Green Car Loans : Sustainable, Environmentally Friendly and Ethical Car Loans : MCU Sustainable Banking

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Green Star Car Loan

Our Green Car Loans were first launched in 2001, rewarding borrowers with discounted rates for the purchase of environmentally friendly cars. For the borrowing member it combines a low interest rate loan with low fuel costs. For the environment it provides reduced greenhouse gas emissions through lower fuel consumption. Our green star car loan type 1 is among the best types of car loans available.

The MCU can pre-approve your car loan giving you the confidence to shop around and drive a hard bargain!

In addition to satisfying normal MCU credit guidelines, borrowers need to meet the following criteria:

Green Star Car Type 1

The vehicle is no more than 2 years old.
The vehicle must have a minimum 3.5 star rating*.
Interest Rate 8.49% p.a. Variable
Comparison Rate 8.84% p.a.
Maximum Term 7 years
Minimum Amount $4000
Maximum Amount 80% of the valuation of the vehicle
Application Fee $200
Annual Fee $0
Redraw facility free for amounts over $2000, otherwise $25 fee per redraw

Green Star Car Type 2

The vehicle is less than 4 years old.
The vehicle has a minimum 3 star rating* OR has an average fuel consumption of up to 8L per 100km.
Interest Rate 9.99% p.a. Variable
Comparison Rate 10.35% p.a.
Maximum Term 7 years
Minimum Amount $4000
Maximum Amount 80% of the valuation of the vehicle
Application Fee $200
Annual Fee $0
Redraw facility free for amounts over $2000, otherwise $25 fee per redraw

Green Star Car Type 3

The vehicle is 4 to 7 years old.
The vehicle must have an average fuel consumption* of up to 9L per 100k.
New or demo' motorcycles also fit into this category.
Interest Rate 10.99% p.a. Variable
Comparison Rate 11.35% p.a.
Maximum Term 7 years
Minimum Amount $4000
Maximum Amount 80% of the valuation of the vehicle
Application Fee $200
Annual Fee $0
Redraw facility free for amounts over $2000, otherwise $25 fee per redraw

Green Star Car Type 4

The vehicle is more than 7 years old.
Does not fit in the other lower categories.
Used motorcycles also fit in this category.
Interest Rate 13.99% p.a. Variable
Comparison Rate 14.36% p.a.
Maximum Term 7 years
Minimum Amount $4000
Maximum Amount 80% of the valuation of the vehicle
Application Fee $200
Annual Fee $0
Redraw facility free for amounts over $2000, otherwise $25 fee per redraw

Green Star Car Type 5

The vehicle is no more than 2 years old.
The vehicle does not fit into Types 1 and 2.
Interest Rate 9.50% p.a. Variable
Comparison Rate 9.86% p.a.
Maximum Term 7 years
Minimum Amount $4000
Maximum Amount 80% of the valuation of the vehicle
Application Fee $200
Annual Fee $0
Redraw facility free for amounts over $2000, otherwise $25 fee per redraw

Vehicle Star Ratings and fuel consumption can be found at www.greenvehicleguide.gov.au or www.greenhouse.gov.au/fuelguide

Note: This comparison rate is calculated on the amount of $30,000 over a term of 5 years. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

View full Schedule of Comparison Rates (pdf).

View Loan Fees and Charges (pdf).

Terms, conditions, fees and charges apply and are available on request. This offer is subject to change without notice.