More than just Tesla: Electric Vehicle sales on the rise in Australia
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Australia has seen an increase in electric vehicle sales over the last few years, especially now that there are increasingly affordable options available.
Tesla remains the number one seller of electric vehicles in NSW but many other companies such as MG, Hyundai, Kia, Nissan have recently released much more affordable electric car options.
As an example of this uptake, statistics from the ABS show that the areas with the highest rates of registered electric vehicles in Sydney were Sydney City (5% of all passenger cars) followed by Willougby, Bayside, Strathfield Woollahra and the inner west (with about 4%).
Charging toward an electric future
Now that Australia is in economic recovery after the pandemic, electric car sales are expected to continue rising. In addition, the increase in fuel prices has people growing more interested in electric vehicles.
According to the Australian Electric Vehicle Council, as of August 2021, there were 31 electric vehicle models for sale in Australia - 14 of which are priced under $65,000. Australia also has over 3,000 public chargers available for use by electric vehicle owners.
By the end of 2022, the Electric Vehicle Council says that there will be 58 electric vehicle models on the Australian market.
The variety of affordable electric vehicle options on the market along with increased access to public car chargers make the idea of an electric vehicle much more enticing.
Interested in buying a new car?
If you are keen on shopping for a car a car loan is a good way to handle this large cost. There are various loan options that can help including a range of loan sizes, low rates on a number of loans, flexible repayment options and some loans even come with fixed rates.
If your mind is set on an electric car, a green car loan might be the way to go.
Green car loans are designed to fund the purchase of an eco-friendly vehicle - which may be a fuel-efficient car, a hybrid (half fuel-run, half electric) or an EV.
Like most other car loans, a green car loan will likely be secured, so the car you are buying will be held as security. If you end up defaulting on your loan, the lender may then repossess the vehicle as collateral.
Currently on the Mozo database, borrowing amounts across green car loans start from $5,000 and loan terms are between one and seven years.
It’s important to note that while green car loans may have lower rates, you don’t necessarily need to take out a green loan to fund the purchase of an EV. There are plenty of low-rate new car loan options that may suit your needs better.
Clean Green Car Loan
- Low variable rates from 2.89% p.a. (3.43% p.a. comparison rate*)
- Loans from $5,000 to $100,000
- Special rate discounts for homeowners
Looking for an award-winning loan to help you land yourself seated behind the wheel of an electric vehicle? The loans.com.au Clean Green Car Loan may be a good choice!
This loan comes with low fixed interest rates starting from just 4.39% p.a. (4.93% p.a. comparison rate*) and special lower variable rates starting at just 2.89% p.a. (3.43% p.a. comparison rate*) for homeowners. The loan also comes with flexible repayment options, such as the choice of a weekly fortnightly or monthly repayment schedule and the ability to make extra repayments. Customers can borrow between $5,000 and $100,000 and pay it back between three to five years without worrying about paying ongoing service fees. Just bear in mind, there is a hefty $400 application fee and you may face a $700 charge if you pay off your debt ahead of time. Also remember, there are no redraws allowed on this loan.
Discounted Green Car Loan
- Fixed or variable rate of 5.29% p.a. (5.56% p.a. comparison rate*)
- Flexible repayment options
- Redraw allowed (minimum amount $500)
Funding an electric vehicle can be daunting, so that’s why you need a competitive loan behind you. Bank First’s Discounted Green Car Loan not only ticks the boxes in terms of its interest rate offerings, it also has flexible repayment options. With this loan borrowers can choose either a fixed or variable rate, both which currently sit at 5.29% p.a. (5.56% p.a. comparison rate*). With this loan customers are able to borrow upwards of $10,000 with no maximum limit. Loan terms range from one to seven years, and borrowers can opt to make weekly, fortnightly or monthly repayments. On top of that, extra repayments are allowed as well as redraws - just be mindful there is a minimum amount of $500 per redraw. It’s also worth noting that while there are no ongoing service fees, there is a $195 application fee straight off the bat and if you opt for a fixed rate and pay off your loan early you may face break costs (no break costs apply for variable loans).
Our MoneyMarket Car Loan
- 2022 Mozo Experts Choice Award^
- Interest rates from 5.35% p.a. (5.65% p.a. comparison rate*)
- No service fees, exit fees or early repayment penalties
If you’re looking for a new vehicle, whether it’s new or second hand, OurMoneyMarket’s car loan can help cover your costs from $2,001 to $75,000. The loan requires an establishment fee starting at $250, paid over the term of the loan but there are no ongoing service fees. The loan comes with fixed interest rates starting at a low 5.35% (5.65% comparison rate*). In the first year of the loan you'll be able to access that low rate no matter your credit score but after that time, your rate may change to reflect your credit rating via a tiered system. The loan offers options to pay weekly, fortnightly or monthly, over 1 to 7 years. You can also make early repayments without incurring a penalty, meaning you might be able to free yourself of debt faster!
Latitude Car Loan
- Competitively low rates from 5.99% (7.24% comparison rate*)
- Choice of loan repayment schedule
- Preloved vehicles are eligible
The Latitude Car Loan is designed to help customers purchase a new or preloved vehicle (vehicles aged up to 15 years at end of loan can also get approved), whether it’s a motorbike, car or boat. Rates start from 5.99% (7.24% comparison rate*) and are determined by what you put up as security.
If your vehicle is less than three years old, you are a homeowner or mortgage holder and you are employed full time (with the same employer for at least 18 months), you could be eligible for the low 5.99% fixed rate (7.24% comparison rate*). However, if you do not meet those requirements you will receive the 9.99% fixed rate (11.08% comparison rate*) on your loan.
Loans generally start from $5k and loan terms range from 1-7 years. There is also an additional monthly $10 admin fee and an initial payment of $395 required for signup.
Latitude is flexible about the loan repayment structure too. As a customer you’re able to choose between a weekly, fortnightly or monthly repayment schedule, as well as the day of the week repayments are due. But while cutting down debt faster in the form of additional repayments is fee-free, there isn’t a redraw facility and you may have to pay an early termination fee of up to $750 if you pay off your loan early.
* 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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