What you're applying for
Electric Car Loan
Funds for buying a new or used car, or to refinance a car loan for an eligible electric or hybrid vehicle that is provided over a fixed term with a fixed interest rate
The important numbers
- Borrow $10,000 to $100,000 on a 1-7 year loan term
- Fixed interest rate of 5.99% p.a.~ (comparison rate of 7.20% p.a.^)
- Fees include a $250## establishment fee and a $12 monthly loan account fee
Eligibility and what you'll need
You'll need to
- Have a regular income
- Be up-to-date with your regular repayments (rent or home loan, phone, credit cards and other loans etc.)
- Be able to cover your expenses
Considerations
- Your car needs to meet certain conditions to qualify for this loan (it must be included on our list of eligible electric and hybrid vehicles and be new or less than 7 years old, comprehensively insured etc. ^^)
- A $175 prepayment fee applies if you choose a loan term of 3-7 years and repay it within 2 years
- If the car you want to buy is already under finance, you will need to provide a payout letter
IMPORTANT INFORMATION: Discounted pricing is only available for EV and Hybrid cars on our eligibility list (PDF 364KB). Your application may be declined if documentation doesn’t match the engine type selected in the application form. |
|---|
Other options:
Personal loans can be a good way to secure a lump sum of money for a specific need. However, there are instances where it's worth considering another form of credit:
You need a payment tool to access funds for everyday purchases on an ongoing basis. In this case, view our Credit Cards
You need ongoing help with short-term cashflow (and if applying online, already have a Westpac Home Loan, or paid your income into one of our transaction or savings accounts for over six months). In this case, view our Flexi Loan
You're doing home renovations that will cost more than $50,000. In this case look at increasing your home loan, or a construction option.
Things you should know
This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice. Please consider your individual circumstances before applying for a Westpac Personal Loan. Credit criteria, fees, charges, terms and conditions apply. Information is correct as of 17 October 2024.
^Comparison rates: Comparison rates help you understand the true cost of a loan. All comparison rate examples shown are for a personal loan amount of $30,000 and a term of 5 years. WARNING: Comparison rates apply only to the example or examples 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.
- Car Loan repayment terms range from 1 to 7 years. Interest rate ranges and representative examples are based on a personal loan of $30,000 borrowed for 5 years with the interest rate of 6.49% p.a. (comparison rate 7.69% p.a.), the estimated total amount payable including fees is $36,224. The actual rate offered may be higher or lower than the comparison example above. Rates currently range from 6.49% p.a. to 12.99% p.a. (comparison rate from 7.69% p.a. to 14.14% p.a.)
##The lending establishment fee will be added to your loan amount. Please read full terms and conditions before making a decision to apply for a Westpac Personal Loan.
^^To qualify for a Car Loan, applicant must meet all credit criteria and the car offered as security must meet all criteria - either new or if used, cannot be older than 7 years at time of application, registered under the applicant's name, has been made locally or imported by the manufacturer, has never been written off (even if it was repaired), has a paid, fully comprehensive insurance policy with Westpac noted as the financier and is for personal use only. The loan amount may exceed the vehicle's market value, as reported by Redbook, to cover the purchase price of the vehicle and other expenses. If you're using a Westpac Car Loan to buy an electric or hybrid car, check our list of eligible vehicles. (PDF 364KB)
~Car Loan for eligible Electric or Hybrid engine types is subject to an interest rate discount of 0.5% p.a., applied at the time of application. Electric and Hybrid Car Loan interest rate, inclusive of 0.5% p.a. discount, is 5.99% p.a (comparison rate 7.20% p.a.^)
Credit provided by Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.