EVs on the rise among car loan customers, says CommBank
Electric vehicle (EV) adoption is on the rise in Australia.
New CommBank data shows a 37 per cent increase in EV purchases amongst its car loan customers in the last six months (to February 2024) compared to the six months prior.
Furthermore, over the last 12 months, one in five (around 23 per cent) new vehicle car loans with CommBank were for EVs and hybrid models.
In addition, 17 per cent of its total lending for cars (both new and used) was for EVs and hybrids.
On the back of this data, CommBank says EVs are becoming a more attractive proposition for more people. Among its customers, Tesla Model 3 and Tesla Model Y are the most popular EV choices and make up more than 70 per cent of EVs financed by the bank.
Comparing costs and car loans
Greater interest in EVs and hybrid vehicles has prompted CommBank to create an EV cost comparison calculator. What’s notable about it is the inclusion of estimates on fuel and charging costs, as well as CO2 emissions.
As far as specific loan costs, Mozo also offers car loan customers calculators. For example, the Mozo car loan comparison calculator lets you plug in an amount and term length along with two different interest rates, helping you see the saving potential on a smaller rate.
Take a 35,000 car loan paid over 3 years, which you can compare with both a rate of 11.35% and 10.35%, for instance: The first rate gives a total interest cost (plus fees) of $5,864, as per the calculator, while the second rate gives a total interest cost (plus fees) of $6,460.
Therefore, the cheaper interest rate saves you $596.
If you’re considering an EV, a good place to start is how much it will cost. The right loan might make the task more manageable and below our experts have handpicked some car loans for you to start comparing!
Compare top car loans
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Used Car Loan
Fixed, Secured, No vehicle age limit
Interest rate
comparison rate
Monthly repayment6.57% p.a.to 18.99% p.a.7.19% p.a.to 21.78% p.a.based on $30,000
over 5 yearsGet a competitive fixed interest rate on a secured used car loan of up to $75,000 depending on your credit score. No vehicle age limits. Easy online application. Fast pre-approval. Pre-approved funds held for up to 3 months. No monthly account keeping fees, no exit fees and no early repayment fees. Flexible weekly, fortnightly or monthly repayments on terms from 1 to 7 years.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.
CompareCompare- Interest rate
- 6.57% p.a.to 18.99% p.a.
- comparison rate
- 7.19% p.a.to 21.78% p.a.based on $30,000
over 5 years
- Interest rate
- 6.57% p.a.to 18.99% p.a.
- comparison rate
- 7.19% p.a.to 21.78% p.a.based on $30,000
over 5 years
- Upfront fees
- $250.00
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- $0.00
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $75,000.00
- Minimum loan term
- 1 Year
- Maximum loan term
- 7 Years
- Security required
- Vehicle
Read our Mozo Review to learn more about the OurMoneyMarket Used Car Loan
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New Car Loan
Fixed, Secured
Interest rate
comparison rate
Monthly repayment7.29% p.a.to 16.99% p.a.8.00% p.a.to 17.77% p.a.based on $30,000
over 5 yearsCompetitive interest rates for vehicles up to 3 years old (new and demo). Maximum loan term of 7 years. No ongoing fees. Dealer/private sale acceptable. Pre-purchase approvals available.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 7.29% would cost $36,387.95 including fees.
CompareCompare- Interest rate
- 7.29% p.a.to 16.99% p.a.
- comparison rate
- 8.00% p.a.to 17.77% p.a.based on $30,000
over 5 years
- Interest rate
- 7.29% p.a.to 16.99% p.a.
- comparison rate
- 8.00% p.a.to 17.77% p.a.based on $30,000
over 5 years
- Upfront fees
- $499.00
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- $325 if paid before last 6 months of loan term, otherwise $0.
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $150,000.00
- Minimum loan term
- 1 Year
- Maximum loan term
- 7 Years
- Security required
- Vehicle
Read our Mozo Review to learn more about the RACV Finance New Car Loan
-
New Car Loan
Fixed, Secured
Interest rate
comparison rate
Monthly repayment6.57% p.a.to 18.99% p.a.7.19% p.a.to 21.78% p.a.based on $30,000
over 5 yearsGet a competitive fixed interest rate on a secured new car loan of up to $75,000 depending on your credit score. Easy online application. Fast pre-approval. Pre-approved funds held for up to 3 months. No monthly account keeping fees, no exit fees and no early repayment fees. Flexible weekly, fortnightly or monthly repayments on terms from 1 to 7 years.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.
CompareCompare- Interest rate
- 6.57% p.a.to 18.99% p.a.
- comparison rate
- 7.19% p.a.to 21.78% p.a.based on $30,000
over 5 years
- Interest rate
- 6.57% p.a.to 18.99% p.a.
- comparison rate
- 7.19% p.a.to 21.78% p.a.based on $30,000
over 5 years
- Upfront fees
- $250.00
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- $0.00
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $75,000.00
- Minimum loan term
- 1 Year
- Maximum loan term
- 7 Years
- Security required
- Vehicle
Read our Mozo Review to learn more about the OurMoneyMarket New Car Loan
-
Used Car Loan
Interest rate
comparison rate
Monthly repayment8.49% p.a.to 16.99% p.a.9.21% p.a.to 17.77% p.a.based on $30,000
over 5 yearsCompetitive interest rates for vehicles up to 20 years at beginning of loan term. Maximum loan term of 7 years. No ongoing fees. Dealer/private sale acceptable.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 8.49% would cost $37,420.08 including fees.
CompareCompare- Interest rate
- 8.49% p.a.to 16.99% p.a.
- comparison rate
- 9.21% p.a.to 17.77% p.a.based on $30,000
over 5 years
- Interest rate
- 8.49% p.a.to 16.99% p.a.
- comparison rate
- 9.21% p.a.to 17.77% p.a.based on $30,000
over 5 years
- Upfront fees
- $499.00
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Repayment options
- Fortnightly, Monthly
- Early repayment penalty
- $325 if paid before last 6 months of loan term, otherwise $0.
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- -
- Minimum loan term
- 1 Year
- Maximum loan term
- 7 Years
- Security required
- Vehicle
Read our Mozo Review to learn more about the RACV Finance Used Car Loan
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Any Age Car Loan
Variable, Secured
Interest rate
comparison rate
Monthly repayment10.69% p.a.10.97% p.a.based on $30,000
over 5 yearsRepayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 10.69% would cost $39,053.66 including fees.
CompareCompare- Interest rate
- 10.69% p.a.
- comparison rate
- 10.97% p.a.based on $30,000
over 5 years
- Interest rate
- 10.69% p.a.
- comparison rate
- 10.97% p.a.based on $30,000
over 5 years
- Upfront fees
- $195.00
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- $0.00
- Minimum loan amount
- $10,000.00
- Maximum loan amount
- $75,000.00
- Minimum loan term
- 1 Year
- Maximum loan term
- 7 Years
- Security required
- Vehicle
Read our Mozo Review to learn more about the MOVE Bank Any Age Car Loan
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Car Loan
Variable, Secured
Interest rate
comparison rate
Monthly repayment9.99% p.a.10.21% p.a.based on $30,000
over 5 yearsRepayment terms from 1 year to 6 years. Representative example: a 5 year $30,000 loan at 9.99% would cost $38,385.82 including fees.
CompareCompare- Interest rate
- 9.99% p.a.
- comparison rate
- 10.21% p.a.based on $30,000
over 5 years
- Interest rate
- 9.99% p.a.
- comparison rate
- 10.21% p.a.based on $30,000
over 5 years
- Upfront fees
- $150.00
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- 0
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $80,000.00
- Minimum loan term
- 1 Year
- Maximum loan term
- 6 Years
- Security required
- Vehicle
Read our Mozo Review to learn more about the Teachers Mutual Bank Car Loan
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* WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
^See information about the Mozo Experts Choice Personal Loan Awards
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