EVs on the rise among car loan customers, says CommBank

By JP Pelosi · · 2 min read
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Electric Vehicles
Image: Getty, electric vehicles

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!

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 91 car loans using the filters.
Last updated 5 December 2025 Important disclosures and comparison rate warning*

Car loan comparisons on Mozo

  • Promoted

    Low Rate Car Loan Excellent Credit

    • Fixed, Secured
    Interest rate from
    5.66 % p.a.
    to
    23.03 % p.a.
    Comparison rate from
    6.45 % p.a.
    to
    24.98 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $605
    Go to site

    Borrow up to $100,000. No monthly account or early repayment fees. Available for new or used vehicles. Fast, simple online application with loan approval in as little as 9 minutes according to Harmoney.

  • Promoted

    New Car Loan

    • up to 4 years old, Fixed, Secured
    Interest rate from
    5.99 % p.a.
    Comparison rate from
    6.34 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $608
    Go to site

    Fast online conditional approval. No monthly account fee. Unrestricted additional repayments. No penalty for early payout, and a fast application process. Borrow up to $125,000. Apply online in under 10 minutes.

  • Promoted

    Car Loan

    • Variable, Secured
    Interest rate from
    5.99 % p.a.
    Comparison rate from
    7.12 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $608
    Go to site

    Low variable car loan rate for purchasing new and demo vehicles from dealers. Personalised loan amounts between $5,000 and $150,000. Flexible repayment options. Choose between the 3 to 7 year loan terms. Good credit history. Stable employment history and Australian citizenship or PR required.

  • Promoted

    Used Car Loan

    • Fixed, Secured, No vehicle age limit, $5,000-$100,000
    Interest rate from
    5.95 % p.a.
    to
    18.99 % p.a.
    Comparison rate from
    5.95 % p.a.
    to
    21.78 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $608
    Go to site

    Get a competitive fixed interest rate on a secured used car loan of up to $100,000 depending on your credit score. No vehicle age limits. Easy online application. Fast pre-approval. Pre-approved funds held for 1 month. 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.

  • Promoted

    New Car Loan

    • Fixed, Secured, $5,000-$100,000
    Interest rate from
    5.95 % p.a.
    to
    18.99 % p.a.
    Comparison rate from
    5.95 % p.a.
    to
    21.78 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $608
    Go to site

    Get a competitive fixed interest rate on a secured new car loan of up to $100,000 depending on your credit score. Easy online application. Fast pre-approval. Pre-approved funds held for 1 month. 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.

  • Promoted

    Car Loan

    • Fixed, Secured
    Interest rate from
    6.54 % p.a.
    Comparison rate from
    7.67 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $613
    Go to site

  • Low Rate Car Loan Excellent Credit

    • Fixed, Secured
    Interest rate from
    5.66 % p.a.
    to
    23.03 % p.a.
    Comparison rate from
    6.45 % p.a.
    to
    24.98 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $605
    Go to site

    Borrow up to $100,000. No monthly account or early repayment fees. Available for new or used vehicles. Fast, simple online application with loan approval in as little as 9 minutes according to Harmoney.

  • Unsecured Personal Loan

    • Fixed
    Interest rate from
    5.76 % p.a.
    to
    24.03 % p.a.
    Comparison rate from
    5.76 % p.a.
    to
    24.98 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $606
    Go to site

    Fast, easy and 100% online, this is a low cost loan with no ongoing fees or extra repayment penalties. It's perfect for savvy borrowers with great credit. If you’re over 18 and earn above $30,000, you could qualify (other eligibility criteria may apply).

  • Debt Consolidation Loan

    Interest rate from
    5.76 % p.a.
    to
    24.03 % p.a.
    Comparison rate from
    5.76 % p.a.
    to
    24.98 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $606
    Go to site

    Roll multiple debts into one loan to streamline your finances with one set of repayments and one interest rate. Competitive fixed interest rates with no monthly or early repayment fees and flexible repayment options. Easy online application and funding in as little as 24 hours (subject to approval).

  • New Car Loan

    • up to 4 years old, Fixed, Secured
    Interest rate from
    5.99 % p.a.
    Comparison rate from
    6.34 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $608
    Go to site

    Fast online conditional approval. No monthly account fee. Unrestricted additional repayments. No penalty for early payout, and a fast application process. Borrow up to $125,000. Apply online in under 10 minutes.

Showing 8 results from 91 car loans. Use the filters to see more

* 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

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

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.

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