Loans for Electric Vehicles | Metro Finance

Loans for Electric Vehicles

We understand the importance of affordable financing options when it comes to purchasing an electric vehicle.

Why choose Metro to finance your electric vehicle?

Our flexible financing options are tailored specifically for electric vehicles, empowering clients to choose an EV car loan solution that is reliable, efficient and eco-friendly.

With our unparalleled expertise and tailored finance solutions, Metro is your trusted partner in propelling individuals towards a greener horizon. We understand that each customer is unique, and we strive to provide tailored finance solutions that align with your client’s goals and objectives.

At Metro, we recognise the importance of sustainability and the growing desire among consumers to make environmentally conscious choices. Whether you're looking to install a Solar Power System or purchase an eco-friendly vehicle, Metro and our trusted network of brokers have the expertise and financial solutions to support your aspirations.

Electric vehicles we can finance

Whether you're interested in a compact electric car for city commuting or a luxurious electric SUV, our financing options cater to various needs and budgets.

Eligibility criteria

  • Age Requirement: Applicants must be at least 18 years old to be eligible for financing through Metro.
  • Residency: Financing is available to Australian residents.
  • Income Verification: Applicants will need to provide proof of income to demonstrate their ability to repay the loan (e.g. most recent payslips, ITRs and NOAs).
  • Creditworthiness: When processing electric car loans, Metro checks comprehensive credit reporting.
  • Electric Vehicle Requirements: Eligible electric vehicles must meet certain criteria, including being compliant with local regulations and safety standards. 
  • Insurance Coverage: Applicants must provide proof of comprehensive insurance coverage for the financed electric vehicle.

Electric vehicle loan features

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Borrow for your new electric vehicle

We understand that buying a new car is always a big purchase. That’s why we offer tailored electric car loans, ensuring you have access to the necessary funds to purchase the electric vehicle of your choice.

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Flexible
loan term

With Metro, you can choose an electric vehicle finance loan term of up to 7 years that suits your financial situation and preferences. Whether you prefer a shorter term to pay off your electric vehicle loan quickly or a longer term with lower monthly payments, we have options that cater to your needs.

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Flexible repayments

Our flexible repayment options mean that you can customise your loan so that it works best for you. Whether you choose weekly, fortnightly, or monthly repayments, we aim to make the loan repayment process as convenient and stress-free as possible.

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Competitive finance rates

We understand the importance of affordable financing options when it comes to purchasing an electric vehicle. Our team works diligently to secure competitive finance rates, ensuring that you receive an electric vehicle loan that is both affordable and beneficial to you.

Knowledge Hub

Here at Metro, we know that buying an electric vehicle can feel a bit overwhelming. We have gathered a range of resources to help you make the best decision for your needs.

EV Charging Stations Map

Find the closest electric vehicle charging station near you. Use this live map created by the Electric Vehicle Council to locate all charging stations across Australia

Government Initiatives

Discover how state governments across Australia are promoting electric vehicles through various initiatives including subsidies, rebates and tax incentives.

For the latest updates in each state:

Emissions Reduction Fund

Earn Carbon credit units by adopting new practices and technologies that reduce emissions.

Worried where you can charge your electric car?

The Electric Vehicle Council has put together a live map that shows all charging stations across Australia.

FAQs

What government incentives are there for electric car purchases?

[Include table with current information – needs to be easily updated as the incentives change]

Click on your state or territory below to find the latest updates on government incentives.

New South Wales

Victoria

ACT

Queensland

Tasmania

Western Australia

South Australia

Northern Territory

New electric vehicles priced under $50,000 generally offer a range capacity of around 480 kilometres, while more expensive models can go even further. It’s important to note that the average Australian drives less than 50 kilometres per day, making range anxiety less likely to be a problem for most daily commutes. Additionally, the majority of EV charging takes place at home, where overnight charging can easily replenish the vehicle’s battery.

For most households, daily charging may not be necessary, and in some cases, a single 

charge per week would suffice. It’s worth mentioning that ongoing advancements in battery technology by manufacturers are continually improving the driving ranges of EVs, offering even greater distances on a single charge.

Governments have also started recognising the importance of supporting EV adoption and have started providing funding for chargers in regional locations. This initiative ensures that drivers can confidently travel longer distances across Australia, alleviating any concerns about finding charging infrastructure during road trips.

The cost of charging an electric vehicle (EV) can vary depending on your location, electricity rates, and the specific model of your EV. In Australia, it costs approximately $0.20 – $0.25 per kWh to charge your EV at a level 2 EV charging station.

To estimate the charging cost, we can use the average energy consumption of an EV, which is approximately 20 kWh to travel 100 kilometres. Multiplying this by the electricity rate, it would cost approximately $4.50 in electricity charges to travel 100 kilometres in an electric vehicle.

In comparison, the average petrol car in Australia uses 11.1 litres of fuel to travel 100 kilometres, based on data from the Australian Bureau of Statistics. Considering a petrol price of $1.50 per litre, the cost of travelling 100 kilometres in a petrol car would be $16.65, which is substantially more expensive.

  • Some key considerations to help you choose the right EV charging station include:

    • Charging Speed: EV charging stations come in different power levels, typically categorised as Level 1, Level 2, and DC Fast Charging (Level 3). Level 1 chargers use a standard household outlet and provide the slowest charging speed, suitable for overnight charging. Level 2 chargers offer faster charging and require a dedicated circuit or a higher-powered outlet. DC Fast Charging provides the fastest charging but is typically found in public locations. Consider your charging requirements and prioritise the charging speed that aligns with your needs.
    • Connector Compatibility: Electric vehicles use different connector types, such as Type 1, Type 2, CHAdeMO, and CCS. Ensure that the charging station you choose has the appropriate connector type that is compatible with your EV. Most stations offer multiple connector options to accommodate various vehicle models.
    • Location and Accessibility: Determine where you plan to install or use the charging station. If it’s for home use, consider the available space, proximity to your parking spot, and the accessibility of electrical infrastructure.

     

When it comes to financing an electric vehicle (EV), there are a few key differences compared to a traditional car loan. Here’s a breakdown of how electric vehicle loans differ:

  • Purpose: An EV car loan is specifically designed to finance the purchase of an electric vehicle, whereas a traditional car loan can be used to finance any type of vehicle, including gasoline-powered cars.
  • Eco-Friendly Incentives: Many state governments offer incentives to promote the adoption of electric vehicles. These incentives may include tax credits, rebates, or grants, which can help reduce the overall cost of owning an EV. Disclaimer: Your eligibility for these incentives may depend on your specific situation.
  • Loan Terms: Since electric vehicles tend to have a higher upfront cost compared to traditional vehicles, EV/ hybrid car loans with Metro can go to a maximum of 7 years.
  • Charging Infrastructure: Electric vehicles require access to charging infrastructure to recharge their batteries. Some EV car loans may offer additional financing options or partnerships for the installation of home charging stations or access to public charging networks. Disclaimer: We may need documentation to verify the client’s expense and amount of said expenses (i.e. mortgage statements, proof of payout of another loan (if required for servicing), Medicare card, etc.)

To apply for an electric vehicle loan with Metro, you will typically need to provide certain documentation. This may include:

  • Identification: Valid identification documents such as a driver’s licence, passport, or government-issued ID to verify your identity.
  • Proof of Income: Documentation to verify your income, such as recent payslips, bank statements, or income tax returns/NOAs. 
  • Proof of Residence: A utility bill, lease agreement, or other documents that confirm your residential address and establish your residency.
  • Vehicle Information: Details about the electric vehicle you intend to finance, such as the make, model, year, and identification number (VIN). 
  • Insurance Coverage: Proof of comprehensive insurance coverage for the electric vehicle, including collision, liability, and comprehensive coverage.

While the exact timeframe can vary depending on various factors, including the completeness of the application and the complexity of the financing request, we strive to provide a decision as quickly as possible.

If you would like to use a loan to purchase a used electric vehicle, speak to your broker who will get in touch with us.

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