Macquarie Bank offering new Electric Vehicle Car Loans for close to Home Loan Rates of just 2.99%

If you try and buy a car with finance, you’ll face interest rates with a 6 in front of it, but buy an EV and Macquarie Bank will offer...

If you try and buy a car with finance, you’ll face interest rates with a 6 in front of it, but buy an EV and Macquarie Bank will offer you a rate of just 2.99% p.a with a loan period of 5 years. That’s close to home loan rates, which is crazy for what is essentially a personal loan.

Buying an ICE vehicle with money from Macquarie and you’ll pay around 3.95% for a car loan. Westpac is currently offering 6.49%, and Commbank and NAB will charge you $6.99% for secured loans. This means the discounted rate of 2.99% represents a significant saving over other loan options.

The new rate is just part of the first specialised electric vehicle buying service in Australia, helping your family transition to an electric car easily. Macquarie Vehicle Select makes it easier to buy an electric vehicle, helping you with the following tasks:

  • find the right electric vehicle
  • negotiate the price on your behalf
  • access finance options
  • organise electric vehicle test-drives
  • negotiate the trade-in of your old car
  • depending on where you live, we may even be able to deliver your new car, charged and ready to go.

The website highlights that over the coming decade, the true extent of climate change, will be revealled and one way you can help reduce transport emissions, is to make a different choice when you next upgrade your car – buy an EV.

There’s a great FAQ service on the site, which tackles many common questions from potential EV owners.

Can I save money by switching to an electric vehicle?

While the purchase price of an electric vehicle can be higher than a petrol or diesel equivalent, the ongoing running costs are generally cheaper thanks to fewer servicing requirements and lower fuel costs. 
No matter where you are on the path towards electric, if you want to get a better understanding of your options, request a call with our Macquarie Vehicle Select team.

What are some of the other benefits of electric vehicles?

As well as lowering your carbon footprint, there are other great benefits of driving an electric vehicle.
A high-quality driving experience: Performance is underpinned by advanced, modern technology, resulting in a smooth and silent drive.
Increased affordability: Electric vehicles are becoming more affordable as more car manufacturers transition to electric.
More places to charge: Public charging stations are being installed in more areas, and the latest vehicle models are able to drive further.

How do I make sure my electric vehicle has enough charge?

Before starting your journey in an electric vehicle it’s important to plan ahead so you know where you can access a charging station along the way to top up your charge if you need to. 
The network of ultra-fast charge stations is steadily increasing along highways. Once in place, these ultra-rapid chargers can add 200km to 400km of range to a modern EV in 15 minutes, making planning easier for EV drivers~.

Is the Macquarie Vehicle Select service available to anyone looking to buy an electric vehicle?

Yes, this is a complimentary service offered by Macquarie. We’d be happy to assist you on your car-buying journey. 

This is a really positive move by the Macquarie Group, offering incentives of a lower interest rate, will certainly encourage people to choose differently when they consider their next vehicle. Combine a lower rate and therefore lower repayment, combined with state Goverment incentives and the total cost of EVs is really shaping up to be a compelling offering in the later half of 2021.

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Creator of techAU, Jason has spent the dozen+ years covering technology in Australia and around the world. Bringing a background in multimedia and passion for technology to the job, Cartwright delivers detailed product reviews, event coverage and industry news on a daily basis. Disclaimer: Tesla Shareholder from 20/01/2021
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