Westpac NZ launches cheaper personal loan for electric vehicles

People now have the option of taking out a cheaper loan for electric vehicles, e-bikes and e-scooters.

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People now have the option of taking out a cheaper loan for electric vehicles, e-bikes and e-scooters.

Westpac NZ has launched a new low interest personal loan for New Zealanders wishing to purchase electric vehicles including e-vehicles, e-bikes, escooters and emopeds.

People could borrow up to $50,000 at a rate of 6.99% per year, for a maximum term of five years.

Westpac NZ’s managing director of consumer banking and wealth, Ian Hankins, said the loan would make sustainable forms of transport accessible to more New Zealanders, including those without homes to borrow .

“We know that more and more Kiwis want to help reduce their carbon footprint by adopting more sustainable modes of transportation, and the Westpac EV Loan is our way of supporting that,” he said.

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The unsecured loan was also available to people who were not currently doing business with Westpac.

“Using an e-bike or electric vehicle is a great way to reduce greenhouse gas emissions, as over 80% of New Zealand’s electricity generation typically comes from renewable sources. clean renewables, like hydro and wind,” Hankins said.

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The loan would open up electric transport to younger generations, or others who might not own a home, who wanted to reduce their carbon footprint and, in many cases, their costs of running transport, he said.

It will initially be available for applications until December 16.

Someone who owned a home with sufficient equity might find it cheaper to extend their home loan to buy a vehicle – provided the loan is paid off within a similar timeframe.

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