More Australians are turning to electric vehicles and auto lenders are joining them.
MoveBank now offers a specific loan for environmentally friendly vehicles: the Green Car Loan at Fixed Rate.
The new green car loan starts from a low rate of 4.09% pa (comparison rate of 4.35% pa *) and comes with free withdrawal facilities and additional refunds. You can also borrow between $ 10,000 and $ 150,000, which is great because electric vehicles can be more expensive sometimes.
To be eligible for MoveBank’s New Green Loan, you must meet MoveBank’s Green Vehicle Criteria which states that your vehicle must be one of the following:
- Pure electric
- Plug-in electric hybrid
- Regenerative hybrid
All vehicles must be equipped with an internal combustion engine producing less than 125 g / km of CO2 in the exhaust.
How does MoveBank’s green car loan compare?
For starters, the green fixed-rate auto loan is 183 basis points lower than the average fixed-rate auto loan rate of 5.92% in Mozo’s database. It is also 207 basis points lower than the average fixed green loan rates of 6.16% and among the lowest green auto loans available in Mozo’s database.
MoveBank is one of many lenders starting to deliver sustainable financial services to their clients to help tackle the climate crisis and encourage Australians to consider greener options.
If you are planning on buying a new car soon, check out Mozo’s Car Loan Guide to learn more before purchasing a new set of wheels.
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