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Electrifying Car Loans from Money3
Help save the planet, save money on fuel costs when you get an electric car loan with Money3.
How Does it Work?
First, you'll need to ensure you pass our general criteria (as below) before you apply1.
- Be Over 18 Years Old
- Have a Take Home Income or Benefits over $480 a Week1
- Be an Australian Resident
- Get Your Income Paid into Your Bank Account
- Be Employed or Receiving Centrelink payments1
When your car loan has been pre-approved1, we'll let you know how much you could borrow to finance your electric car.
Next, you'll need to find an electric car you'd like to drive and provided everything checks out and your loan is approved, you could be driving away with a new (or used) electric car. You'll be saving on your weekly fuel costs and doing your part in creating a cleaner environment, helping save the planet.
Sounds good? Get started and Apply Now for Your Green Car loan by completing the short form on this page above.
1. Subject to verification, suitability and affordability
Electric Cars Advantages & Disadvantages
It's a big decision buying a new car. With environmental concerns and EV technology improving every year; is now the right time for you to buy an electric car?
Advantages of Electric Vehicles
- Lower Running Costs - Charging an EV is typically cheaper per kilometre than petrol, especially when charging at home or during off-peak times.
- Zero Tailpipe Emissions - EVs don’t produce exhaust emissions, helping reduce local air pollution.
- Lower Maintenance Costs - With fewer moving parts and no engine oil, EVs generally require less servicing than petrol vehicles.
- Quiet and Smooth Driving - EVs operate quietly and offer a smooth driving experience
- Improving Technology and Range - Many modern EVs now offer ranges of 300–600+ km per charge, with ongoing improvements.
- Growing Charging Network - Public charging infrastructure across Australia is expanding rapidly, including fast-charging stations.
- Government Incentives (Location Dependent) - Incentives such as rebates, stamp duty reductions, or registration discounts may be available depending on your state or territory.
- Renewable Charging Options - EVs can be charged using solar power, helping reduce overall energy costs and environmental impact.
Disadvantages of Electric Vehicles
- Higher Upfront Cost - EVs can still cost more to purchase upfront than comparable petrol vehicles, although prices are gradually decreasing.
- Charging Infrastructure Still Developing - While improving, charging availability can still be limited in some regional or remote areas.
- Charging Time - Charging takes longer than refuelling, though fast chargers can provide ~80% charge in 20–40 minutes.
- Range Considerations - Although improved, range can still be a concern for long-distance travel without planning charging stops.
- Home Charging Setup - Some households may need to install a home charger for faster and more convenient charging.
- Electricity Costs Can Vary - Charging during peak electricity periods may increase costs, while off-peak charging is typically cheaper.
- Quiet Operation - EVs are very quiet at low speeds, though most modern models include pedestrian warning sounds.
Green Car Loan FAQs
A green car loan is a type of finance used to purchase low-emission vehicles, such as electric vehicles (EVs) and hybrid cars. Some lenders may offer specific products or benefits to support environmentally friendly vehicle choices.
Incentives for purchasing electric cars can vary by state and territory in Australia, but there are several programs designed to help reduce the cost of going electric.
Common types of incentives may include:
-
Government Rebates:
Some states offer rebates or upfront discounts to help lower the purchase price of eligible electric vehicles. -
Stamp Duty Exemptions or Discounts:
Certain states may reduce or waive stamp duty on electric vehicle purchases. -
Registration Concessions:
Ongoing savings may be available through reduced or discounted registration fees. -
Tax Benefits:
Businesses may be eligible for tax deductions, depreciation benefits, or GST credits when purchasing electric vehicles for business use. -
Charging Infrastructure Support:
Some programs offer support or rebates for installing home charging equipment. -
Low Emissions Vehicle (LEV) Discounts:
Some lenders or manufacturers may offer special deals or finance options for electric or hybrid vehicles.
Incentives can change over time and may be subject to eligibility criteria, so it’s important to check with your state or local government for the most up-to-date information.
The cost of electricity varies with each provider, however studies (in the USA) have shown that you should expect to pay around a third of the costs per kilometre for electricity than with petrol. Remember that peak electricity costs will eat into this cost saving. If you generate your electricity yourself via solar, it could be free.
Distances are getting better as the technology advances, but you can expect anywhere between 50km and 350km depending on the electric car model you choose. Do your research before you buy.
A Google Maps search for EV charging stations will show you an updated list of charging points in your area. Myelectriccar.com.au has an interactive map of Australia for you to see EV coverage in your area. Once you have your EV, check the SatNav or download a mobile app for everyday coverage.
A super-fast charge will take about 30 minutes, when you are out and about. This will give you about an 80% charge of your battery. When charging at home for a 100% charge overnight will generally take about 4 or 5 hours. Check your preferred vehicle specifications for details on that particular model as times may vary.
1. Subject to verification, suitability and affordability
Example Green Car Loans Costs Chart
| Borrow | Costs | Repay |
|---|---|---|
| $5,000 | $1,871.15 | $6,871.15 |
| 24 months at 12.95% APR & 32.60% Comparison Rate | ||
| $10,000 | $6,705.16 | $16,705.16 |
| 48 months at 12.95% APR & 27.91% Comparison Rate | ||
| $25,000 | $14.159.90 | $39.159.90 |
| 60 months at 12.95% APR & 19.30% Comparison Rate | ||
| $50,000 | $28,489.25 | $78,489.25 |
| 72 months at 12.95% APR & 16.20% Comparison Rate | ||
| $75,000 | $39,575.16 | $114,575.16 |
| 72 months at 12.95% APR & 15.13% Comparison Rate | ||
EXAMPLE: A platinum secured personal loan of $5,000 for 24 months has fees and charges totalling $1,871.15 and a total repayment of $6,871.15. The Minimum loan term is 12 months and the Maximum term 24 months. The term will be 24 months if you repay monthly, 52 fortnights or 104 weeks. The Maximum APR is 12.95%. The Comparison Rate, based on a loan of $5,000 over two years, is 32.60%.
EXAMPLE: A platinum secured personal loan of $25,000 for 60 months has fees and charges totalling $14,159.90 and a total repayment of $39,159.90. The Minimum loan term is 24 months and the Maximum term 60 months. The term will be 60 months if you repay monthly, 130 fortnights or 260 weeks. The Maximum APR is 12.95%. The Comparison Rate, based on a loan of $25,000 over five years, is 19.30%.
WARNING: 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.
Please Note: Advertised costs and repayments have been rounded up to the nearest dollar amount, so costs may be slightly cheaper in most cases. Australian Credit Licence 389067.
