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

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

The new car loan starts at a low 4.99% per annum (comparison rate of 6.21% per annum*) and comes with additional free repayments. You can borrow between $10,000 and $100,00, which is a good range when looking to buy a green car.

To qualify for Westpac’s new green car loan, your car must be in your eligible car listbe for personal use, domestically manufactured or imported by the manufacturer, and be less than seven years old at the time of application.

How does the Westpac Green Car Loan compare?

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

Westpac is one of 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 auto loan guides to learn more about electric vehicles. Alternatively, you can start comparing auto loans below.

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