As Aussies head towards an electric future, Community First Credit Union is introducing a new low-interest green car loan

Australia has seen an increase in electric vehicle sales in recent years, especially now that more affordable options are becoming available. Corresponding ABS data In 2021, electric vehicle registrations 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 brand new electric and hybrid vehicles.

The Community First Green Car Loan offers a competitive interest rate of 3.99% pa (4.99% pa benchmark rate), 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 interest rates, giving consumers flexibility.

John Tancevski, chief executive of Community First Credit Union, said of the loan, “We launched our Green Car Loans just as governments in Australia were beginning to see the value of electric and hybrid vehicles.”

NSW is leading the electric car revolution

In July 2021, the New South Wales government passed the Electric Vehicles Act, which will see nearly half a billion dollars invested in tax cuts and incentives for NSW drivers to switch to electric vehicles.

As part of its electric vehicle strategy, the NSW Government is aiming for electric vehicles to account for more than 50% of the new car market by 2030 NSW Government launched the strategy by waiving stamp duty on eligible EVs under $78,000.

“For families looking to upgrade their car for retirees planning a road trip across Australia, these government incentives will make EVs accessible and more affordable for all NSW residents,” Tancevski said.

“By launching our Green Car Loans with a competitive interest rate of 3.99% pa* (4.99% pa comparable interest rate), we are offering motorists affordable financing to take advantage of electric and hybrid vehicles.”

If you’re thinking about buying a car soon, check out Mozo’s car loan repayment calculator to find out how much you can afford within your budget. If you want to learn more about car loans, you can also go to our car loan advice page.

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