Electric Car Loans

Find the best loan deal for your electric vehicle with Savvy.

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, updated on July 5th, 2023       

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Buy your electric car the right way with Savvy

Car loans for electric vehicles (also known as EV car loans) and hybrid vehicles are becoming increasingly common as Australians make the switch to more eco-friendly modes of transport to help the planet. Lenders are, in turn, now offering a suite of products designed specifically for these cars which make purchasing them under finance more affordable.

If you want to find the best electric car loan for your needs in Australia, you can apply with Savvy today. We’re partnered with a variety of lenders offering green and electric car loan products, giving you more options to help you save. Your dedicated consultant will be with you every step of the way to help ensure your new car is signed, sealed and delivered promptly, so get a quote with us today.

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The features and benefits of electric car loans

Low interest rate

You can secure a low interest rate on your electric car loan deal through competitive lenders, but you may find your rate is even lower if you lock in a green car loan.

Flexible term lengths

As with any other car loan, you can choose your preferred repayment period of between one and seven years in line with whichever you’re most comfortable managing.

Borrow up to 100% of its value

There’s no need for you to put forward any funds upfront as part of your electric car loan agreement, as you can borrow the full value of the vehicle.

Buy new or used

You won’t be solely limited to brand-new cars bought through a dealership, however, with financing also available for used vehicles purchased through private sale.

Multiple accepted incomes

Applicants can rely on multiple jobs and sources of income when applying for their loan, whether they’re employed full-time, part-time, casually or self-employed (or a combination).

Stable, fixed repayments

With a fixed interest rate on your car loan, you can more accurately budget around your repayments well into the future and not worry about rate rises impacting you.

Why Australians take out green car loans through Savvy

The Savvy EV car loan application process

Our Process

Get a quick online quote and apply

Fill out a quote with us, after which you can apply formally if you choose to. Once your consultant has your application, they can get to work comparing offers.

Speak with your consultant

Your consultant will get in touch with you to discuss the best available option for your situation based on their thorough comparison of our lender database.

Have your application prepared and submitted

Once you’re happy with the loan on offer, your consultant will prepare your formal application and submit it to your lender for approval.

Receive formal approval and drive away

You can be formally approved in as little as one day, after which you can sign your loan contract, settle the agreement and own your new or used electric car.

Electric car loans explained further

How do electric car loans work?

An electric car loan in Australia is essentially the same as any other standard car loan in terms of its structure and how it functions. However, in some cases, those buying electric or hybrid models (or select low-emissions vehicles) are able to qualify for a specialised car loan product which offers a discount on interest and fees. This can be an important factor to consider in the process, as securing such a discount can help you save hundreds over the life of your loan agreement. Take the following example to compare a standard and electric car loan worth $60,000 over five years:

Type of loan Interest rate Establishment fee Ongoing fee Monthly instalment Overall cost
7% p.a.
6.5% p.a.

As can be seen from the table above, you’d stand to save almost $1,750 by taking out a loan with a small interest discount and cheaper establishment and ongoing fees, making it one of the best ways to finance your car purchase.

It’s also important to mention that these loans can sometimes come with stricter requirements relating to vehicle eligibility. Each lender will have their own set of criteria and/or list of cars which quality for financing under an electric or green loan. These loans are often reserved for brand-new electric vehicles, rather than used, and may discount certain electric models. This doesn’t mean you won’t be able to find an affordable loan deal to purchase your chosen electric car, though; your Savvy consultant will compare offers on our panel to find the best option for your situation.

Which electric car loan features are important to compare between lenders?

As is the case with any car loan, it’s crucial to compare your options thoroughly to help you secure the best deal for your needs. However, when you apply with Savvy, your consultant will do the heavy lifting for you, saving you valuable time in the process. Some of the key areas to consider are:

Interest rate and fees

Of course, it’s important to keep an eye on the various costs which apply to car loans. Look for the lowest interest rates and fees available on loans which otherwise meet your needs and enjoy savings worth up to hundreds of dollars.

Eligibility criteria

Each lender has different criteria when it comes to who is eligible to apply for a loan. However, the general points which apply include:

  • You must be at least 18 years old
  • You must be employed in a stable job
  • You must be earning a consistent income of at least $20,000 to $26,000 per year
  • You must be an Australian citizen, permanent resident or, in some cases, a valid visa holder
  • You must have a good credit history (options exist for borrowers with bad credit, however)

Whether green loans are offered

It’s worth looking at whether each lender offers specialised green or electric car loans or, more specifically, a rate discount for electric and hybrid vehicles.

Minimum and maximum loan terms

While you can repay the loan over between one and seven years, some lenders may require you to stick to a minimum of two to three years or a maximum term of five.

Accepted vehicles

As mentioned, not all electric vehicles will qualify for rate discounts, so it’s important to check different accepted vehicle lists to find a lender which works with your car (which your Savvy consultant will help you do).

The pros and cons of buying an electric car


More environmentally friendly

The biggest bonus when buying electric or hybrid cars is the impact (or lack thereof) on the environment, with far lower emissions produced on the roads.

Save on petrol costs

Petrol can be a massive drain on your finances, particularly if you’re driving often, but buying electric means you won’t have to worry about it at all.

Able to be charged in your home

You can install a vehicle charger at home, saving you from having to search around for an outlet at service stations and maximising convenience in the process.

Less costly ongoing maintenance

Because electric cars don’t have a complicated engine under the hood or other parts present in petrol cars, you’re likely to save on ongoing maintenance work.


More expensive to purchase

As electric cars are still relatively new in the Australian market and not offered by all, or even most, manufacturers, you’re likely to pay a higher price for them.

Longer recharge time

While filling up your tank at the petrol station may only take a minute or less, charging your electric car could be an hours-long process in some cases.

Potentially greater distance limitations

Many electric vehicles aren’t capable of travelling very far without needing to be charged, with some only able to drive less than half as far as a standard car.

More common electric car loan questions answered

How often will I make my car loan payments?

On top of deciding whether to repay your loan over between one and seven years, you’ll also decide whether to set these instalments to be paid each week, fortnight or month in line with whichever frequency suits you the most.

Can I access financing for electric vehicles anywhere in Australia?

Yes – by applying with Savvy, you can be approved for a loan to help you buy your vehicle regardless of whether it’s inside or outside your home state. You could be living in Adelaide and get approved for a loan to buy a car in Sydney. Our lending partners can help you get approved for your dream car before you know it.

How much will I be able to borrow to purchase my electric car?

There’s a range of factors which can impact how much you can borrow, which include:

  • The stability of your employment
  • Your income and expenses
  • Your liabilities, such as any other outstanding loans
  • Your credit history


You can use Savvy’s car loan calculator to show you how much different car loans might cost you overall so you can get an idea of what loan sizes and terms you might be able to afford.

Can I include other on-road costs in my electric car loan?

Yes – vehicle costs such as stamp duty, registration and insurance premiums can all be incorporated into your car loan if you wish to include them. This helps you space out the costs more and manage one single loan payment.

What’s the difference between a hybrid vehicle and plug-in hybrid vehicle?

A hybrid car is one which operates on both an electric battery and fuel-powered engine, either at the same time or separately. In contrast, a plug-in hybrid (HPEV) relies largely on its electric battery to run but uses its petrol-powered engine as a back-up if it runs out of charge.

Are home charging sockets the best way to recharge my electric car?

Installing a socket at home is the most cost-effective and convenient way to charge your car, as you won’t have to rely on charging it at service stations which may or may not have the required infrastructure to do so. However, it’s typically much slower to recharge your car at home, as this can take up to 12 hours in some cases, compared to a public charger which will typically take less than one and as little as half an hour.

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