EV Finance Options Compared
There is no one-size-fits-all way to finance an electric vehicle. The right option depends on your income, employment type, budget, tax position and whether you want to own the car outright or prioritise lower regular repayments. Common EV finance options in Australia include novated leasing, car loans, chattel mortgages for businesses and dealer/manufacturer finance. The table below compares the main options to help you understand which may suit your situation.
Feature | Novated Lease | Bank Loan | Business Loan | Manufacturer Finance |
👤 Best For | Employees | Private buyers | Businesses / ABN holders | Private buyers |
✅ Who Can Apply | PAYG employees | Most buyers | Businesses, sole traders | Most buyers |
🔑 Ownership | Lease structure | You own the car | Business owns/uses car | Depends on offer |
💰 Tax Benefits | ✅ | ❌ | ✅ | ❌ |
💳 Deposit Needed | Often optional | Sometimes needed | Depends lender | Sometimes promo offers |
📅 Repayments | Salary deductions | Monthly payments | Monthly payments | Monthly payments |
⚡ Running Costs Included | Often yes | No | Sometimes | Rarely |
🔄 Flexibility | Medium | High | Medium | Medium |
⭐ Best Main Benefit | Potential savings | Simple and familiar | Cash flow support | Convenient and fast |
🚗 Best For EV Buyers | Very strong | Strong | Strong | Good if special offers |
Tools for Buying an EV
EV Cost Calculator
Compare total cost of ownership between EVs and gas vehicles.
Calculate Ownership CostsEV Charging Calculator
EV Charging Calculator | Discover the time and cost to charge your electric car. Easy-to-use - click to calculate now!
Calculate Charging Costs