The Complete Guide to Getting EV Car Loans

A helpful guide to Electric Car Loans

The Complete Guide to Getting EV Car Loans

Are you thinking of getting an electric vehicle (EV)? Well, congratulations!

Electric vehicles are a great way to reduce your environmental impact and save money on fuel costs. But before you buy, you need to make sure you have the funds for the purchase. 

That’s where EV car loans come in.

In this complete guide, we’ll tell you everything about:

  • benefits of switching to electric vehicles
  • why you need to get an EV loan
  • how to get approved for an electric vehicle loan

Why Switch to Electric Vehicles?


There are things to consider when you’re car shopping – quality, model, colour, features… the list goes on. But one of the most important considerations these days is what type of engine your car has.

More and more car buyers are going electric these days. That’s because they believe Electric Vehicles (EVs) are better because:

  • they’re cheaper to operate
  • easier to maintain than fuel powered cars
  • they emit zero pollutants from the tailpipe
  • they’re getting better range with each new generation of EVs

An EV should definitely be on your radar if you’re in the market for a new car. And when it comes to financing your EV, a green car loan is a great option.

Should You Apply for an EV Car Loan?

Electric vehicles have come a long way in recent years and are now more affordable and practical than ever before.

Here are some important reasons to consider an EV car loan:

Lower Interest Rate

If you have good credit, you may qualify for a lower interest rate on an EV car loan than you would on a traditional auto loan. That’s because some lenders are trying to help promote green vehicles and do their bit for the environment.

Lower fees

In addition to lower interest rates, some lenders offer lower fees for their electric vehicle car loans. 

So, while green cars can often cost more, some of this additional cost can be offset by savings at the pump and savings on your monthly loan payments thanks to the lower interest rate and fees.


Qualify for State and Federal Incentives?

Lastly, buying an EV may qualify for state and federal incentives.

Many states offer tax credits or rebates for buying or leasing an EV, and the federal government offers a tax credit for buying certain EVs. These incentives can help offset the cost of your EV and make it even more affordable for other buyers.

Electric cars can seem more expensive at first glance, but with the help of a good EV car loan, running cost savings and some help from government incentives they can be more affordable than you think. So if you’re in the market for a new car, be sure to consider an EV — and finance it with an EV car loan!

5 Tips for Getting the Right EV Car Loan

Before you can enjoy all the benefits of owning an EV, you need to get approved for the cheapest electric car loan for your situation. Here’s how:

1. Know Your Credit Score

Your credit score is a factor in determining whether or not you’ll be approved for a loan, and it’s important to know where you stand before you apply. In other words, one of the key criteria lenders look at is a three or four digit number to determine your riskiness as a borrower.

The higher it is generally the lower the interest rate you’ll be offered on your loan. If your score is on the lower end, don’t despair—options are still available.

If you wan’t some more information on credit scores we have some great articles: What is a credit score? and How to improve your credit score.


2. Find the Best Loan Rates

Once you determine your credit score, you can start shopping around for the best loan rates. Here are things to remember when comparing loans:

  • The size of the deposit: A larger deposit will lower your monthly payments.
  • The length of the loan: A shorter loan will have higher monthly payments, but you’ll save money on interest you pay.
  • The interest rate: A competitive green car loan interest rate will save you money over the life of the loan.
  • The fees and charges: Some lenders charge origination fees, early repayment penalties or monthly fees. These fees can add up, so be sure to compare apples to apples when shopping around for loans.


3. Get Pre-Approved for a Loan

Once you’ve got a lender with competitive rates, it’s time to get pre-approved for a loan. This process usually takes less than 1 day and will give you the confidence of knowing exactly how much you can spend on an EV. 

Be sure to have all of your documents like drivers licence, pay slips, and bank statements — ready when you apply for pre-approval. Additionally, most loan applications are subject to credit assessment.


4. Choose Your Vehicle 

Now comes the fun part—choosing your vehicle!

When selecting an EV, you need to keep in mind these three factors:

  • Range: How far do you need to drive on a single charge?
  • Charging time: How long does it take to charge the battery?
  • Price: EVs can range from $20,000 to $100,000 or more depending on make, model, and features.


5. Finalise Your Loan 

As you have already been pre-approved you just need to finalise all the details with your lender which won’t take too long. 

Before signing on the dotted line, read all the fine print in your loan agreement. This includes things like interest rates, repayment terms, and late fees.

By understanding the terms and conditions of your loan, you can avoid any unexpected surprises down the road.

How NMONI Can Help

When you work with nmoni, you get expert help from a team of car loan specialists. We have a good grasp of the ins and outs of the car loan industry and loan terms from various lenders. You can be sure you’re getting the most reasonable green car loan interest rate from our panel of over 40 lenders.

And since we have our own Australian Credit Licence, we can source loans from competitive and reputable lenders. That means there is a higher probability of us satisfying your credit needs.

Applying for a car loan with nmoni.com.au is easy! Once you fill out our online form (only a few minutes), one of our loan specialists will check your options.

We will compare interest rates, fees, and loan terms so you can make an informed decision about which loan is right for you. We will even help you complete the application process, so all you have to do is sit back and relax!

women laptop

How we find great rates

1. Complete our online application

10 minutes is all it takes.

2. We search for the best lenders

We go to work to find the best deal for your situation from a panel of over 40 lenders.

3. Choose your loan

Choose your preferred lender with complete transparency of rates and fees.

4. We send you the money!

Review and sign the loan documents, and will transfer the money within 24 hours.

Use the nmoni advantage to save

We compare, you save

We'll find a great deal from our panel of over 40 lenders.

Low rates

We use our 20 years of experience and cutting-edge technology to find you the lowest possible rate for your circumstances.

Protect your credit score

Applying for a loan won't impact your credit score until you are ready to proceed.

No nasty surprises

All fees and charges are fully disclosed upfront, so you know exactly what is going on and what it’s going to cost.

Apply in 10 minutes

We’ve built a simple and secure online system to fast-track your loan request.

Intelligent decisions

We can provide approvals within a few hours using our personalised finance platform

Advanced Technology

Let our sophisticated finance platform work for you with a real-time personalised rate offer

Flexible loan repayments

To suit you and your situation.

Our experience is your advantage

We use our deep market experience to find you the best rate for your situation.

Ready to get started?

Apply anytime, anywhere