Electric vehicles are rapidly rising in popularity across Western Australia. In response to the demand, more lenders are introducing specialised products with competitive structures.
Now could the perfect time for you to secure a low interest loan on an EV or hybrid car.
Petrol prices are rising and electric vehicles are continuing to gain popularity across WA. More buyers in the market means more lenders are competing to finance your purchase.
Many are now offering specialised products designed for electric and low emission vehicles (you might have seen them advertised as “green car loans”). These finance structures typically come with:
Lower interest rates
More flexible structures
Reduced fees and charges
With demand growing, government incentives hitting the market and EV technology getting stronger and stronger, the competition is only going to get more intense.
That means more attractive loan options for eligible buyers.
Prepare, prepare, prepare.
When you work with our crew to create a strong application, you strengthen your position with lenders. Get started by:
Maintaining stable income and employment in the months before your purchase
Reducing unnecessary debts
Having genuine savings
Choosing a vehicle that falls comfortably within your budget
Preparing supporting documents upfront
If you’re applying low doc or through your business, our crew will guide you through what lenders require.
Not every borrower is eligible for low interest rates. Lenders assess applications individually and pay particularly close attention to these 5 factors:
Credit history
Income and employment stability
Existing debts and expenses
Deposit amount
Vehicle age and type
They’ll also consider whether the vehicle is new or used.
In short, a strong financial profile and a newer EV gives you a better chance at attracting competitive rates.
The #1 search item on Google might not actually be the best fit for you. Different lenders offer different structures and specialise in different types of buyers from businesses to low doc applicants.
Comparing as many lenders as possible gives you a clear understanding of the market and what a low interest, favourable loan structure looks like for you.
A lower headline rate doesn’t always mean a loan is the cheapest overall. You should be accounting for the total cost of the loan:
Fees and charges
Balloon payments
Repayment flexibility
Early payout conditions
Loan structures and terms
Sometimes a higher rate is hampered by strict terms and restrictions that make that loan more expensive overall.
Your weekly or monthly repayment is only one part of owning an EV. Like with your loan structure, it’s about the total cost.
Make sure you also consider:
Charging costs
Insurance
Registration
Servicing and maintenance
Home charging equipment (if applicable)
The good news is that between reduced running costs, low interest rates and (potentially) government incentives, you’ll offset a lot of those expenses over time. That’s particularly true when you compare it to ever rising petrol costs.
Our crew work with 40+ lenders to finance all kinds of electric vehicles for all kinds of applicants. The models we can help with include:
Fully electric passenger vehicles
Electric SUVs and family vehicles
Business use EVs
Plug-in hybrid electric vehicles (PHEVs)
Used electric vehicles
Our lenders are open to private and dealership sales, although the latter tends to attract the best finance structures.
When you work with other brokers, they lodge multiple applications with individual lenders. Each one of those applications hits your credit score.
Our crew do things differently. Your single application is seen by 40+ lenders and we do all of the negotiating before locking in a deal. That means there are no formal checks until your finance is secured.
You absolutely can, many of our lenders offer low interest rates on loans for used electric vehicles. However, it still depends on the vehicle’s age and condition and your financial position.
Our crew always encourage pre-approval. It helps you understand your borrowing position and shop with confidence.
Green car loans work similarly to standard vehicle finance, although some lenders do offer specialised products.
Most lenders allow additional and early repayments, but specific conditions will depend on your loan structure.
If you’re considering making early repayments, make sure you factor in all of the costs. Even if you’re saving on interest, fees are charges could mean you’re paying more overall.
