NRMA Electric Vehicle Loan
- Application Fee
- $499
- Interest Rate (p.a.)
- From 5.79% (fixed)
- Comparison Rate (p.a.)
- 6.49%
Summary
Be rewarded with a low interest rate when you take out a car loan for your electric vehicle with NRMA
Taking out an electric vehicle loan with NRMA gives you a 1.5% discount on the current interest rate. You’ll also benefit from the following:
- Fast application in just 20 minutes
- Next-day access to funds
- No monthly fees
- Terms of up to 7 years
- Flexible payment options
Pros
-
No fees
-
Fast application and funding
-
Discounted interest rate
-
Available for new and used electric vehicles
Cons
-
Only for fully electric vehicles
-
$499 application fee
-
$325 fee if you pay the loan early
Details
Product details
| Product Name | NRMA Electric Vehicle Loan |
| Interest Rate (p.a.) | 5.79% to 15.49% |
| Comp. Rate (p.a.) | 6.49% to 16.26% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $5,000 |
Main points to consider with the NRMA Electric Vehicle Loan
The NRMA electric vehicle loan is for fully electric vehicles only, but it can be used for both new and used electric vehicles. The loan comes with a 1.5% discount on the current car loan interest rate. There are no monthly account-keeping fees, but there are fees for the application and if you pay off the loan early. The loan term must be a minimum of 12 months and a maximum of 7 years.
Features of the NRMA Electric Vehicle Loan:
- Discounted interest rate. The electric vehicle loan comes with a 1.5% discount on the current car loan interest rate. Interest rates are fixed and are personalised depending on borrower risk.
- Fast application. You can apply online in just 20 minutes.
- Next-day access to funds. If approved, you will be able to access the funds the next day.
- No monthly fees. There are no monthly account-keeping fees. However, there are other fees to be aware of such as the application fee and early repayment fee.
- Flexible loan term. You can choose a minimum loan term of 12 months up to a maximum of 7 years.
- Flexible payment options. You can choose to repay your loan with weekly, fortnightly or monthly repayments.
How to apply for the NRMA Electric Vehicle Loan:
To apply for the electric vehicle loan, click the green button to go to NRMA's website and begin the online application. You will need the following:
- Your current driver's license
- Employment information
- Income details
- Assets and savings information
- Details of other debt
- Information on other expenses such as rent or child support
Eligibility criteria:
To be eligible for this loan, you must be:
- 18 years of age or older
- An Australian or New Zealand citizen, or permanent resident living in Australia
- Purchasing a fully electric vehicle
Finance options for electric vehicles
Your reviews
Rebecca Finder
Senior writer
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