Small businesses willing to make the switch the electric vehicles in the next year

By Sara Borman · · 2 min read
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Earlier this year we saw propositions to make electric vehicles cheaper to consumers, and it looks like small businesses have taken note. The suggested Electric Car Discount Bill has proven extremely popular with small business owners, with 66% saying they would go green if it was approved.

Moving towards a zero emissions future with EVs

A new survey from Small Business Loans Australia asked business owners from across the country how they felt about the proposed bill. 

The majority said they would be willing to purchase an electric vehicle if the bill is passed, making EVs and hybrid vehicles more affordable. The bill would remove Fringe Benefits Tax (FBT) from EVs, as one of many ways to make them more accessible.

With pressure on Australia to reduce carbon emissions, aiming for net-zero emissions by 2050, this could be an extremely helpful step. With the average lifespan of a car, the next couple of years of car purchasing are crucial to what our roads will look like in 2050.

“Cars are on the road for about 15 years, which means that the cars that we sell in 2035 need to be almost exclusively zero-emission” says Senior Associate at Grattan Institute’s Transport and and Cities Program, Ingrid Burfurd. 

Thankfully, many owners of small- to medium- enterprises (SMEs) feel this bill will be enough to incentivise them towards green cars. If passed, 9% of SME owners surveyed said they would be willing to buy an EV this year, while 31% said they would buy one in 2023. Only 34% of business owners said that they would not be willing to buy an electric vehicle, regardless of the Electric Car Discount Bill.

Electric Car Discount Bill not to rule out the need for car loans

While the proposed Electric Car Discount Bill could bring about some serious savings for small businesses, it won’t serve to eliminate the need for car financing.

In fact, 63% of surveyed business owners said that they would seek financing for electric vehicles. As cars are such a significant purchase, this isn’t surprising. 

In the past few years, we’ve seen a growing number of car loans pop up specifically for green cars. These often offer lower interest rates than comparable loans for new cars, and places like Bank Australia are even aiming to phase out new car loans on petrol and diesel vehicles.

Perhaps we could soon see a similar movement in the small business loans space, moving to make green alternatives more attractive to small business owners.

Stay in the know about all things environmentally friendly at our green finance hub. Looking to switch over to an EV? Check out the car loans below, or browse Mozo’s best car loans.

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Last updated 14 December 2024 Important disclosures and comparison rate warning*
  • Used Car Loan

    Fixed, Secured, No vehicle age limit, $5,000-$100,000

    Interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 18.99% p.a.
    7.19% p.a.to 21.78% p.a.based on $30,000
    over 5 years

    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.

    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.

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  • Used Car - Unsecured Personal Loan

    Interest rate
    comparison rate
    Monthly repayment
    6.56% p.a.to 21.99% p.a.
    6.56% p.a.to 22.79% p.a.based on $30,000
    over 5 years

    Competitive fixed rates for borrowers on 1-7 year loans from $5,000 up to $50,000. $0 monthly fees and no early repayment fees to pay. Fast application process on the Revolut app. According to Revolut and subject to loan approval, you'll receive your money into your Revolut account straight away. Eligibility criteria applies.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.56% would cost $35,768.68 including fees.

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  • New / Demo Car Loan

    Variable, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.24% p.a.
    7.36% p.a.based on $30,000
    over 5 years

    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.

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 6.24% would cost $35,880.27 including fees.

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  • New Car Loan

    Fixed, Secured, $5,000-$100,000

    Interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 18.99% p.a.
    7.19% p.a.to 21.78% p.a.based on $30,000
    over 5 years

    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.

    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.

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  • Used Car Loan

    Up to 5 years old, Variable, Secured

    Interest rate
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    Monthly repayment
    7.39% p.a.
    8.50% 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. Good credit history. Stable employment history and Australian citizenship or PR required.

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 7.39% would cost $36,854.29 including fees.

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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.

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