How To Obtain Finance For An Electric Car

If you’re thinking about getting a plug-in electric car, you’re not alone.

14 April 2022

Sales of electric vehicles (EVs) in Australia tripled from 6,900 in 2020 to 20,665 in 2021, according to the Electric Vehicle Council, with the Tesla Model 3 (pictured) accounting for 58.5% of those sales. At the same time, the share of new car sales represented by EVs rose from 0.8% to 2.0%.

With petrol prices recently hitting an eight-year high, more Tasmanians are wondering if now is a good time to switch from petrol to electric.

Here's how the Tasmanian government has been showing support for Electric vehicles:

  • Providing $600,000 to support the rollout of a statewide public charging network

Electric vehicles: what are my loan options?

The process of getting electric car loans is similar to the process of getting standard car loans.

To begin with, either you or your credit advisor need to compare electric car loans and rates.

Next, when you apply for an EV loan, you need to:

  • Confirm your identity
  • Provide details of your income, assets and liabilities
  • Demonstrate your ability to repay the car loan

To prove you can repay the loan, you’ll need to show lenders you have a reliable income and decent savings habits.

What is the best way to finance an electric car purchase?

There are three ways to get an EV loan – using dealer finance, approaching a lender directly or working with an expert credit advisor like Vie Financial.

We believe working with a credit advisor is the best way to finance a car purchase, because we can help you compare green car loans, whereas your options will be very limited if you choose dealer finance or approach a lender directly. Also, we will give you expert advice and manage the application for you.

Want to buy a Tesla or another kind of electric vehicle? To discuss your options, contact Vie Financial on 1300 400 843 or fill in this enquiry form.