StateWest goes green with car loans

WA's StateWest Credit Society has launched a ‘green' car loan that sees trees planted to offset the greenhouse emissions of every car purchased with the loan. Borrowers receive membership with non-profit organisation Greenfleet which plants and maintains the trees.

The interest rate on GreenChoice is 7.95 per cent for cars under five years old and which meet certain emission standards, and 10.95 per cent for cars older than five years.

StateWest is the first institution in the West to offer such a product and the second nationally. Credit union MECU launched a similar car loan product with Greenfleet in late 2003.