Looking at doing a car loan for electric vehicle. Had a quick look through forums, and couldn't see a post. Does anyone know who is doing the cheapest electric vehicle car loans/green loans? Or special offers that might be available?
Electric Vehicle / Green Car Loans
Comments
It could be so cheap to run that it makes sense to just switch anyway?
Absolutely true - I've saved $2.5k in fuel costs alone in the last 12 months, and that's with a PHEV. That's well more than the interest expense for the same period. If I was using a pure EV I would have easily saved $4k instead.
My green loan was with BankFirst - though I can't remember where I went to search to compare loans. Prior vehicle to that was Bank Australia which I think was called a Low Emissions loan 10yrs ago; however I don't know what their current loan offerings are.
I've saved $2.5k in fuel costs
How much have you spent in electricity?
@Muzeeb: Just over $600, and about $2k in fuel, which would have been about $5k in a petrol only vehicle. Electricity costs 4.5x less than fuel per 100km of driving.
I was considering doing a write-up with all my figures so far if there was interest…
@Muzeeb: Alright then, I'll see what I can do to massage my spreadsheet into useful/practical figures for the community.
Now I need to think of a catchy topic title…
Friends don't let friends finance cars.
If you want a car buy one with cash.
The only acceptable way to finance a car is through a novated lease/salary sacrifice (at least you get the FBT and reduced tax benefit) every other way is a waste of time.It is for a novated lease, looking at self managed lease and source own finance and just have our lease company do the management of the packaging not the finance (which they are offering 13%)
Ooof 13% interest
Fuk dat.
Friends don't let friends finance cars
Wow, do you own your house outright too??
Cars tend to be a deprecating asset where as houses tend to be appreciating assets. You can't make a comparison between the two here.
When you go a little bit down the household budget range - to those of us with zero savings, assets or housing - then you have little choice but to take out a bank loan for a vehicle.
Hard to make a judgement about the status of an asset when it's a critical household item required for kids and work and you don't have any other option for acquiring it.
@Switchblade88: Sure, but there's a big difference between taking out a loan for a $5000 Toyota Camry vs "car loan for electric vehicle".
I'm all for an electric vehicle, but it's not needed for someone who "don't have any other option".
Apples and oranges ;)
One is setting your money on fire
The other is dumping your money into an appreciating asset
Yep, exactly.
Try MuskBank
Who did you end up going with OP?
Mate you can’t afford it if you need finance.