Community First Bank has been crowned the winner of the best car loan for electric vehicles in Finder’s Car Loan Awards for 2024.
The Finder Awards looked at more than 330 car loans to find the best loan options in categories for used cars, new cars and of course, electric vehicles.
Car loans are usually the second biggest financial decision for households, after a home loan. The evolution of electric vehicles has been such that Australians are now leaning into the eco-friendly option more and more, so it’s an important awards category to have.
The thing with any loan is that you want to make sure it’s right for you. While that doesn’t always mean it’s the cheapest loan out there, the price is a good place to start.
Luckily, if you’re opting for an electric vehicle you can usually take advantage of better interest rates and fees than if you were buying a regular car. To decide the winner of this year’s best car loan for an electric vehicle, Finder compared those 2 cost factors over a 12-month period.
The interest rates stole the show for Community First’s Green Car Loan, which was the lowest amongst its competitors for that year.
In a move away from many other lenders, it even offers the same low rate whether you’re taking out a fixed rate or a variable rate.
When it comes to any loan, you need to calculate the monthly repayments plus fees – very often a monthly fee and a low rate will still work out better than a high rate with no fees.
Even taking into consideration this loan’s $295 application fee and $10 a month service fee, there was nothing taking Community First’s Green Car Loan down from the top spot.
For more information on Finder’s Personal Loans and Car Loans Awards 2024 and to see the rest of the winners, visit our awards page.
Author bio
Rebecca Pike is the senior writer for home loans at Finder. She has been writing about the mortgage market in Australia for almost 6 years and regularly appears on TV, radio and in newspapers providing commentary on Finder’s insights and research.
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