As Australians look to an electric future, Community First Credit Union introduces new low-rate green car loan
Australia has seen an increase in electric vehicle sales over the past few years, especially now that increasingly affordable options are available. According to ABS data in 2021, registrations of electric vehicles increased by 62% compared to the previous year.
To meet this rapidly growing demand, Community First Credit Union has launched a green car loan, specifically designed for new electric and hybrid vehicles.
The Community First Green Car Loan offers a competitive rate of 3.99% per annum (comparative rate of 4.99% per annum), a low monthly fee of $5 and an application fee of $295. The loan also offers terms of up to seven years with the option of fixed or variable rates, providing flexibility for consumers.
John Tancevski, Managing Director of Community First Credit Union, said of the loan: “We introduced our green car loans when Australian governments began to recognize the value of electric and hybrid vehicles.
NSW is leading the charge with the electric car revolution
In July 2021, the New South Wales government passed the Electric Vehicles Bill which will invest nearly half a billion dollars in tax cuts and incentives for motorists from NSW to switch to electric vehicles.
As part of its electric vehicle strategy, the New South Wales government aims for electric vehicles to account for more than 50% of the new car market by 2030. Additionally, in September, the New South Wales Government kicked off the strategy by waiving stamp duty for eligible electric vehicles under $78,000.
“For families looking to upgrade their car for retirees planning a road trip in Australia, these government incentives will make electric vehicles accessible and more affordable for all NSW residents,” Tancevski said.
“By introducing our Green Car Loans at a competitive rate of 3.99% per annum* (comparative rate of 4.99% per annum), we are providing affordable financing for motorists to take advantage of electric and hybrid vehicles. .”
If you’re planning on buying a car soon, check out Mozo’s car loan repayment calculator to figure out how much you can afford within your budget. If you want to learn more about auto loans, you can also visit our auto loan guide page.
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