Electric Vehicle Finance & Purchasing in Australia

The electric vehicle market has been growing steadily in Australia, and more and more people are considering buying electric vehicles. However, one of the most significant concerns for many potential buyers is how to finance the purchase of an electric vehicle. In this blog post, we will discuss the various financing options available for electric vehicles in Australia and what factors to consider when buying an electric vehicle.

Financing an Electric Vehicle in Australia

Like any other vehicle, electric vehicles can be financed through a range of financing options, including:

• Personal Loans: Personal loans are a popular financing option for electric vehicles in Australia. Personal loans are unsecured loans, which means you do not have to provide any security for the loan. The interest rates on personal loans vary, depending on your credit score and other factors. However, personal loans typically have higher interest rates than secured loans, such as car loans.

• Car Loans: Car loans are another financing option for electric vehicles in Australia. Car loans are secured loans, which means the vehicle is used as security for the loan. The interest rates on car loans are generally lower than personal loans, making them a more affordable option for many buyers. Car loans typically have fixed interest rates, which means your repayments remain the same throughout the loan term.

• Novated Lease: A novated lease is a popular financing option for electric vehicles in Australia. A novated lease is a three-way agreement between you, your employer, and a finance company. Under a novated lease, your employer deducts the lease payments from your pre-tax salary, reducing your taxable income. Novated leases can be an attractive option for buyers who want to take advantage of tax savings.

• Chattel Mortgage: A chattel mortgage is a type of secured loan that is used to finance business vehicles, including electric vehicles. Under a chattel mortgage, the lender provides funds to purchase the vehicle, and the vehicle is used as security for the loan. The interest rates on chattel mortgages are generally lower than personal loans, making them a more affordable option for businesses.

Factors to Consider When Buying an Electric Vehicle

When buying an electric vehicle in Australia, there are several factors to consider:

• Range: Electric vehicles have a limited range, which can be a concern for some buyers. It is essential to consider your daily driving habits and ensure that the electric vehicle’s range is sufficient to meet your needs.

• Charging Infrastructure: Charging infrastructure is another critical factor to consider when buying an electric vehicle. While charging infrastructure is growing rapidly in Australia, it is still not as widespread as petrol stations. It is essential to research the charging options in your area and ensure that there are sufficient charging options available.

• Upfront Cost: Electric vehicles can be more expensive upfront than petrol vehicles. However, the ongoing costs of owning an electric vehicle, such as charging and maintenance costs, are generally lower than petrol vehicles. It is essential to consider the upfront cost in conjunction with the ongoing costs of owning the vehicle.

• Government Incentives: The Australian government offers several incentives to encourage the purchase of electric vehicles. These incentives include tax credits, rebates, and exemptions from road tolls and registration fees. It is essential to research these incentives and take them into account when considering the purchase of an electric vehicle.

Conclusion

The electric vehicle market is growing rapidly in Australia, and financing options are becoming more widely available. When considering the purchase of an electric vehicle, it is essential to research the various financing options available and consider factors such as range, charging infrastructure, upfront costs, and government incentives.

So if you are looking for Electric Vehicle Finance contact Electric Loans Australia today.