Westpac NZ launches personal loan for electric vehicles and e-bikes

Westpac NZ has launched a new low-interest personal loan to help more New Zealanders buy a range of electric vehicles, including electric vehicles, electric bicycles, electric scooters and electric mopeds.

The loan is available at 6.99% per annum and allows applicants to borrow up to $50,000 for up to five years.

Westpac NZ Consumer Banking and Wealth managing director Ian Hankins said the loan will make sustainable modes of transport accessible to more New Zealanders, including those without homes to borrow from.

“We know that more and more Kiwis want to help reduce their carbon footprint by adopting more sustainable modes of transport, and the Westpac EV loan is our way of supporting this.

“It allows borrowers to choose from a wide range of eligible vehicles to suit their lifestyle. For many people this might be an e-bike or electric moped so they can leave the car at home while commuting, while others might be looking to trade in their gas-powered car for one. new or used electric or hybrid.

The unsecured loan is available to a wide range of applicants, including people who do not currently do business with Westpac NZ.

“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, such as hydro and wind,” says Hankins.

“E-bikes are a fast and efficient means of transport and electric vehicles cost much less to operate than a petrol or diesel vehicle.

“This offering opens up electric transportation to younger generations, or others who may not own a home, who want to reduce their carbon footprint and, in many cases, their transportation running costs.”

Hankins said the new loan follows the expansion of the Westpac Warm Up Loan, which allows home loan customers to borrow up to $40,000 interest-free to make their homes warmer, drier, cooler. durable and energy efficient.

Westpac NZ is also piloting sustainable agribusiness lending and offering a variety of sustainable finance for large businesses.

“Our team finds it really rewarding to offer these kinds of options, as it empowers our customers to take strong and tangible action in response to climate change.”

The loan is initially available for applications until December 16, 2022 and will then be reviewed.

A $100 facility fee applies.

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