Green Car Loan
A secured personal loan to buy or refinance an electric, hybrid or hydrogen car up to seven years old, with a discounted rate fixed for the first five years.
Denne finansieringsmulighed er i øjeblikket beskrevet på engelsk.
Borrow AUD 20,000–120,000 for a qualifying car and repay the amount borrowed plus interest over one to ten years. The published interest rate is 5.99% a year, fixed for five years. If your loan continues beyond five years, it switches to the bank’s standard variable rate, currently 11.55% a year; your loan offer confirms the rate.
The application fee is AUD 250. It is waived if you already have an active Home Loan Package, Investment Loan Package or Line of Credit Package; these packages are closed to new business. There are no monthly account fees or fees for extra repayments or repaying the loan in full early. To repay it in full, request a payout figure for your chosen date: the online balance excludes interest accrued during the current month.
Late repayment can attract an AUD 25 charge if you do not clear the arrears within seven days after the bank notifies you. A separate AUD 25 charge applies if the account remains in arrears for 20 days or more.
Eligibility
- The loan is for personal use and is subject to People First Bank’s lending and security assessment. You must borrow at least AUD 20,000 and use the financed car as security for the debt.
- Eligible cars are pure electric, plug-in hybrid, fuel-cell electric, regenerative non-plug-in hybrid, or hydrogen vehicles. The car must be no more than seven years old from its year of manufacture.
- You can refinance an existing qualifying green-car loan from another financial institution if you meet the lending and product criteria. You cannot refinance an existing People First Bank personal loan into this product.
- Keep the car in good condition and in your possession. You need the bank’s written consent before selling, leasing, transferring or granting another security interest over it. The bank will not unreasonably withhold consent, but can attach conditions.
- Maintain compulsory insurance and cover the secured car against loss, theft, damage, accident, fire, storm and other risks a prudent owner would insure against. Insure both your interest and the bank’s interest, note the bank on the policy and use any insured value it reasonably requires. Provide evidence of current insurance if requested. Insurance proceeds for the car must be paid to the bank, which applies them towards repaying the loan.
How to apply
- Status
- Løbende ansøgning
- Vilkår for ansøgningsrunden
- Applications are accepted through People First Bank’s phone and branch channels, subject to lending and product eligibility assessment.[^c5][^c13][^c14]
Call People First Bank on 13 11 82 or visit a branch to apply and discuss the car and the bank’s lending and security requirements. First-time personal-loan applicants are included in the bank’s target market; approval still depends on its assessment.