Personal EV Loans

Finance Your Electric Vehicle

A personal EV loan is the simplest way for individuals to purchase an electric vehicle. Whether you're buying a brand new Tesla or a quality used EV, we can arrange competitive personal loans with flexible terms from 1-7 years.

Unlike business finance options, personal EV loans don't require an ABN or trading history. The loan is in your personal name, with straightforward fixed monthly repayments that make budgeting easy. You own the vehicle from day one and can use it for any purpose.

Key Benefits

• No ABN Required: Perfect for employees, retirees, or anyone without a business
• Own Your EV Immediately: The vehicle is registered in your name from day one
• Fixed or Variable Rates: Choose the rate structure that suits your budget
• Flexible Terms: Repayment periods from 1-7 years to match your cash flow
• New or Used EVs: Finance any electric vehicle up to 10 years old
• Fast Approval: Most applications assessed within 24-48 hours
• Competitive Rates: We compare multiple lenders to find you the best deal

Personal EV Loan Options

Secured Personal Loan

The EV acts as security for the loan, which typically results in lower interest rates. The lender holds a charge over the vehicle until the loan is repaid.

• Lower interest rates than unsecured loans
• Borrow up to 100% of vehicle value (subject to credit assessment)
• Longer loan terms available (up to 7 years)
• Fixed monthly repayments for easy budgeting

Unsecured Personal Loan

An unsecured loan doesn't require the vehicle as security, giving you more flexibility but typically at a higher interest rate.

• No asset held as security
• Faster approval process
• More flexibility if you sell the vehicle
• Suitable for smaller loan amounts

Fixed vs Variable Rates

Fixed Rate Loans: Your interest rate stays the same for the entire loan term. This provides certainty with predictable repayments, but you won't benefit if interest rates fall.

Variable Rate Loans: Your interest rate can go up or down based on market conditions. You could save if rates fall, but your repayments may increase if rates rise. Variable loans often allow extra repayments without penalty.

How Much Can I Borrow?

Personal EV loan amounts typically range from $10,000 to $150,000, depending on:

• Your Income: Lenders assess your ability to make repayments based on your regular income
• Credit History: Good credit scores unlock higher borrowing amounts and better rates
• Existing Debts: Other loans and credit cards reduce your borrowing capacity
• Vehicle Value: Lenders generally finance 70-100% of the EV's value
• Deposit: A larger deposit (20-30%) typically secures better rates and terms

Eligibility Requirements

To qualify for a personal EV loan, you'll generally need:

• Age: 18 years or older
• Residency: Australian citizen or permanent resident
• Income: Regular, verifiable income (employment, pension, or investments)
• Credit History: Acceptable credit score (typically 600+, though this varies by lender)
• Deposit: Generally 20-30% of vehicle value
• Documentation: Proof of income, ID, and bank statements

Don't have perfect credit? We work with specialist lenders who consider applications from people with credit issues, though interest rates may be higher.

New vs Used Electric Vehicles

Financing New EVs

• Typically lower interest rates
• Full manufacturer warranty
• Latest battery technology and features
• Higher loan amounts available
• Longer loan terms (up to 7 years)

Financing Used EVs

• Lower purchase price
• Reduced depreciation hit
• Finance vehicles up to 10 years old
• Some lenders require battery health reports
• Shorter loan terms may apply (typically up to 5 years for older vehicles)

Battery Warranty Matters: When financing a used EV, check the remaining battery warranty. Most manufacturers offer 8-year/160,000km battery warranties, which provides peace of mind for lenders and buyers.

What Lenders Look For

Understanding the approval criteria helps you prepare a strong application:

1. Income Stability

Lenders want to see consistent income. Permanent employees generally find approval easier, but we work with lenders who consider:

• Casual and part-time employment
• Contract workers and self-employed individuals
• Pension and government benefits
• Investment income

2. Credit History

Your credit report shows lenders how you've managed debt in the past. They assess:

• Payment history on existing loans and credit cards
• Any defaults, bankruptcies, or court judgements
• Number of recent credit enquiries
• Credit utilisation (how much of your available credit you're using)

3. Debt-to-Income Ratio

Lenders calculate what percentage of your income goes towards debt repayments. Ideally, your total debt repayments (including the new EV loan) should be less than 30-40% of your gross income.

4. Living Expenses

After accounting for your income and debts, you need to demonstrate you can afford living expenses (housing, food, utilities, etc.) and still comfortably make loan repayments.

How to Apply

Documents You'll Need

To speed up your application, have these documents ready:

• Photo ID: Driver's licence or passport
• Proof of Income:
  • Recent payslips (2-3 most recent)
  • Tax return (if self-employed)
  • Centrelink statement (if receiving benefits)
• Bank Statements: Last 3 months showing income deposits
• Vehicle Details: Quote or contract of sale from dealer/seller
• Current Debts: Details of existing loans and credit cards
• Proof of Address: Recent utility bill or rates notice

Repayment Examples

Here's what your repayments might look like at different loan amounts and terms:

Example 1: $40,000 loan at 7.5% p.a.

• 3 years: $1,243/month | Total interest: $4,748
• 5 years: $800/month | Total interest: $8,000
• 7 years: $617/month | Total interest: $11,828

Example 2: $60,000 loan at 7.5% p.a.

• 3 years: $1,864/month | Total interest: $7,104
• 5 years: $1,200/month | Total interest: $12,000
• 7 years: $926/month | Total interest: $17,784

These are estimates only. Actual rates and repayments depend on your credit profile, loan amount, and chosen lender. We'll provide exact figures when you apply.

Tips to Get the Best Rate

• Improve Your Credit Score: Pay bills on time, reduce credit card balances, and fix any errors on your credit report before applying
• Save a Larger Deposit: 30%+ deposit typically unlocks better rates than the minimum 20%
• Consider a Shorter Loan Term: 3-5 year loans often have lower rates than 6-7 year loans
• Reduce Existing Debts: Pay off or consolidate other debts to improve your debt-to-income ratio
• Compare Multiple Lenders: We do this for you, presenting the best options from our panel

Frequently Asked Questions

What is a personal EV loan?

A personal EV loan is an unsecured or secured personal loan specifically for purchasing an electric vehicle. Unlike business finance, you don't need an ABN. The loan is in your personal name with fixed monthly repayments over 1-7 years.

Can I get a personal loan for a used electric vehicle?

Yes, personal EV loans are available for both new and used electric vehicles. Lenders typically finance EVs up to 10 years old, though interest rates and loan amounts may vary based on the vehicle's age and condition.

What credit score do I need for a personal EV loan?

Most lenders prefer a credit score of 600 or above for personal EV loans. However, some specialist lenders may consider applicants with lower scores, though this typically results in higher interest rates. Good credit (700+) generally secures the best rates.

How much deposit do I need for a personal EV loan?

Personal EV loans typically require a 20-30% deposit, though this varies by lender and your credit profile. Some lenders may offer low-deposit or no-deposit options for borrowers with excellent credit and stable income.

Can I refinance my existing car loan to buy an EV?

Yes, you can refinance an existing car loan or use equity from another asset to purchase an electric vehicle. We can help structure the refinance to get you competitive rates and potentially lower your overall repayments.