If you’ve got your eye on an environmentally friendly car then it's worth checking out a loan that offers a low rate in return for your eco efforts.
With rates coming in from 4.74% (5.29% comparison rate) the loans.com.au Clean Green Car Loan does just that.The loan amounts on offer range from $5,000 to $100,000, a pretty broad range for you to grab almost any set of wheels you’re looking to get. Loan terms range from 3 to 5 years.
You’re able to choose from weekly, fortnightly or monthly repayments so you can personalise your repayment options to match up to when your paycheck rolls on in. You also have the option to make free extra repayments in order to pay off your loan quicker and save on interest - just remember that if you pay off the whole thing, an early repayment penalty may apply.
Who it's good for:
People who want to invest in an environmentally friendly vehicle without breaking the bank to do so. If you’ve fallen in love with a diesel guzzling half-car, half-tank then this car loan is not for you.
While there’s a lot to love with this loan, there is a hefty $400 application fee to keep in mind. So if you are looking for a smaller loan then this could really add to the total price.
Also if you are able to pay back the loan early, you’ll have to pay a $700 early repayment penalty to do so. Although this doesn’t apply in the last year of the loan.