Westpac launches a new green car loan

More Aussies are looking to buy electric vehicles and now many car loan lenders offer competitive rates.

For example, Westpac has announced a new green fixed car loan for environmentally friendly vehicles.

The new car loan starts at a low 4.99% p.a. (6.21% p.a. comparison rate*) and comes with free extra repayments. You can borrow between $10,000 to $100,00, which is a good range when looking to buy an eco-friendly car.

To qualify for Westpac’s new green car loan, your car must be on its eligible car list , be for personal use, made locally or imported by the manufacturer and be less than seven years old at the time of application.

How does Westpac’s green car loan compare?

For starters, the green car loan is 99 basis points below the 5.98% average fixed car loan rate in Mozo’s database. It’s also 16 basis points below the 5.15% average fixed green car loan rate in our database.

Westpac is one of the many lenders now offering green financial services to customers looking for greener options to help combat the climate crisis.

If you’re looking to buy a new set of wheels soon, check out Mozo’s car loan guides to learn more about electric vehicles. Alternatively, you can start comparing car loans below.

*WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.