Community First launches green car loan

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on April 27, 2022 Fact Checked
Community First launches green car loan

The credit union's offering features a 3.99% p.a. interest rate (4.76% p.a. comparison rate*) for both fixed and variable loan options.

With appetite for electric and hybrid vehicles showing no signs of slowing down, the credit union has taken the wheel, joining a number of lenders offering green car loans for low-emission vehicles.

Community First's fixed and variable Green Car Loans are secured personal loans featuring:

  • Loan term of up to seven years
  • Minimum loan amount of $10,000
  • $195 application fee
  • $5 monthly fee
  • $100 PPSR (personal property securities register) fee 

Community First's Green Car variable loan offers the flexibility of no early repayment penalty.

Both fixed and variable loan options also provide access to redraw funds in advance at a charge of $15 online or $30 staff assisted across Community First's 14 NSW branches.

John Tancevski, CEO of Community First Credit Union, said introducing green car loans with a competitive rate of 3.99% p.a. aims to provide affordable funding for motorists to take advantage of electric and hybrid vehicles.

"EVs are not only cheaper to run and quieter on our roads but will reduce carbon emissions and air pollution that will provide better health outcomes for the community," Mr Tancevski said.

"Every eligible motorist will pay our competitive 3.99% p.a. interest rate."

To be eligible for a Community First Green Car Loan, applicants must meet the following requirements: 

  • Are over 18 years of age
  • Have a regular income
  • Are not or have not been bankrupt
  • Are an Australian citizen or a permanent resident
  • Have not had defaults on any loans, credit cards, interest-free finance or store cards in the last five years
  • Have been in your current job longer than six months
  • Have an acceptable credit risk profile

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

FixedNew1 yearMore details

Green Car Loan Fixed

    VariableNew, Used99 yearsMore details

    Green Car Loan

      VariableNew, Used99 yearsMore details

      Green Car Loan

        FixedNew, Used99 yearsN/AMore details

        Green Fixed Rate Car Loan

          VariableNew99 yearsMore details

          Discounted Green Car Loan

            FixedNew, Used5 yearsMore details

            Fixed Car Loan (with Low Emission Vehicle discount)

              Variable99 yearsMore details

              Green Car Loan

                *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 August 11, 2022. View disclaimer.


                Image by Pixabay via Pexels

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                Jacob Cocciolone joined the Savings team in 2021 as a Finance Journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include financial technology, investing, property and motoring.

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