Money Hack: How to save more when you buy an eco-friendly car
There are more ways to save than just at the pump.
Many people buy an eco-friendly car to do their part for the environment or to save money on their petrol bills. But eco-friendly cars, which can be hybrid vehicles or electric vehicles (EVs), tend to be more expensive than standard petrol vehicles. Because of this hefty upfront cost you may be considering a car loan to make your eco-friendly car purchase. If you are, this is where additional savings can be had.
Lenders offer discounts on car loans when you use the loan to purchase an eligible eco-friendly vehicle. So, if you are planning to finance your vehicle purchase, you can save money by opting for one of these lenders. Currently, two lenders have offers available:
- Beyond Bank
Beyond Bank offers interest rate reductions when you purchase an approved green vehicle. This includes rate reductions off its Low Rate Car Loan which already comes with a competitive rate of 7.99% p.a. According to Beyond Bank, a "green vehicle" is one that is either a hybrid or EV or has a greenhouse rating of seven or more.
Loans.com.au also has a special offer when you purchase a qualifying green car where you can receive a 0.7% discount on your car loan interest rate. Loans.com.au encourages you to get in contact to find out if your car qualifies, but said it is likely to if it is a new or demonstrator vehicle, is more fuel efficient than average for a car of its size and is a hybrid vehicle.
How do you know if your car is green?
Lenders will have their own criteria to determine if your car qualifies for discounts. However, 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.