Westpac launches new car loan for hybrid and electric vehicles

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Auto loan rates start from 4.99% per year (comparison rate 6.21%*) for new and used green vehicles up to 7 years old.

Customers can borrow between $10,000 and $100,000 to finance the purchase of their qualifying hybrid or electric vehicle.

According to a Westpac study, 70% of Australians plan to own a hybrid or electric vehicle in the future, and 34% of petrol and diesel drivers plan to upgrade to their next car.

The research found that 67% of Australians believe the cost of a car is the biggest barrier to owning a hybrid or electric vehicle.

Saving fuel (78%), lower running costs (69%) and reducing carbon emissions (60%) were the top drivers for consumers when considering a hybrid or electric vehicle.

Chris de Bruin, Westpac’s managing director, Consumer & Business Banking, said we all have a role to play in helping Australia move to net zero carbon emissions.

“We know that cost is one of the biggest barriers to adoption of hybrid and electric vehicles, so this offering can help more customers switch to a greener vehicle,” he said.

“Given the recent increase in gasoline prices, electric and hybrid vehicles are appealing to the environmentally and financially conscious.”

Westpac research found that the average Australian household spends $3,700 a year on petrol or diesel.

“We expect demand for these vehicles to continue to grow, with many Australians already planning to make the switch,” Mr de Bruin said.

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

Behyad Jafari, CEO of the Electric Vehicle Council, said the majority of Australians are now actively considering an electric vehicle as their next car and this move will help them make the switch.

“Given that the average Australian household currently spends $3,700 a year on petrol and diesel, buying an electric vehicle would ease the real strain on the monthly budget,” he said.

“Going electric means consumers can reduce their carbon emissions and help clean the air in Australian cities.”


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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.


*Comparative rates based on a loan of $30,000 for a term of five 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 June 20, 2022. See disclaimer.


Image by Jenny Ueberberg via Unsplash

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