Non-bank announces 'landmark' deal for vehicle finance

by Julia Corderoy09 Jul 2015
Loans will be cheaper for low emission vehicles under a landmark $50 million agreement between Firstmac and the Clean Energy Finance Corporation. 

Under the agreement, which takes effect this week, additional finance will also be available for solar installations, new business equipment, and energy-saving building upgrades. 

“This is great news for anyone who wants to drive a new-generation low emission vehicle, or save on energy costs by installing solar,” Firstmac managing director, Kim Cannon said.

“Firstmac is very pleased to be working with CEFC to deliver this initiative which will save customers money and result in reduced carbon emissions.”

CEFC chief executive Oliver Yates says the asset finance partnership comes at an important time for Australian consumers and businesses.

“Australians want to get better control of their energy costs. With the right equipment, homes and businesses can benefit from cutting their energy bills while reducing emissions,” he said.

“The benefits of the CEFC financing will flow through to Firstmac’s customers, supporting business and private investment in clean technology.”

Cannon says approximately half of the $50 million would be used to fund discounted loans for low emission vehicles. 

“There is a long list of new generation cars and light commercial vehicles that are considered low emission that will be eligible for finance under this agreement.

“The options range from people movers to compact cars, which means a lot of people are going to be able to access a lower cost car loan or lease, including fleet buyers.”