loans.com.au Green Car Loan
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- Application Fee
- $400
- Interest Rate (p.a.)
- 5.94% (variable)
- Comparison Rate (p.a.)
- 7.07%
- Max Loan Amount
- $150,000
Summary
Finance your used car with a competitive variable interest rate.With a Finder Score of 8, the loans.com.au Variable Rate Used Car Loan stands out with its competitive minimum interest rate. This rate places it in the top 15% of lower rates in our database, making it a strong contender for eligible borrowers.
However, be mindful of the costs. The application fee and maximum interest rate are in the top 25% of higher rates, while the ongoing monthly fee is also on the more expensive side of the market.
Details
loans.com.au - Green Car Loan Variable
| Product Name | loans.com.au - Green Car Loan Variable |
| Interest Rate (p.a.) | 5.94% to 16.64% |
| Comp. Rate (p.a.) | 7.07% to 17.76% |
| Interest Rate Type | Variable |
| Min Loan Amount | $10,000 |
| Max Loan Amount | $150,000 |
Main points to consider with the loans.com.au green car loan
This loan comes with a fixed rate from 6.99% p.a. and a comparison rate of 8.12% p.a. Loan terms are 3 years to 7 years. There is a one-off single establishment fee of $400 and $8 monthly account-keeping fees associated with this loan.
Borrowers for the green car loan can apply entirely online. If you're approved for a loan, payment for your new car will be made directly to the dealer.
How does compare?
- Competitive interest rates. With a minimum interest rate from 6.19% p.a. this loan is in the top 15% for lower rates in Finder's database making it one of the more competitive options on the market.
- High Finder Score. This loan receives a Finder Score of 8 placing it among the higher-rated car loans in our comparison.
- Apply with a partner. This loan accepts joint applications allowing you to apply with another person and potentially improve your chances of approval.
- Risk of rate rises. This loan has a variable interest rate meaning your repayments could increase if the lender raises its rates during the loan term.
- Strict vehicle requirements. This loan is only available for used cars less than 5 years old which may limit your choice of vehicle compared to other lenders with more flexible criteria.
- Lack of fee transparency. While this loan has no ongoing fees you will need to apply to find out about any upfront or exit fees that may apply.
Features of a loans.com.au green car loan
Features associated with a loans.com.au green car loan include:
- Easy application. Apply entirely online in a matter of minutes.
- Straightforward transaction. Money for your new car will be paid directly to the dealer, so transactions are fuss-free.
- Flexible loan amount. Borrow any amount from $10,000 to $150,000.
- Fixed rate. This loan has a fixed interest rate from 6.99% p.a. and a comparison rate from 8.12% p.a.
- Loan term. Borrow the money for a period of 3 years, 4 or 7 years.
- Early repayment option. Repay your loan early and without penalty if you're in the last 12 months of your loan term.
- Lower emissions. Purchasing a green car using this loan is better for the environment than other types of vehicle.
- Lower running costs. Better fuel efficiency usually equals cheaper running costs, so you could save more money in the long run.
Fees and charges
- Establishment fee. $400
- Monthly fee. $8
- Early repayment fee. This will apply if the loan is paid off before the last 12 months of the loan term.
You will not be required to pay an early repayment fee if you pay off the loan within the last 12 months of the agreed term.
How to apply for a loans.com.au green car loan
You can apply for the loans.com.au green car loan by clicking "Go to site" and completing the application. The application process should take approximately 15 minutes to complete.
Eligibility criteria
- Over the age of 18
- A resident of Australia
- Be purchasing a car that is a new or demonstration vehicle, more fuel-efficient than average cars of its size.
Documentation
You'll need to provide:
- Proof of identity
- Proof of income
- Details of your assets and liabilities
Remember, it's always important to compare your car loan options prior to submitting an application
Sources
Your reviews
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