bankmecu goGreen Car Loan
- Interest Rate (p.a.)
- (fixed)
Summary
Be rewarded for being ‘green’ with a bankmecu goGreen Car Loan.
The goGreen Car Loan from bankmecu offers drivers an incentive to be environmentally conscious when it comes to their vehicles, offering a discounted interest rate in accordance with how ‘green’ your car is.
bankmecu allows you to apply for pre-approval for the credit so that, as you shop for a new or used environmentally-friendly car, you’ll know just how much you can borrow and be able to confidently select the ideal car within your range. You’ll get a quick response on your pre-approval application, which gives you up to three months to shop around for the best* ‘green’ car for you.
- bankmecu won a 2010 Ethical Investor Award for being Australia’s most sustainable small company of the year
Things to consider about the bankmecu goGreen Car Loans
Though the competitive interest rate advertised does sound attractive, keep in mind that it will vary depending on how environmentally friendly your car is. The vehicle must have an Australian New Car Assessment Program (ANCAP) rating of five stars or a Greenhouse Rating of seven or higher. This information should be provided by the car dealership upon purchase of the vehicle.
This loan will cover new and used cars that meet the ANCAP requirements. There is no annual fee and a one-time $150 establishment fee attached to the loan.
bankmecu offers a maximum term of 7 years for new cars and 5 years for used cars, giving you enough time to plan how you will pay off the loan. You can set up a direct deposit so that your pay is put directly towards your loan, while you are able to choose from weekly, fortnightly and monthly payments.
Young drivers (25 and under) who have gone through an Advanced Driver training program are eligible for a $200 rebate.
Features of the bankmecu goGreen Car Loan
- Fees. This loan has no annual fees and only requires a $150 establishment payment upon approval.
- Social responsibility. The interest rate is based on the low fuel emissions from your ‘green’ vehicle and young drivers are encouraged to take an Advanced Driver training safety course for a $200 rebate.
- Loan terms. New cars are eligible for a 7-year term, while used cars can get a 5-year term with the choice of a variable or fixed interest rate.
- Additional repayments. You are able to make extra payments on your account to help to reduce interest and pay off your loan sooner.
How to apply for the bankmecu goGreen Car Loan
To be eligible for the loan you need to be of driving age and be gainfully employed, or alternatively have a cosigner who meets these requirements. Young drivers wanting the $200 rebate must prove their attendance of an Advanced Driver program and be under the age of 25.
To be eligible for bankmecu’s goGreen Car Loan, you will need to be looking for a vehicle with low fuel emissions and a Greenhouse Rating of seven or higher, along with an ANCAP rating of five stars.
You’ll need to supply:
- A valid driver’s licence. This will be requested to verify your identity and address, as well as verify that you are able to operate a vehicle.
- Financial details. These include employment and salary details as well as any information about your current assets or liabilities.
It’s easy to go green with the goGreen Car Loan from bankmecu. This affordable and socially-responsible loan is a viable option for borrowers, but make sure to compare car loan options before deciding on the right product for you.
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Matt Finder
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