Explore our electric car loan options & make a difference today

Electric vehicles are significantly cheaper to run than petrol or diesel cars, with fuel savings of up to 70% and maintenance savings of approximately 40%. One of the main reasons that battery electric vehicles are so much cheaper to run is that there are far fewer moving parts than with a fuel-powered car. They also require servicing far less frequently and don’t have a lot of expensive parts like exhaust systems, radiators and fuel injection systems.

For the average car, which travels 13,700km each year, you could save between $1,000 and $1,200 in fuel and maintenance costs.

Before you go EV shopping be sure to check out our guide on how much to spend on a car so you can proceed confidently on your vehicle search journey with a set budget in mind.

There is a massive range of electric cars available for purchase in Australia - so no matter your lifestyle or budget, there’s an EV that will appeal to you! Some of the most popular EVs currently available in Australia include:

• Audi e-tron
• BMQ i4
• BMW iX3
• BMW iX
• Hyundai Ioniq electric
• Hyundai Kona electric
• Hyundai Ioniq 5
• Jaguar I-Pace
• Kia EV6
• Kia Niro Electric
• Lexus UX300e
• Mazda MX-30 e35
• Mini Cooper SE
• Mercedes-Benz EQA
• Mercedes-Benz EQC
• MG ZS EV
• Nissan Leaf
• Polestar 2
• Porsche Taycan
• Tesla Model 3
• Tesla Model S
• Tesla Model X
• Volvo XC40 Recharge Pure Electric

For customers who are looking to purchase an electric vehicle, Driva has a green car loan product available. Green car loans work in the same way as a regular car loan, but some lenders are able to offer an incentive for buying an electric or hybrid vehicle. This incentive comes in the form of a lower fixed interest rate. 

In order to qualify for a green car loan, you’ll normally need to meet the following criteria:

• The car is a new or demonstration vehicle
• Either an electric or hybrid vehicle
• The vehicle is more fuel-efficient than average vehicles of its size
  

According to the Electric Vehicle Outlook: 2021 and Beyond report, it is predicted that by 2030, electric vehicles will represent 48% of all new cars sold worldwide. This is a massive just from the 7% share that EVs held in 2021. 

The Australian Government has predicted that by 2050, 90% of Australian new car sales will be electric vehicles.

One of the main reasons that electric vehicles are so popular is because of their considerably low impact on the environment, compared with fuel-powered cars.

They’re also much cheaper to run than petrol or diesel cars. Electric vehicles cost between $8.40 to $20 to charge, depending on what time you’re charging it and what car you’re charging.

Once you've decided it's worth getting a car loan and start comparing loan options, you’ll notice that each loan is accompanied by an annual percentage rate (APR) and a comparison rate. The lender quoted APR is the base interest rate you’ll be charged on the loan - it doesn’t include any fees and charges you’ll need to pay, so it can be a bit misleading. The comparison rate, on the other hand, includes nearly all of the fees involved with the loan, which means it’s a more accurate indication of how much your loan will cost. 

After you’ve found your dream electric vehicle and your loan has settled, you’ll need to start making regular repayments to your lender in order to pay back your loan. These payments tend to be made weekly, fortnightly or monthly. 

Your loan term will normally be between 1-7 years and will include interest and lender fees.

No matter what lender you go with, you’ll have to pay some fees in addition to interest. These vary between lenders but could include monthly fees, entry/exit fees or early repayment fees. 

All lender fees and charges, as well as any fees paid to Driva from lenders, are built into your personalised quotes. This means that the monthly repayment figure you see on your Driva Dash is exactly the amount you’ll need to pay each month - and no hidden surprises down the road!

Yes, you can! If you’re not entirely happy with the terms of your existing green car loan, or you’d just like to take advantage of your improved credit score by getting a loan with a lower interest rate, Driva can help you refinance it. 

Refinancing involves switching from one vehicle loan to another and in most cases to a different lender. Refinancing is normally done in order to access a loan with lower fees, a lower interest rate, a longer or shorter loan term, or an easier repayment option.

To legally drive a car anywhere in Australia, it’s compulsory to have third party insurance. Depending on which state or territory you live in, this might be included in your registration costs. 

In order for your loan to settle with any of our lenders, you’ll also need to take out comprehensive vehicle insurance, which covers you for damage to your vehicle, damage caused to another person's vehicle/property, and events like fire and theft. Driva has partnered with CGU Insurance, which is backed by IAG, to offer comprehensive vehicle insurance to our customers.

Driva can help you get pre-approved for a specific loan amount with a fixed interest rate before you’ve committed to an electric vehicle. This can give you the confidence to start shopping around (online or at the car yard) for your dream car with a set limit of how much you can spend.

Even if you’re not 100% sure exactly how much you’ll want to spend, or the specific vehicle you’re after, we can still help you get pre-approved and update the final details before your loan settles. Keep in mind that your pre-approval period only lasts for 90 days.