RACQ Bank launches green car loan

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on May 24, 2022 Fact Checked
RACQ Bank launches green car loan

The fixed interest rate is 5.59% p.a. with a 5.59% p.a. comparison rate*.

The green car loan is available for new and existing members who are wanting to borrow money for:

  • Battery Electric Vehicles (EVs) (e.g. Tesla)
  • Plug-in Hybrid Electric Vehicles (PHEVs) (e.g. Mitsubishi Eclipse Cross)
  • Fuel Cell Electric Vehicle (FCEV) (e.g. Hyundai Nano)

Only cars up to 12 months old are eligible, and up to a maximum loan value of $150,000.

Fees

  • Establishment fee: $0
  • Annual and monthly fees: $0
  • Additional repayment fee: $0
  • Document preparation fee: $0

The maximum term length is five years. 

RACQ allows weekly, fortnightly or monthly repayments, with unlimited additional repayments. 

RACQ Group Executive Banking Michelle Winzer said the green car loan was a key initiative which aligned to RACQ’s 2030 strategy of helping Queenslanders transition to a more sustainable future.

“At RACQ we’re working hard to help our members embrace zero emission vehicles and energy,” Ms Winzer said.

“Earlier this year we launched the RACQ Bank green home loan with a rate of 0.79% comparison rate and acquired a majority shareholding in the highly awarded solar company - GEM Energy.

“RACQ also sponsors the Queensland Electric Super Highway, offers five levels of roadside assistance cover for electric vehicles as well as providing insurance products.

"Buyers can also take advantage of the Queensland Government’s $3,000 rebate on new eligible zero emission vehicles with a purchase price up to $58,000 including GST along with continuing discounts on registration, making the transition to electric mobility even sweeter."

See Also: Five Affordable Electric Cars


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In the market for a new car? The table below features green car loans with some of the lowest interest rates on the market for low-emissions vehicles.

Lender

VariableNew1 yearMore details
APPLY ONLINE
APPLY ONLINE

Electric and Hybrid Car Loan

    FixedNew2 yearsMore details
    QUICK APPLICATION PROCESS WITH NO FEES
    • Quick application process and no monthly fees
    • Low fixed interest rates with terms of up to seven years
    • New car loans cover cars up to 3 years old
    QUICK APPLICATION PROCESS WITH NO FEES

    New Vehicle Fast Loan Low Rate

    • Quick application process and no monthly fees
    • Low fixed interest rates with terms of up to seven years
    • New car loans cover cars up to 3 years old
    FixedNew, Used5 yearsMore details
    • Quick application process and no monthly fees
    • Low fixed interest rates with terms of up to seven years
    • New car loans cover cars up to 3 years old

    Fixed Car Loan (with Low Emission Vehicle discount)

    • Quick application process and no monthly fees
    • Low fixed interest rates with terms of up to seven years
    • New car loans cover cars up to 3 years old

    *Comparison rates based on a loan of $30,000 for a five-year loan term. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of June 29, 2022. View disclaimer.




    Image by Averie Woodard via Unsplash

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    Aaron joined Savings.com.au in 2021. He is a finance journalist with a keen interest in property, the share market, and improving financial literacy in young Australians.

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