Electric Vehicle Loan
Helping you help our environment
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Apply NowPlanning to buy a new car?
Why don’t you go with an Electric Vehicle Loan?
Our Electric Vehicle (EV) Loan rewards you for making a more sustainable choice with our new discounted car loan. Electric vehicles have the potential to be more environmentally friendly since they require less to no fuel compared to a standard vehicle1.
More Australians are choosing an electric vehicle 2 and Woolworths Team Bank are here to support that choice with a discounted car loan rate designed especially for our members who want a hybrid or an electric vehicle.
If you’ve been thinking about making a more sustainable choice – or want to know more about it – reach out to us! We would love to help you explore your options
Is your dream vehicle eligible?
The electric or hybrid car you buy with our Electric Vehicle Loan will be used as security for the loan. So it must be:
- A hybrid or electric vehicle
- For personal use
- 7 years old or less from year of manufacture
- Comprehensively insured, showing Woolworths Team Bank as the financier
Examples of Eligible Vehicles
Things to consider before getting an Electric Vehicle
Depending on the type of car you choose, you may need a charging station or power wall. Extra costs you may need to consider include:
- The cost of the charging station or power wall,
- The cost of installing the charging station or power walls with an electrician.
Electric Vehicle Loan Key Features
Frequently asked questions
Yes, Woolworths Team Bank is a mutual financial services organisation and is owned by our members. In fact, each one is a shareholder.
Eligibility to join is exclusive to Woolworths and Endeavour Group team members, their immediate family members and those with an affinity to Woolworths Group. Learn more about becoming a member.
The minimum amount you can borrow is $10,000. The maximum amount you can borrow is $100,000 for a new vehicle or demonstrator model or, $60,000 for a used vehicle up to 7 years old. The actual amount you can borrow is determined by your ability to meet the repayments of the loan. Wish to calculate how much you could borrow? Use our Loan Calculator.
You can arrange to make your loan repayments either by payroll deduction, direct debit from your savings or transaction account, internet banking transfer, at any of our branches or using Bank@Post. Learn more about these repayment methods.
We will take a Bill of Sale over your vehicle as security. To enable this to be registered with REVS there will be a small fee involved.
If we have taken security over your vehicle, you will be required to have the vehicle comprehensively insured. Woolworths Team Bank can discuss this with you before purchase, to make the loan process much simpler.
Depending on the type of electric vehicle you choose, you may need a charging station or power wall. Extra costs you may need to consider include:
- The cost of the charging station or power wall
- The cost of installing the charging station or power walls with an electrician.
Your Electric Vehicle Loan can include a home wall charger (if required).
We give you the option of making extra repayments on your loan and then having the flexibility of being able to redraw on these extra repayments. Terms and conditions are available on application.
Disclaimers
*Credit eligibility criteria, terms and conditions, fees and charges apply. Electric Vehicle Loan rate is subject to change at any time. Minimum loan amount $10,000. Minimum loan term is 12 months and maximum loan term is 7 years for new vehicles, and 6 years for used cars. No penalties apply for paying out early. Product is available from 3 April 2024 to members of Woolworths Team Bank.
^The comparison rate is for a secured loan of $30,000 with repayments for a term of 5 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
