Green Car Loans: What You Should Know

A helpful guide to Green Car Loans

Green Car Loans: What You Should Know

More people are now becoming interested in green cars. And it’s no wonder why — green cars are better for the environment and often come with tax breaks and other financial incentives.

If you’re thinking of switching to a green car, you may be wondering if getting a green car loan is worth it. Here’s what you should know before getting green car loans.

Key Takeaways:

  • Reasons to get a green car
  • Tips for getting green car loans
  • How car loan specialists can help

Why Choose Green Cars?

Here are the reasons for getting a green car today:


Save money on fuel

If you are tired of shelling out money for fuel every week, a hybrid or electric car can help save you some serious cash.

Electricity to power green cars is cheaper than buying fuel so you’ll notice a decrease in your monthly expenses. This can eventually add up to significant savings.

And, with fuel prices constantly fluctuating, it is nice to have a car that doesn’t rely on fuel for power.


Get rebates and incentives

Every Australian territory offers some form of discount or incentive for purchasing green cars.

  • In New South Wales, you could save as much as $5400 savings when you buy an electric vehicle (EV).
  • In Victoria, enjoy $3000 rebates with registration discounts to offset the current road user charge.
  • In the Australian Capital Territory, enjoy $450-$5100 savings on new EVs priced at under $100k plus two years of free rego.
  • In Queensland, you could get stamp duty discounts that would help you save a grand or two.
  • In Western Australia, enjoy $3500 rebates for EVs under $70k.

So, if you want to save money on your purchase, going green could be the way to do it. After all, Australia recognises the great value of electric and hybrid vehicles.


Help the environment

The best reason to get a green car is that you’ll be helping the environment by reducing greenhouse gas emissions.

Do your part for the planet. Getting a green car is a great place to start.


Qualify for a lower interest rate

If you are getting a loan to finance your green car purchase, you may qualify for a lower interest rate as compared to getting a traditional car loan. That is because many lenders offer special green car loan rates as an incentive for borrowers to choose environmentally friendly vehicles.

What Is a Green Car Loan?

This type of auto loan helps you finance the purchase of an environmentally friendly vehicle.

The most common type of green car loan is for an electric vehicle (EV), but there are also loans available for hybrid and fuel-efficient vehicles.

Green car loans typically have lower interest rates, and sometimes lower fees, than traditional auto loans, making them a great option when looking to save money on your car purchase.

How does it work and what are the benefits?

Green car loans work like any other auto loan, with a few key differences.

First, green car loans typically have lower interest rates than traditional auto loans. This is because lenders are trying to do their bit to help the environment.

Second, green car loans can come with lower fees or some fees waived altogether. This will reduce the total cost of your loan.

So, while green cars can often cost more, some of this additional cost can be offset by savings at the pump and savings on your monthly loan payments thanks to the lower interest rate and fees.

How to Get a Green Car Loan

Here are tips to help you get a great electric car loan.

Know what you can afford

The first step in the green car-buying process is knowing what you can afford. This is especially important when it comes to financing a green car.

Estimate your monthly payments, and do not forget to factor in the cost of charging an electric vehicle. When we help people with loans we also assist them to work out how much they can afford.

Do your research

Before you start shopping for the cheapest electric car, it’s important to do your research and know what you’re looking for.

You’ll want to consider efficiency, range, and charging time. Once you’ve narrowed down your options, you can start looking at green car finance options.

Know your credit score

Lenders will check your credit score to determine whether to approve your EV loan.

With a good credit score, you are more likely to get approved for an EV car loan with better terms and interest rates.

If you wan’t some more information on credit scores we have some great articles: What is a credit score? and How to improve your credit score.

Shop around

It is important to compare various green car loans that Australian lenders offer before making a decision. Be sure to look at things like the loan term, interest rates, fees and charges, and repayment terms.

Of course, we can help you with all of this to ensure you are getting a great deal on an EV car loan.

Read the fine print

Once you’ve found a loan you’re comfortable with, read the fine print carefully before signing anything. This way, you’ll know exactly what you’re agreeing to, and there won’t be any surprises down the road.

Why Work With NMONI?

When you work with nmoni, you get expert help from a team of car loan specialists. We have a good grasp of the ins and outs of the car loan industry and loan terms from various lenders. You can be sure you’re getting the most reasonable green car loan interest rate from our panel of over 40 lenders.

And since we have our own Australian Credit Licence, we can source loans from competitive and reputable lenders. That means there is a higher probability of us satisfying your credit needs.

Applying for a car loan with nmoni.com.au is easy! Once you fill out our online form (only a few minutes), one of our loan specialists will check your options.

We will compare interest rates, fees, and loan terms so you can make an informed decision about which loan is right for you. We will even help you complete the application process, so all you have to do is sit back and relax!

women laptop

How we find great rates

1. Complete our online application

10 minutes is all it takes.

2. We search for the best lenders

We go to work to find the best deal for your situation from a panel of over 40 lenders.

3. Choose your loan

Choose your preferred lender with complete transparency of rates and fees.

4. We send you the money!

Review and sign the loan documents, and will transfer the money within 24 hours.

Use the nmoni advantage to save

We compare, you save

We'll find a great deal from our panel of over 40 lenders.

Low rates

We use our 20 years of experience and cutting-edge technology to find you the lowest possible rate for your circumstances.

Protect your credit score

Applying for a loan won't impact your credit score until you are ready to proceed.

No nasty surprises

All fees and charges are fully disclosed upfront, so you know exactly what is going on and what it’s going to cost.

Apply in 10 minutes

We’ve built a simple and secure online system to fast-track your loan request.

Intelligent decisions

We can provide approvals within a few hours using our personalised finance platform

Advanced Technology

Let our sophisticated finance platform work for you with a real-time personalised rate offer

Flexible loan repayments

To suit you and your situation.

Our experience is your advantage

We use our deep market experience to find you the best rate for your situation.

Ready to get started?

Apply anytime, anywhere