Westpac offers cheaper loans for electric vehicles

Westpac has announced car loans from 4.99 per cent p.a (comparison rate 6.21 per cent) for customers wanting to purchase an EV.

The loans enable customers to borrow between $10,000 and $100,000 to finance a purchase of a new or used hybrid or electric vehicle up to seven years old, following Westpac consumer research that revealed 67 per cent of Australians believe cost is the biggest barrier to owning am EV.

Chris de Bruin, Chief Executive Consumer and Business Banking at Westpac, said we all have a part to play in helping Australia move toward net zero and hopes this offer can help more customers transition to a greener vehicle.

“Given the recent increase in petrol prices, electric and hybrid vehicles appeal to the environmentally conscious, and the financially conscious too. We expect demand for these vehicles will continue to rise, with many Australians already planning to make the change.

“We’re also seeing new government incentives, improved access to charging stations, and more manufacturers offering hybrid and electric vehicles, which will help accelerate the transition.”

Behyad Jafari, CEO of the Electric Vehicle Council (EVC) of which Westpac is a member, said this new loan offer presents a great opportunity for Australians to save by going electric.

“We know the majority of Australians are now actively considering an electric vehicle as their next car and this initiative will help them make the shift. Given the average Australian household currently spends $3,700 a year on petrol and diesel, the purchase of an electric vehicle would ease real pressure on the monthly budget.

“Going electric means that consumers can reduce their carbon emissions and help clean the air of Australian cities.”

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