de Bruin said.

If you’re considering switching to a hybrid or electric vehicle for your next vehicle purchase, it may be worth considering whether a green car loan can help you overcome the affordability hurdle.

There are several green car lenders offering competitive interest rates, including Westpac. Keep in mind that it is worth comparing not only the interest rate, but also the fees and features associated with the loan and how it may suit your financial situation and budget before signing on line. dotted.

Compare green car loans

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