Buying an electric vehicle: What NOT to forget

By Maria Gil · · 2 min read
Fact Checked
Advertiser disclosure
an electric vehicle in a charging station

With the Australian government announcing its $250 million investment in car charging infrastructure, you may be thinking about buying an electric vehicle (EV). 

This announcement came after many nations at the COP26 international climate summit in Glasgow pledged to ban the sale of petrol cars by 2035. Many car manufacturers such as Volvo and Ford are also committing to sell all-electric vehicles by 2030. 

If you are looking to buy an electric vehicle to help with the climate crisis. You’ve come to the right place.

What to look for in an electric car?

  • For starters you should find an EV that fits your budget. It’s important to remember that Tesla cars aren’t the only EVs out there. While the brand is built around not using petrol, there are plenty of other car manufacturers offering eco-friendly car options.
  • Consider what you’ll use the car primarily for. One major downside about electric vehicles is that there aren’t as many charging stations as petrol stations in Australia (for now). If you plan on going on many long trips and drives it might be worth looking into a hybrid that uses both electricity and petrol. Or plan your trip with an idea where charging stations are located when on the road.
  • How many kilometres per charge can it do? EV charging stations aren’t the easiest to find, especially the farther out you go from a capital city. Depending on the brand and model you chose the distance between charges changes. 
  • How much energy does it consume? All cars are not created equal, and the same can be said about EVs. A 40kWh Nissan Leaf can be charged from low to full in about 24 hours, while a 100kWh Tesla Model S takes between 49 to 53 hours. Obviously the longer it is plugged in the more electricity it will use and the higher your electricity bill will be. Keep in mind that the power cost of an EV is roughly 40% of the amount you would spend on petrol for the same distance traveled.

How to finance an electric car?

There are several green car loans in Australia. Green loans are specific loans offered by lenders that are made for those who want to finance environmentally friendly products. Currently the lowest green car loan available starts from a low 4.09% p.a. (4.35% p.a. comparison rate*).

However, you don’t need a green car loan to buy an EV. You can use normal new car loans or used car loans if you are getting a used EV. Just make sure you do your homework when testing out a used car. 

If you are looking to live a more environmentally friendly lifestyle and are looking to buy an EV or hybrid car, check out your green loan options or compare the low rate car loans below.

Car loan comparisons on Mozo - last updated 25 April 2024

Search promoted car loans below or do a full Mozo database search. Advertiser disclosure
  • New Car Loan - Special

    Home Owner Discount, Including Demo, 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 - Special

    Home Owner Discount, Including Demo, Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.99% p.a.
    8.11% p.a.based on $30,000
    over 5 years

    Eligible for homeowners only. Low fixed car loan rate for purchasing new and demo vehicles from dealers. Early payout options available. Winner of Mozo's Experts Choice Car Loan 2021 award^. 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 6.99% would cost $36,513.67 including fees.

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    Details
  • Used Car Loan

    Fixed, Secured, No vehicle age limit

    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 $75,000 depending on your credit score. No vehicle age limits. Easy online application. Fast pre-approval. Pre-approved funds held for up to 3 months. 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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  • New Car Loan - Special

    Including Demo, Variable, Secured

    Interest rate
    comparison rate
    Monthly repayment
    7.74% p.a.
    8.85% p.a.based on $30,000
    over 5 years

    Low variable car loan rate for purchasing new and demo vehicles from dealers. Extra low rate for qualifying homeowners. 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 7.74% would cost $37,153.94 including fees.

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  • Clean Green Car Loan

    New or Used, Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    7.69% p.a.
    8.80% p.a.based on $30,000
    over 5 years

    Get a 1% discount on your car loan interest rate if you buy a qualifying green car. Winner of Mozo's Experts Choice Green Car Loan 2021 award^. 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 7.69% would cost $37,111.05 including fees.

    Compare
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    Details
  • New Car Loan

    Fixed, Secured

    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 $75,000 depending on your credit score. Easy online application. Fast pre-approval. Pre-approved funds held for up to 3 months. 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.

    Compare
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    Details
  • Used Car Loan

    Up to 5 years old, Variable, Secured

    Interest rate
    comparison rate
    Monthly repayment
    7.74% p.a.
    8.85% 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 7.74% would cost $37,153.94 including fees.

    Compare
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    Details
  • New Car Loan - Special

    Including Demo, Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    8.19% p.a.
    9.30% p.a.based on $30,000
    over 5 years

    Low fixed car loan rate for purchasing new and demo vehicles from dealers. There is no monthly or ongoing fees and early payout options available. Winner of Mozo's Experts Choice Car Loan 2021 award^. 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 8.19% would cost $37,541.41 including fees.

    Compare
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    Details

* 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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