Buying an electric vehicle: What NOT to forget

an electric vehicle in a charging station

With the Australian government announcing its $250 million investment in car charging infrastructure, you may be thinking about buying an electric vehicle (EV). 

This announcement came after many nations at the COP26 international climate summit in Glasgow pledged to ban the sale of petrol cars by 2035. Many car manufacturers such as Volvo and Ford are also committing to sell all-electric vehicles by 2030. 

If you are looking to buy an electric vehicle to help with the climate crisis. You’ve come to the right place.

What to look for in an electric car?

  • For starters you should find an EV that fits your budget. It’s important to remember that Tesla cars aren’t the only EVs out there. While the brand is built around not using petrol, there are plenty of other car manufacturers offering eco-friendly car options.
  • Consider what you’ll use the car primarily for. One major downside about electric vehicles is that there aren’t as many charging stations as petrol stations in Australia (for now). If you plan on going on many long trips and drives it might be worth looking into a hybrid that uses both electricity and petrol. Or plan your trip with an idea where charging stations are located when on the road.
  • How many kilometres per charge can it do? EV charging stations aren’t the easiest to find, especially the farther out you go from a capital city. Depending on the brand and model you chose the distance between charges changes. 
  • How much energy does it consume? All cars are not created equal, and the same can be said about EVs. A 40kWh Nissan Leaf can be charged from low to full in about 24 hours, while a 100kWh Tesla Model S takes between 49 to 53 hours. Obviously the longer it is plugged in the more electricity it will use and the higher your electricity bill will be. Keep in mind that the power cost of an EV is roughly 40% of the amount you would spend on petrol for the same distance traveled.

How to finance an electric car?

There are several green car loans in Australia. Green loans are specific loans offered by lenders that are made for those who want to finance environmentally friendly products. Currently the lowest green car loan available starts from a low 4.09% p.a. (4.35% p.a. comparison rate*).

However, you don’t need a green car loan to buy an EV. You can use normal new car loans or used car loans if you are getting a used EV. Just make sure you do your homework when testing out a used car

If you are looking to live a more environmentally friendly lifestyle and are looking to buy an EV or hybrid car, check out your green loan options or compare the low rate car loans below.

Car loan comparisons on Mozo - rates updated daily

Search promoted car loans below or do a full Mozo database search. Advertiser disclosure.
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    New Car Loan

    Including Demo, Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    4.99% p.a.
    5.53% p.a.based on $30,000
    over 5 years

    Low fixed car loan rate for purchasing new and demo vehicles from dealers. There is no monthly or ongoing fees and early payout options available. Winner of Mozo's Experts Choice Car Loan 2021 award^.

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    Details
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    Car Loan

    Fixed

    Interest rate
    comparison rate
    Monthly repayment
    4.89% p.a.to 9.99% p.a.
    5.44% p.a.to 10.56% p.a.based on $30,000
    over 5 years

    Enjoy competitively low rate car loans from 4.89% (comparison rate 5.44% p.a.) between $10,000 and $100,000 for new, demo and used vehicles. Take advantage of flexible 3, 5 or 7 year loan terms. No early repayment or exit fees. You must be 21 years or over to qualify and earn above $35,000.

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    Details
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    Car Loan

    Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    5.35% p.a.
    5.65% p.a.based on $30,000
    over 5 years

    Available for all New and Used cars up to 7 years. A quick and easy, 100% online application with loans up to $75,000. No printing. No paper. No fuss. No monthly account keeping fees, no exit fees and no early repayment fees.

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    Details
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    Used Car Loan

    Dealer Only, Up to 5 years old, Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    4.99% p.a.
    5.53% p.a.based on $30,000
    over 5 years

    Used Car Loan with no monthly or ongoing fees, with a fixed rate for the life of the loan. Fast online application.

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    Details
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    Secured Car Loan

    Fixed

    Interest rate
    comparison rate
    Monthly repayment
    4.74% p.a.to 16.01% p.a.
    5.01% p.a.to 16.31% p.a.based on $30,000
    over 5 years

    Low personalised rates, ideal for borrowers with excellent credit. No monthly account fees, no early payout fees, so you can pay off your loan sooner. Borrow between $5,000 and $64,000. Easy online application, receive a response in minutes and approved funds within 24-48 hours!

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    Details
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    Secured Car Loan

    Fixed

    Interest rate
    comparison rate
    Monthly repayment
    6.79% p.a.
    7.16% p.a.based on $30,000
    over 5 years

    Reach your goal sooner without being penalised with $0 early payout fee. $0 monthly fees. Choose to make either monthly, fortnightly or weekly repayments to suit your income and budget. Winners of Australia's Best Large Credit Union in 2020.

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    Details
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    Clean Green Car Loan

    New or Used, Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    4.29% p.a.
    4.83% p.a.based on $30,000
    over 5 years

    No monthly or ongoing fees. Get a 0.70% discount on your car loan interest rate if you buy a qualifying green car. Winner of Mozo's Experts Choice Green Car Loan 2021 award^.

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    Details
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    Car Loan - Excellent Credit

    Fixed, Unsecured

    Interest rate
    comparison rate
    Monthly repayment
    5.95% p.a.to 19.99% p.a.
    6.79% p.a.to 21.0% p.a.based on $10,000
    over 3 years

    Be rewarded for your good credit history with low rates. Plus there are no ongoing fees and you can pay off your loan with no early repayment penalties. Simply apply online and get a quote in minutes.

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    Details

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While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.