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Money Hack: How to save more when you buy an eco-friendly car

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Electric car street charging point

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.

The hack

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

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.

What's next?

Compare car loans for an eco-friendly car

Name Product Interest Rate (p.a.) Comp. Rate (p.a.) Rate Type Application Fee Monthly Fee Monthly Repayment
loans.com.au - New - Variable Rate Special
Variable, 3 - 7 Years, $5,000 - $150,000
loans.com.au - New - Variable Rate Special
6.24% to 7.74%
7.36% to 8.85%
Variable
$400
$8
Monthly Repayment
OurMoneyMarket New Car Loan
Fixed, 1 - 7 Years, $2,001 - $75,000
OurMoneyMarket New Car Loan
6.57% to 18.99%
7.19% to 21.78%
Fixed
1.5% - 6%
min.
$0
Monthly Repayment
Verified Lending Used Car Loan
Fixed, 1 - 7 Years, $10,000 - $200,000
Verified Lending Used Car Loan
7.1% to 18.99%
8.06% to 22.99%
Fixed
$395
$0
Monthly Repayment
Simplify New Car Loan
Fixed, 1 - 7 Years, $10,000 - $300,000
Simplify New Car Loan
6.19% to 18%
6.6% to 23%
Fixed
$395
$0
Monthly Repayment
NRMA New Car Loan
Fixed, 1 - 7 Years, $5,000 - $130,000
NRMA New Car Loan
7.29% to 16.99%
8% to 17.77%
Fixed
$499
$0
Monthly Repayment
Note: Take out a loan for an eligible electric vehicle and receive a 1.5% discount on your personalised interest rate (interest rates start from 5.79% p.a. and comparison rates from 6.49% p.a.)
RACV New Car Loans
Fixed, 1 - 7 Years, $5,000 - $150,000
RACV New Car Loans
7.29% to 16.99%
8% to 17.77%
Fixed
$499
$0
Monthly Repayment
You'll receive a fixed rate from 7.29% p.a.
A larger loan of $5,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees.
OurMoneyMarket Used Car Loan - No Vehicle Age Limit
Fixed, 1 - 7 Years, $2,001 - $75,000
OurMoneyMarket Used Car Loan - No Vehicle Age Limit
6.57% to 18.99%
7.19% to 21.78%
Fixed
1.5% - 6%
min.
$0
Monthly Repayment
NRMA Used Car Loan
Fixed, 1 - 7 Years, $5,000 - $130,000
NRMA Used Car Loan
8.49% to 16.99%
9.21% to 17.77%
Fixed
$499
$0
Monthly Repayment
You'll receive a fixed rate from 8.49% p.a.
Finance a used car with NRMA and benefit from a fixed rate term and no monthly fees. Pre-approval available within 5 business hours.
Simplify Used Car Loan
Fixed, 1 - 7 Years, $10,000 - $300,000
Simplify Used Car Loan
6.19% to 18%
6.6% to 23%
Fixed
$395
$0
Monthly Repayment
loans.com.au - Variable Rate Used Car < 5 years
Variable, 3 - 7 Years, $5,000 - $150,000
loans.com.au - Variable Rate Used Car < 5 years
7.74% to 7.74%
8.85% to 8.99%
Variable
$400
$8
Monthly Repayment
RACV Used Car Loans
Fixed, 1 - 7 Years, $5,000 - $150,000
RACV Used Car Loans
8.49% to 16.99%
9.21% to 17.77%
Fixed
$499
$0
Monthly Repayment
You'll receive a fixed rate from 8.49% p.a.
Benefit from no ongoing fees, 5-hour approval and a 21-day satisfaction guarantee. Interest rate discounts for members.
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