A green car loan is a car financing particularly for eco-friendly vehicles. It is accepted that eco friendly vehicles are cars that generate less carbon dioxide emissions than old fashioned fuel powered cars. Lower carbon emission means less pollution in enviroment.
Green car loans are new in Australian lending market. Not every lender provides special Green car loans. This will increase as Australia look forward to adopt electric vehicles.
ACT state government plans to ban the sale of new petrol cars from 2035.Bank Australia intends to close car loans financing for petrol cars from 2025.
Green car loans works the same way as regular car loans works
Green cars include those have lower Carbon dioxide emissions that a comparable model and market.Green cars are hybrid and electric vehicles (EVs).
Investing in a low emission vehicles save your money on finance and reduce emission of carbon into environment. Green car loans is lower than standard car loan interest rates. The lender may waive some charges fees on the car loan.
The loan term is the duration you have to payoff the loan.Car loans generally have 3 to 5 years. Longer duration of loan term the longer you have to pay interest rates.
These types of fees are early payment fees,exit fees, monthly fees upfront fees.
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