Money Hack: Offset your car’s carbon emissions for up to 7 years

Elizabeth Barry 11 July 2018 NEWS

driving

Take out a car loan with Bank Australia and your car's greenhouse gas emissions will be offset for the duration of your loan.

If you're looking for a way to finance your car and do something good for the planet, you might want to consider Bank Australia's car loan. Bank Australia offers a competitive car loan as well as helps offset your car's emissions while you hold the loan with them.

Here's how it works.

The hack

If you take out a car loan with Bank Australia, your car's emissions will be offset for the duration of your car loan. Bank Australia will calculate your car's emissions using average vehicle emissions figures for Australian cars.

Not only will your car's emissions be offset each year your loan is active, but you will also pay no establishment fee if your vehicle has a 5-star ANCAP rating or a 7-star or higher greenhouse rating. This is a saving of $150.

Here are the main features to know about the loan:

  • Interest rate. 6.45% p.a.
  • Loan amount. From $1,000
  • Loan terms. 1 year to 7 years
  • Establishment fee. $150 (waived for vehicles with 5-star ANCAP rating or 7-star or higher greenhouse rating)
  • Eligible vehicles. New or used cars up to seven years old

To be eligible for the loan, you need to be over the age of 18, an Australian citizen or permanent resident, have a regular income and have no history of bankruptcy.

Go to Bank Australia's website


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