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How to finance an electric vehicle with top-rated loans this June

How to finance an electric vehicle with top-rated loans this June

With greater infrastructure being rolled out for electric vehicles across New South Wales, June may be the month you consider making the switch to sustainable vehicles. So, which green car loans may help you put the pedal to the metal?

Chargers for electric vehicles (EV) are to be installed across regional New South Wales under a $20 million grant. An estimated 3,500 EV charges will be installed across locations like motels, wineries, and museums in NSW.

This announcement came after a statement from NSW Deputy Premier Paul Toole that chargers are now operating at Wilcannia and Cobar – forming part of the 20 sites available in the regions for EV drivers. This means that drivers will travel no more than “300km to recharge their vehicles'' when making the 1000km journey between Sydney and Broken Hil.

And it’s not just NSW where EV chargers are being rolled out, with Western Australia’s state government also announcing a $22.6 million commitment to increase EV charging infrastructure across the State, creating an “electric highway”. This includes more than $2.9 million towards eight new charging stations across four locations on a section of National Highway 1, to link WA’s electric highway to South Australia.

The new infrastructure being rolled out on a state and or territory level across Australia is set to help with one of the biggest pressure points preventing drivers from purchasing an electric vehicle – ‘range anxiety’.

When you think about the ‘fuel economy’ of an EV, you need to consider the distance it may be able to take you on one battery charge. In Australia, at the lower range for distance, you may be taken as far as 120km on one charged battery, and 500km at the higher end.

With the distance between Sydney and Newcastle alone around 170kms, it’s understandable that charging infrastructure would be a priority for those considering EVs.

So, if the latest announcements aiming to break down the barrier of ‘range anxiety’ with EVs has you considering purchasing one soon, it could be worth comparing some of the top-rated green car loans currently on offer.

Luckily, RateCity has done the hard work for you by ranking green car loans on Car Loan Leaderboard using our Real Time Ratings™ system. This gives loan products a score out of five, based on cost and flexibility.

Keep in mind that a car loan is a financial commitment that can often take several years to pay off. Consider using RateCity’s car loan calculator for a repayment estimate to make sure they’ll fit comfortably within your budget.

(Rankings are correct at the time of publishing. Please note lenders may trade places on the list as interest rates and fees change and RateCity’s tracker reflects these movements.)

Compare top-rated green car loans

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This article was reviewed by Personal Finance Editor Mark Bristow before it was published as part of RateCity's Fact Check process.

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