Your perfect green car loan rate is only a few clicks away

A green car is a car that has less of an impact on the environment than regular cars, as it produces less harmful CO2 emissions. To qualify as a green car, the vehicle must emit significantly lower than average CO2 emissions (compared with vehicles of its size)

Normally, you’ll be likely to qualify for a green car loan if:

• The car is a new vehicle (or demonstration vehicle)
• It’s either an electric or a hybrid vehicle
• The car is more fuel-efficient than average (compared with vehicles of its size)

You can compare a range of environmentally friendly vehicles from Teslas to Kias using the Green Vehicle Guide, an initiative by the Australian Government. Also check out our list of the 10 Best Hybrid Cars in Australia.

To start your application process, the only documents you’ll need on hand are your driver’s license and two recent payslips. We’ll need to see a recent bank statement too, but we can help you easily access this online through bankstatements.com.au. 

Depending on the lender and your application we might require some additional documentation, but we’ll keep you posted if (and why) this is applicable to you.

Still tossing up finance for your electrified vehicle? Head to our comprehensive guide on 'Is It Worth Getting A Car Loan?' for more handy information.

Approval times for a green car loan may vary depending on the lender and their lending criteria. Generally, it takes anywhere from 2 hours to 2 days to get approved. Driva makes it easy to apply online, ensuring a swift and efficient loan application process. With our streamlined service, you can quickly secure financing for your hybrid electric or plug-in hybrid electric vehicle.

Opting for a green car loan when buying an electric vehicle (EV) or hybrid can be a financially savvy move, especially considering the long-term benefits. Although the initial purchase price of an EV or hybrid might be higher than conventional vehicles, green car loans typically offer attractive incentives like discounted interest rates or fee waivers. This means that over the loan term, which could extend up to 5 years or more depending on your eligibility and choice, you might enjoy reduced overall loan costs.

It's important to consider the comparison rate, which includes not only the interest rate but also any fees and charges associated with the loan. This rate can vary, resulting in different comparison rates for different loan products. When comparing green car loans, be sure to look at all aspects of the loan - not just the headline interest rate but also the comparison rate, loan amount, and term.

Being eligible for a green car loan often depends on meeting specific criteria set by Australian credit providers. These criteria could include the type of car you're purchasing, your financial history, and other factors outlined in the lender’s target market determination. Remember, while green car loans are an excellent option for financing a new car, they should be weighed against other options like home loans or standard car loans to ensure they align with your financial needs and goals.

Read more here 'How Much Can Green Cars Really Save You?'

Understanding how car loan repayments work is crucial when considering a secured personal loan to buy a vehicle. Typically, car loan repayments are structured on a monthly basis, spanning a term that can range from 1 to 7 years. Some lenders, however, may offer more flexible repayment schedules, including weekly or fortnightly options, catering to different financial circumstances.

Your repayment amount is not just the principal loan amount; it also includes interest rates, which could be at a fixed or variable rate, and any lender fees. It's important to note that the advertised comparison rate is true and inclusive of all fees and charges associated with the loan, offering a more accurate picture of the loan's overall cost.

For those eligible for our green car loan, the terms might include rate discounts, enhancing the loan's appeal, especially if you're considering a bank green car loan for an eco-friendly vehicle. These loans are often secured loans, meaning the car itself acts as security for the loan. This security can sometimes lead to more favourable terms, like a lower interest rate or a higher secured loan amount.

It's essential to review the examples given and understand that they may not include all possible fees or represent every possible scenario. Whether you're looking at secured personal loans or unsecured loans, each loan offer will have its specific terms and conditions. These should align with your financial situation and the term of the loan, such as a standard term of 5 years or another duration that suits your repayment capacity.

Green loans have become a popular car loan option for those buying an eco-friendly vehicle, such as a hybrid or electric car (EV). These loans are particularly worthwhile as they not only support environmentally responsible choices but often come with financial advantages like low rates, fixed interest, or discounted rates. A green car loan is typically a secured loan, using the car itself as security, which can result in more favourable loan terms.

At Driva, our selection of green personal loan options allows you to compare various offerings to find one with a competitive interest rate and terms that align with your unique needs. Whether you're buying an EV or looking for a green car for its eco-friendly benefits, our platform simplifies the process of finding and applying for a green car. The eligibility criteria for our green car loans vary, and it's crucial to review these, as they may impact the loan amount, term, and the overall cost of the loan.

When considering a green car loan, pay attention to the comparison rate, which includes not only the interest rate but also any other fees and charges. This ensures a true understanding of the loan's cost over its term, which can extend up to 5 years or more. For those interested in buying a car with a focus on sustainability, loans for eco-friendly hybrid and electric vehicles offer a way to achieve this goal while potentially benefiting from financial incentives.

Remember, terms and conditions apply, and the examples given for green car loans may vary based on individual circumstances. Therefore, it's essential to thoroughly review all the details included in the comparison when making your car loan application. Whether you are looking for a variable loan or a fixed-rate option, a green car loan can be an excellent choice for securing your next eco-friendly vehicle.