Westpac supports hybrid and electric vehicle transition with car loan offer
19 May 2022
Westpac has announced a new car loan offer to help customers wanting to purchase a new or used hybrid or electric vehicle.
It coincides with Westpac consumer research revealing that 70% of Australians plan to own a hybrid or electric vehicle in the future, and 34% of petrol and diesel drivers are considering making the switch for their next car.
The car loan rates start from 4.99% p.a (comparison rate 6.21%*) and will enable customers to borrow between $10,000 and $100,000 to finance their eligible hybrid or electric vehicle purchase.
“We all have a part to play in helping Australia move toward net zero. We know that cost is one of the biggest barriers to hybrid and electric vehicle uptake, so this offer can help more customers transition to a greener vehicle,” Chris de Bruin, Westpac Chief Executive, Consumer & Business Banking said.
“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,” Mr de Bruin said.
The Westpac research revealed that more than two thirds (67%) of Australians believe that the cost of the car is the biggest barrier to owning a hybrid or electric vehicle.
Saving on fuel (78%), lower running costs (69%) and reduced carbon emissions (60%) were the top motivators for consumers when considering a hybrid or electric vehicle.
Westpac is a member of Australia’s Electric Vehicle Council, which aims to accelerate the electrification of vehicles for a more sustainable country.
“This new loan offer presents another great opportunity for Australians to save by going electric,” Behyad Jafari, CEO of the Electric Vehicle Council said.
"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,” he said.
The new rate is available for eligible new and used hybrid and electric vehicles up to seven years old.
*This comparison rate is based on a car loan of $30,000 over a term of 5 years. It is true only for the example given and may not include all fees and charges. Different loan amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.