RACQ Bank introduces a green car loan

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The fixed interest rate is 5.59% pa with a comparative interest rate of 5.59% pa*.

Green Car Loan is available to new and existing members who wish to borrow money for:

  • Battery Electric Vehicles (EVs) (e.g. Tesla)
  • Plug-in Hybrid Electric Vehicles (PHEVs) (e.g. Mitsubishi Eclipse Cross)
  • Fuel Cell Electric Vehicle (FCEV) (e.g. Hyundai Nano)

Only cars up to 12 months old and up to a maximum loan value of $150,000 are eligible.

fees

  • Incorporation Fee: $0
  • Annual and monthly fees: $0
  • Additional Redemption Fee: $0
  • Document creation fee: $0

The maximum term is five years.

RACQ allows weekly, fortnightly or monthly repayments with unlimited additional repayments.

Michelle Winzer, executive banking at RACQ Group, said the green car loan is a key initiative aligned with RACQ’s 2030 strategy to help Queenslanders transition to a more sustainable future.

“At RACQ, we work hard to help our members adopt zero-emission vehicles and energy,” said Ms. Winzer.

“Earlier this year we launched RACQ Bank’s green home loan at a benchmark rate of 0.79% and acquired a majority stake in highly awarded solar company GEM Energy.

“RACQ also sponsors the Queensland Electric Super Highway, offers five tier roadside assistance for electric vehicles and insurance products.

“Buyers can also take advantage of the Queensland Government’s $3,000 rebate on new zero-emission vehicles up to $58,000 inclusive of GST and ongoing registration discounts, making the transition to electric mobility even more enjoyable. “

Also see: Five Affordable Electric Cars


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In the market for a new car? The table below shows green car loans with some of the lowest interest rates in the low-emission vehicle market.


*Comparative rates are based on a $30,000 five-year loan. Warning: This comparison fare is for this example only and may not include all fees and charges. Different terms, fees or other loan amounts can lead to a different comparison rate. Prices valid from May 24, 2022. View disclaimer.


Image by Averie Woodard via Unsplash

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