Electric vehicles are generally more expensive than their petrol equivalents. The good news is that a handful of Australian lenders are now offering consumers ‘green car loans’, many of which come with a reduced interest rate on eligible eco-friendly vehicles.
But are these new green loans as worthy financially as they are environmentally? And how do you find the loan that’s right for you? We take a look at your options.
What is a Green Car Loan?
Green car loans are marketed as an incentive for consumers to buy qualifying eco-friendly vehicles instead of standard petrol cars, which are more damaging to the environment. Green loans are different from standard car loans in that they generally come with lower interest rates or certain waived fees. Green car loans are just one of several environmentally friendly initiatives that Australian financial lenders are now offering on a range of qualifying products. Green loans are different from standard car loans in that they generally come with lower interest rates or certain waived fees These include green products for your home, such as solar panels, water tanks, insulation, double glazing and energy-efficient appliances.
You can now also invest in a green home loan that comes with discounted interest rates for energy-efficient houses that have a smaller environmental footprint.
