Do you live in Queensland and have had your eye on a new electric vehicle (EV)? Then there’s some very exciting news for you…new-car buyers in Queensland can now claim up to $6,000 back for eligible electric cars, meaning your EV dreams could be closer than ever!
Of course, EV prices have been falling over the last few years, but they’re still quite pricey for your everyday buyer – and sadly, the rebate does not include second-hand EVs, nor does it include demonstrator vehicles, electric motorbikes, or vehicles that have been leased. But the good news is, if you choose to take out an EV loan, you’ll immediately have $6,000 slashed from its price, making for a smaller, more affordable loan for you. This is especially generous in the state of Queensland, as it’s the only state offering such a lucrative cash back.
Here is the process for taking out an EV loan with Buddii Finance, as well as a quick look at the most affordable electric cars in the country.
Applying For A New Car Loan
Car loan applications are quick and easy, with only a few steps you’ll need to take.
1. Check Your Financial Situation. Before applying for a new car loan, make sure you review your current financial situation. Be sure to calculate your monthly budget, including existing expenses, to determine how much you can comfortably allocate for loan payments.
2. Know Your Credit Score. You can obtain a copy of your credit report via sites such as Equifax or Experian to determine your credit score. A good credit score typically leads to better loan terms. We can also give you a hand when it comes to obtaining and understanding your credit score.
3. Gather Necessary Documents. Before we can proceed with your EV loan, we’ll need some specific documents, such as proof of income (pay stubs, tax returns), proof of identity (driver’s licence, passport), and possibly proof of residency. Having these documents ready will really help speed up the application process. Our brokers will let you know exactly what we need based on your situation.
4. Calculate Loan Amount. Take a bit of time to decide on the loan amount you need for the new electric car, factoring in the deposit you can make. A deposit reduces the loan amount and monthly payments.
5. Fill Out Loan Application. It’s time to complete the loan application form. This can often be done online. Be accurate and truthful in providing information about your finances and personal details.
6. Choose Loan Term. Select the loan term that suits your budget and financial goals. Shorter terms generally lead to higher monthly payments but lower overall interest costs.
7. Submit Application. We will submit your completed loan application. Sometimes we may require further documentation at this point.
8. Wait for Approval. After submitting your application, sit back and wait for us to secure an approval from the lender. This process may take a few days. During this time, we’ll review your application, conduct a credit check and work with our panel of lenders to find you the most suitable loan for your needs.
9. Review Loan Terms & Sign Loan Agreement. Once approved, carefully review the loan terms provided by the lender. Pay attention to interest rate, monthly payment, loan term, and any additional fees. If you’re satisfied with the loan terms, sign the loan agreement. This can often be done electronically. Make sure you understand the terms and conditions before proceeding.
10. Receive Funds. Once the loan agreement is signed, the lender will disburse the funds. These funds will be used to pay for the new electric car.
What Are The Most Affordable EVs?
With new EVs being released by car manufacturers all the time, it can be tricky to determine which has the most value for money. If you’re looking for an EV loan, you could consider putting your rebate scheme money into one of the following models (prices vary). Be sure to keep your spending under $68,000 however – your new EV must have a dutiable value of $68,000 (including GST) or less to claim the $6,000 subsidy.
- GWM Ora – $44,490 to $47,891
- MG ZS EV Excite – $45,284 to $48,190
- MG 4 Excite – $47,990 to $58,990
- BYD Atto 3 Standard Range – $48,610 to $52,029
- Nissan Leaf – $53,090 to $56,743
- Fiat 500e – $54,995 to $58,269
- Hyundai Kona Electric Elite – $56,755 to $60,481
- Cupra Born – $61,990 to $66,490
- Peugeot e-Partner Pro – $62,580 to $66,817
- Peugeot e-2008 – $62,580 to $66,817
These prices are indicative only and accurate as of 11/09/2023*
Keep in mind that there is also the reigning champ of electric vehicles, the Tesla, with the model 3 being the best-sold EV in the country. Tesla also coincidentally cut the price of their cars around the time this rebate was announced, making some models eligible for the subsidy.
A $6,000 boost from the Queensland government and a new car loan from Buddii may be just what you need to own your EV sooner. Talk to the team about our EV loans today and start your emission-free driving sooner!
