At Hanna Lending Services, we work with Perth locals every day to find the right car finance. Below is a breakdown of the most common finance options available for electric vehicles in WA, along with incentives that can help you save.
Why EV Finance is Different in Perth
Electric cars usually cost more upfront than petrol vehicles, but the savings on fuel and maintenance can make them a smart investment over time. In WA, drivers also have unique needs. Many travel long distances for work, FIFO rosters, or weekend trips down south. Choosing the right finance option is about balancing upfront costs with long-term value.
Finance Options for Electric Cars in WA
1. Car Loans
The most popular option for EV buyers is a secured car loan. The car is used as security, which usually gives you a lower interest rate. An unsecured personal loan is another choice, but rates are often higher.
2. Green Car Loans
Some lenders now offer green loans designed specifically for electric and hybrid vehicles. These can include lower interest rates, flexible repayment terms, or extra discounts for environmentally friendly choices. As brokers, we know which lenders currently provide these in WA.
3. Novated Leases
If you are a salaried employee, a novated lease may be a tax effective way to finance an EV. Payments come from your pre-tax salary, and some Perth employers are starting to promote EV leasing as part of their sustainability plans.
4. Balloon Payment Loans
Balloon loans allow lower repayments during the loan term with a larger final payment at the end. This can suit buyers who plan to sell or refinance the car later, but it is not for everyone.
5. Business and Fleet Finance
WA businesses upgrading their fleets can access asset finance for EVs. This spreads costs, offers tax deductions, and supports sustainability goals.
WA EV Incentives You Should Know About
The WA Government currently offers several incentives for EV buyers:
- Rebates of up to $3,500 for eligible battery electric vehicles under a set price limit
- Reduced stamp duty for lower emission cars
- Expanding charging infrastructure across Perth and regional WA
These incentives can make a big difference when combined with the right finance option.
Key Considerations Before Financing an EV
- Depreciation: EVs can depreciate differently compared to petrol cars, especially as new models are released
- Battery life: Resale value often depends on battery health, which lenders are now assessing
- Insurance: Some electric cars come with higher insurance premiums, which affects your total repayment budget
Final Word
Electric cars are quickly becoming part of everyday driving in Perth. Whether you are looking at a Tesla, BYD, Polestar, or a hybrid option, choosing the right finance structure will save you money and reduce stress.
At Hanna Lending Services, we go beyond interest rates. We look at the bigger picture: incentives, repayment structures, and your long-term financial goals.
Looking to buy an electric car in WA? Contact our team today to explore your EV finance options and get expert advice tailored to Perth drivers.
