Green car loan
A fixed-rate loan for people living in Australia to buy a new or used battery electric car for personal use.
Denne finansieringsmulighed er i øjeblikket beskrevet på engelsk.
RACV Finance lends you money to buy a car that runs solely on electricity. Petrol, diesel and hybrid vehicles do not qualify. The loan does not fund home chargers, solar panels, batteries, home improvements or general debt consolidation.
Borrow at least AUD 5,000 for 12 months to seven years. You repay the money borrowed together with interest; an interest-only loan is not available. RACV sets your interest rate based on its assessment of risk, and that annual rate stays fixed for the loan term. Repayments can be fortnightly or monthly by direct debit or BPay.
The direct application fee is AUD 499, security registration costs are paid by you at cost, and there are no ongoing fees. You can make additional repayments without a fee. If you repay the entire loan early, the early termination fee is AUD 325, except when you pay it out in the last six months of the agreed term.
If you are not completely satisfied with a personal loan taken directly from RACV Finance, its satisfaction guarantee lets you return the full loan amount and have the loan paid out and finalised within 21 days of funding. RACV then refunds application fees and interest charged and waives the early termination fee.
Eligibility
- You must live in Australia, be an individual over 18, and have permanent Australian residency or a right to work in Australia. You must be employed regularly in Australia and receive regular income paid there.
- You must have enough money for daily living expenses and the loan payments, with a history of savings or on-time repayments. RACV must approve your application after assessing your finances and loan purpose. You must also meet its customer identity and checks intended to prevent money laundering and terrorism financing.
- Up to two people can borrow together, and both must benefit from the loan. Companies, trusts and other corporate structures are excluded.
- The vehicle offered as security must be registrable, owned by at least one borrower and insured against loss or damage throughout the loan. RACV must accept its value in relation to the amount borrowed. Security means the vehicle backs your repayment obligations.
- The vehicle must be in good working order, roadworthy and meet usage and manufacturer conditions. It must be no older than 20 years when the loan ends and cannot be a project or hobby build, reported stolen or under an active manufacturer recall.
- You cannot apply if you have no proven financial history, are already experiencing financial hardship or would suffer substantial hardship from the loan. Undischarged bankrupts and directors of entities in liquidation are excluded. The criteria also exclude applicants who hold a prominent overseas government role, or whose family member or close associate holds one.
How to apply
- Status
- Løbende ansøgning
Apply directly to RACV Finance online through its green car loan page, or call 13 15 60. The loan is distributed online and by phone, rather than through brokers or in person. Have your personal details, income, assets and expenses ready, and car details if available.
Once your application is approved, RACV calls to arrange the details. When the car is ready, RACV says you should receive the funds within 24 hours.