When you think of taking out a loan, your mind might not immediately jump to the thought of saving money – you are taking out a loan, after all. But what if we told you that electric vehicle financing can be beneficial, in more ways than one?
In recent years, electric vehicles (EVs) have shifted from being a novelty to a practical choice for environmentally-conscious and budget-savvy drivers. The advantages of owning an EV extend far beyond eco-friendliness, they also offer some surprising financial benefits. And one of the key drivers of this green revolution is electric vehicle financing. Let’s take a look at how an electric vehicle loan can be a smart choice for both your wallet and the planet.
Powering Your Savings With Electric Vehicle Financing
Opting in for an EV loan is at the forefront of the boost in EV sales (and of course, EV enjoyment!). It enables individuals to make the switch to cleaner, more cost-effective transportation while enjoying a host of financial perks that last long after the loan is paid off.
EVs Lead To Lower Operating Costs
Electric vehicles are renowned for their significantly lower operating costs compared to traditional petrol-powered cars. The keyword here is “lower.” With electric cars, you’ll spend less on fuel because electricity is cheaper than petrol. Plus, maintenance expenses are substantially reduced because EVs have fewer moving parts. There’s no more oil changes to remember, and costly engine repairs – but keep in mind, you will need a means of charging your car close by.
Save Money, With Government Incentives
State governments around Australia are encouraging the adoption of electric vehicles through various incentives, including tax credits and rebates (up to $6,000 if you happen to live in Queensland!). When you opt for electric vehicle financing, you become eligible for these financial rewards. In many regions, these incentives can help to offset the cost of your EV, making it an even more attractive proposition.
You Can Find Competitive Interest Rates
Electric vehicle financing often comes with competitive interest rates, as lenders are starting to recognise the growing demand for EVs and may be willing to offer favourable terms to borrowers. This means lower monthly payments and reduced interest costs over the life of the loan, helping you save money.
Enjoy Fuel Efficiency And Charging Savings
EVs are incredibly efficient, with some models reaching over 600km on a single charge (this title is held by the Tesla Model S). Charging an EV at home is also more cost-effective than filling up at the pump. Over time, these savings can be substantial, especially if you have a lengthy daily commute.
Discover Long-Term Cost Efficiency
While the upfront cost of an electric vehicle may be slightly higher than a comparable traditional petrol-powered car, electric vehicle financing allows you to spread out payments – which means you can enjoy the benefits of an EV without depleting your savings. In the long run, the total cost of ownership for an EV is often lower, thanks to reduced operating costs and potential savings on maintenance and fuel.
Is An EV Loan Right For Me?
While there are plenty of long-term savings involved when it comes to electric vehicle financing, it’s always important to assess your financial position before you undertake any loan. Ask yourself questions such as:
- How’s my budget? Consider your monthly income, expenses, and any existing financial commitments to determine how much you can comfortably allocate to loan payments for an electric vehicle. Then, compare this amount to the estimated monthly payment for an EV loan.
- What’s the total cost of ownership look like? To determine this, take into account factors such as purchase price, fuel or charging costs, maintenance expenses, and potential government incentives. This analysis will provide a better idea of the financial benefits of owning an EV.
- What are your driving habits, and do you need a long-range vehicle? Take a look at your daily commute, frequency of long trips, and access to charging infrastructure in your area. If your daily driving falls within the range of most EVs and you have convenient access to charging stations, an EV may be a practical choice. However, if you frequently embark on long journeys and charging infrastructure is limited, you might want to carefully assess your requirements.
- What are your environmental priorities? If reducing your carbon footprint and contributing to environmental sustainability are important to you, an EV loan might align with your values. Electric vehicles produce fewer greenhouse gas emissions compared to gasoline-powered cars, making them a greener choice.
Start Your EV Loan Application Today, With Buddii Finance
We’re quickly becoming many borrower’s top choice for EV loans in Brisbane, the Gold Coast, Cairns and beyond! Our online application process makes things simple, and we’ll connect you with one of our excellent brokers to take you the rest of the way.
