Is It Possible to Save Money on
Your Car Loan by Going Green?
With new statistics showing that electric vehicle sales in Australia have nearly quadrupled in the past year, from 6,900 to 20,665, green car sales are on the rise.
According to the Electric Vehicle Council (EVC), electric cars now account for 1.95% of new vehicles, up from 0.78% in 2020.
What are the most popular electric vehicles in Australia right now? According to EVC sales statistics, the top 10 battery and plug-in hybrid EV purchases in 2021 were as follows:
- Nissan Leaf with 367 sales
- Tesla Model 3 with 12,094 sales
- Mitsubishi Outlander with 592 sales
- MG ZS with 1,388 sales
- Hyundai Ioniq with 407 sales
- MG HS with 580 sales
- Porsche Taycan with 531 sales
- Volvo XC40 with 495 sales
- Hyundai Kona with 505 sales
- Mercedes-Benz EQA with 367 sales
Why Should You Go Green?
Are you looking for a car that is both environmentally friendly and inexpensive to operate? There are several benefits to purchasing a green vehicle. Emissions are the first thing to consider. Green vehicles have lower CO2 emissions because they are meant to be more benign to the environment.
You might be delighted to learn that your green automobile can save you money on fuel each day.
It’s true that buying a green automobile may require investing a bigger sum than you would if you were purchasing a regular automobile. However, depending on the state or colony in which you reside, you may be eligible for various incentives to help offset the cost.
For example, if you live in the Australian Capital Territory, you may save money on registration time and avoid stamp duty for ‘zero-emission’ cars if you purchase a full battery-electric or fuel-cell vehicle. You may also use transit lanes to decrease your travel time.
Do you need a vehicle loan? Here’s where you may save even more money. Green car loans are now available from several automobile loan providers to people who wish to purchase an environmentally friendly automobile.
What Is a Green Car Loan?
A green vehicle loan is no different from any other automobile loan in that it delivers borrowers a sum of money to purchase a car of their choosing, which they then repay over a set length of time, along with fees and interest.
With a green vehicle loan, customers who want to acquire a green or environmentally friendly vehicle may save money on costs, such as lower interest rates and/or reduced fees.
What Makes a Vehicle Qualify for a Green Car Loan?
Whether you qualify for a green car loan will be determined by the lender. Cars must generally have lower emissions than the average to be eligible, but certain lenders may have more stringent conditions.
If you want to learn more about the best green vehicles, the government’s Green Vehicle Guide is a useful resource that not only contains up-to-date information on the most popular green cars by sales but also includes details on the top in market choices.
Comparing Green Car Loans
Is this a comparable opportunity? We specialize in assisting you in finding the ideal automobile loan for your needs at Car Loan World. Of course, while comparing alternatives, it’s crucial to know what to search for.
Consider how much you can borrow and whether you’ll be able to pay off the loan in time, factoring in the interest and expenses. The cost of larger loans and loans borrowed over a longer period may be greater than smaller ones.
Let’s review the difference between a secured and an unsecured loan. Typically, vehicle loans are secured by the automobile being purchased. Secured car loans can help you save money on interest while also making it simpler to get approved for one.
Another consideration is the fixed or variable rate. Vehicle loans typically have a fixed interest rate, however, be aware that if you take out a variable-rate loan, the interest rate might rise over time, which may make your repayments less affordable.
It’s worth noting that a green vehicle loan isn’t necessarily less expensive than a regular automobile loan. You could discover that a green auto loan from one company is more expensive than a regular car loan from another.
Finally, and perhaps most significantly, double-check the conditions for eligibility before you submit an application. Make sure your desired green vehicle loan is suitable for the automobile you want to acquire by reading the lender’s terms thoroughly.