Westpac launches sub-5% car loan for hybrid and electric vehicles

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on May 19, 2022 Fact Checked
Westpac launches sub-5% car loan for hybrid and electric vehicles

The car loan rates start from 4.99% p.a (comparison rate 6.21%*) for new and used green vehicles up to seven years old.

Customers can borrow between $10,000 and $100,000 to finance their eligible hybrid or electric vehicle purchase.

According to Westpac research, 70% of Australians plan to own a hybrid or electric vehicle in the future, and 34% of petrol and diesel drivers are considering making the switch for their next car.

The research revealed 67% of Australians believe that the cost of the car is the biggest barrier to owning a hybrid or electric vehicle.

Saving on fuel (78%), lower running costs (69%) and reduced carbon emissions (60%) were the top motivators for consumers when considering a hybrid or electric vehicle.

Chris de Bruin, Westpac Chief Executive, Consumer & Business Banking said we all have a part to play in helping Australia move toward net zero carbon emissions. 

"We know that cost is one of the biggest barriers to hybrid and electric vehicle uptake, so this offer can help more customers transition to a greener vehicle," he said. 

“Given the recent increase in petrol prices, electric and hybrid vehicles appeal to the environmentally conscious, and the financially conscious too."

Westpac research revealed the average Australian household spends $3,700 a year on petrol or diesel.

"We expect demand for these vehicles will continue to rise, with many Australians already planning to make the change," Mr de Bruin said.

“We’re also seeing new government incentives, improved access to charging stations, and more manufacturers offering hybrid and electric vehicles, which will help accelerate the transition."

Behyad Jafari, CEO of the Electric Vehicle Council said the majority of Australians are now actively considering an electric vehicle as their next car and this initiative will help them make the shift.

"Given the average Australian household currently spends $3,700 a year on petrol and diesel, the purchase of an electric vehicle would ease real pressure on the monthly budget," he said. 

“Going electric means that consumers can reduce their carbon emissions and help clean the air of Australian cities."


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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

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 Jenny Ueberberg via Unsplash

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                author-avatar
                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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