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."
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The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates for car loans and secured personal loans for the relevant amounts and terms are for secured loans unless indicated otherwise. The comparison rates for unsecured personal loans are applicable for unsecured loans only.
WARNING: 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. Comparison rates are not calculated for revolving credit products.
Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of April 26, 2024. View disclaimer.
Brooke Cooper
Harry O'Sullivan
Jacob Cocciolone
Harrison Astbury
