Hybrids and electrics: why loans.com.au think owning a green car is a no-brainer

By Ceyda Erem · · 3 min read
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For some Aussies, using a reusable coffee cup is the way we do our bit for the environment, but others prefer to think bigger - four wheels bigger.

According to Roy Morgan research from July 2018, 51.6% of Aussie drivers over the age of 18 agreed they ‘would seriously consider buying’ a hybrid vehicle, up from 48.7% three years earlier.

If you didn’t know, a green car is a type of vehicle that produces less CO2 emissions - minimising the impact on the environment.

Hybrid cars use a combination of both electricity and petrol to function, while electric cars use only electricity for power.

RELATED: Here’s how to find the best car loan in 2018 

And despite the growing number of Aussies considering an eco-friendly car, it appears that going green is steadily become a trend among drivers.

“A green car should not be seen as a radical choice. It is simply a car that produces less emissions than most other cars in the same category. They generally do that by using less fuel, so you save money on running costs at the same time as you help the environment,” said loans.com.au Managing Director, Marie Mortimer.

“Instead of asking why we should drive a green car, I think we should be asking why we would drive anything but an efficient green car.”

The top of the line

When it comes to the types of vehicles that dominate the green car market, government website, greenvehicleguide.gov.au , found that the top five CO2 Performers in 2018 were:

- BMW i3

- Renault ZOE

- Renault Kangoo ZE

- Tesla Model S

- Tesla Model X

RELATED: Taking out a car loan is about to get a whole lot fairer, thanks to ASIC’s latest ban

But while everyone wants to do their bit for the environment, it can often be pricey to do so. With the cost of an electric vehicle ranging from $30,000 - $40,000, it’s not surprising that more Aussie drivers are looking to car loans to help cover the cost.

And since electric and hybrid cars are a bit different than everyday vehicles, many providers have started playing catch up, designing loan products that are a better fit for the new wave of vehicles.

Only last week, the loans.com.au Green Car Loan was awarded the 2018 Mozo Experts Choice Award for Best New Loan Product, a product which according to Mortimer, is already producing notable results.

“We are really proud to receive this expert recognition for an innovative product that took a lot of work to develop. Our Green Car loan has been well received by borrowers already but hopefully this will convince even more people to make the right choice for the environment and their hip pocket,” she said.  

So if you’re ready to get yourself a new set of wheels, you can check out the rest of our award winning car loans by looking through the full winners list for this year’s Mozo Experts Choice Personal Loan Awards. 

5 car loans to help fund your dream car

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 90 car loans.
Last updated 25 December 2024 Important disclosures and comparison rate warning*
  • Used Car Loan

    Fixed, Secured, No vehicle age limit, $5,000-$100,000

    Interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 18.99% p.a.
    7.19% p.a.to 21.78% p.a.based on $30,000
    over 5 years

    Get a competitive fixed interest rate on a secured used car loan of up to $100,000 depending on your credit score. No vehicle age limits. Easy online application. Fast pre-approval. Pre-approved funds held for 1 month. No monthly account keeping fees, no exit fees and no early repayment fees. Flexible weekly, fortnightly or monthly repayments on terms from 1 to 7 years.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.

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    Details
  • Used Car - Unsecured Personal Loan

    Interest rate
    comparison rate
    Monthly repayment
    6.56% p.a.to 21.99% p.a.
    6.56% p.a.to 22.79% p.a.based on $30,000
    over 5 years

    Competitive fixed rates for borrowers on 1-7 year loans from $5,000 up to $50,000. $0 monthly fees and no early repayment fees to pay. Fast application process on the Revolut app. According to Revolut and subject to loan approval, you'll receive your money into your Revolut account straight away. Eligibility criteria applies.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.56% would cost $35,768.68 including fees.

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    Details
  • New / Demo Car Loan

    Variable, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.24% p.a.
    7.37% p.a.based on $30,000
    over 5 years

    Low variable car loan rate for purchasing new and demo vehicles from dealers. Personalised loan amounts between $5,000 and $150,000. Flexible repayment options. Choose between the 3 to 7 year loan terms. Good credit history. Stable employment history and Australian citizenship or PR required.

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 6.24% would cost $35,880.27 including fees.

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    Find out more
    Details
  • New Car Loan

    Fixed, Secured, $5,000-$100,000

    Interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 18.99% p.a.
    7.19% p.a.to 21.78% p.a.based on $30,000
    over 5 years

    Get a competitive fixed interest rate on a secured new car loan of up to $100,000 depending on your credit score. Easy online application. Fast pre-approval. Pre-approved funds held for 1 month. No monthly account keeping fees, no exit fees and no early repayment fees. Flexible weekly, fortnightly or monthly repayments on terms from 1 to 7 years.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.

    Compare
    Go to site
    Details
  • Used Car Loan

    Up to 5 years old, Variable, Secured

    Interest rate
    comparison rate
    Monthly repayment
    7.39% p.a.
    8.52% p.a.based on $30,000
    over 5 years

    Used Car Loan with no monthly or ongoing fees, with a fixed rate for the life of the loan. Fast online application. Good credit history. Stable employment history and Australian citizenship or PR required.

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 7.39% would cost $36,854.29 including fees.

    Compare
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    Details

* WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. 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.

^See information about the Mozo Experts Choice Personal Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

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