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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 Fuel Costs - Electric fuel costs about a third per kilometre, compared to petrol for similar vehicle types
- Zero CO2 Emissions - Unlike petrol, EVs do not pump carbon dioxide into the environment
- Cheaper Maintenance Costs - EVs don't have as many moving parts and are less likely to have problems. Servicing is also easier or cheaper
- Quieter to Run - which means lower noise pollution
- Government Incentives - No stamp duty in ACT and $100 annual reduction in registration fees for Victoria (Nov.2019)
- Improving Technology - Means cheaper EVs with a better running range with some EVs now over 300 kilometres
- Cleaner Better World - As well as no CO2, EVs do not emit other environmental pollutants into the air
- Off the Grid - It's possible to go 100% solar and off the grid
Disadvantages of Electric Vehicles
- Cost of New EVs - Prices are coming down, but like for like, they are more expensive than petrol vehicles to buy new, but cheaper to run
- Fewer Recharge Points - With fewer places to charge your EV than petrol vehicles, long trips may need to be planned in advance. The good news is more and more recharge points are being added every week
- Driving Range - Most of today's EVs have a range between 50 and 300 kilometres between charges
- Time to Charge - It may be inconvenient to wait five or six hours for your EV to fully charge, but quick charges up to 80% of your battery may only take around 30 or 40 minutes
- Home Charging Point - Depending on where you live, you may need to install a charging point in your home
- Quieter to Run - Although also an advantage, it may lead to accidents with unsuspecting pedestrians or cyclists. Some newer models are equipped with noise-making devices to alert pedestrians and cyclists.
- Peak Electric Costs - Charging your EV during peak electricity hours may push costs up, but off-peak costs are significantly cheaper than using petrol
Example Green Car Loans Costs Chart
| Borrow | Costs | Repay |
|---|---|---|
| $5,000 | $1,909 | $6,909 |
| 24 months at 13.95% APR & 34.16% Comparison Rate | ||
| $10,000 | $6,925 | $16,925 |
| 48 months at 13.95% APR & 29.11% Comparison Rate | ||
| $25,000 | $14,850 | $39,850 |
| 60 months at 13.95% APR & 20.38% Comparison Rate | ||
| $50,000 | $30,285 | $80,285 |
| 72 months at 13.95% APR & 17.23% Comparison Rate | ||
| $75,000 | $42,219 | $117,219 |
| 72 months at 13.95% APR & 16.15% Comparison Rate | ||
EXAMPLE: A platinum secured personal loan of $5,000 for 24 months has fees and charges totalling $1,909.35 and a total repayment of $6,909.35. The Minimum loan term is 24 months and the Maximum term 24 months. The loan term will be 24 months, 52 fortnights or 104 weeks. The Maximum APR is 13.95%. The Comparison Rate, based on a loan of $5,000 over two years, is 34.16%.
EXAMPLE: A platinum secured personal loan of $25,000 for 60 months has fees and charges totalling $14,850.43 and a total repayment of $39,850.43. 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 13.95%. The Comparison Rate, based on a loan of $25,000 over five years, is 20.38%.
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.
Green Car Loan FAQs
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
