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After a hybrid or an electric car?
You can save money with a green car loan in Australia plus do your part for the environment.
Many lenders now offer better rates on car loans for vehicles that are considered environmentally friendly.
Find out how green car loans work, benefits, how to apply, and compare loans below.
A green car loan is any vehicle finance option available for cars that are better for the environment, generally meaning those with lower than average emissions. These include hybrid and electric vehicles, as well as normal cars with noticeably better fuel efficiency.
A green car loan effectively works the same as any other car loan. If you apply for a loan for a vehicle that meets the lender's definition of environmentally friendly, you will generally receive an interest rate discount of 0.5%-1% and may be exempt from certain fees.
In addition to a discounted rate, some lenders will also offset your carbon emissions for the term of the loan to help reduce your carbon footprint.
You will generally apply for a green car loan like you would any other car loan, and simply select the green car loan option during the application process.
While the list of eligible vehicles will vary by lender, a car may be eligible if it meets one or more of the following requirements:
Some of the popular car models that may be eligible include:
However, you will need to check with the specific lender to see if a certain vehicle is eligible, and not all versions of the same model will necessarily meet the criteria.
If you're just searching for a car that has a limited environmental impact, you can use the Government Green Vehicle Guide to find a vehicle.
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