Electric vehicles (EVs) are becoming increasingly popular in New Zealand, offering a sustainable alternative to traditional petrol and diesel cars. With advancements in technology and a growing charging infrastructure, transitioning to an EV is more feasible than ever.
However, the initial cost can be a barrier. This is where EV loans come into play, providing a financial pathway to eco-friendly driving.
Understanding Electric Vehicle Loans
Electric Vehicle loans are similar to any other type of vehicle financing—it’s a personal loan used specifically to purchase an electric or hybrid vehicle. Depending on your financial situation, you may be eligible for a secured or unsecured loan. With Loan Direct, you can borrow up to $75,000 unsecured or up to $150,000 with security attached.
Whether you’re buying new or used, through a dealership or privately, EV financing gives you the flexibility to choose the right car for your needs.
Why Now is a Good Time to Buy an EV in New Zealand
It’s never been a better time to get an electric vehicle in NZ, and there are a few reasons for this:
End of Government Subsidies
The New Zealand government ended the Clean Car Discount scheme on 31 December 2023, which previously offered rebates for EV purchases. This led to a surge in EV purchases before the deadline, followed by a significant drop in sales.
Excess Stock and Dealer Discounts
The abrupt end of subsidies left dealers with excess EV stock. To manage this surplus, many dealers have offered substantial discounts on EVs, making them more affordable than ever.
Improved Affordability
The cost of electric vehicles is coming down, partly due to the reasons mentioned above, but also because there has been a flurry of new EVs to the New Zealand market. This means there are now plenty of options for EVs under $50,000.
Why Going Electric Just Makes Sense
Switching to an electric vehicle isn’t just about keeping up with the latest trend—it actually makes a lot of practical sense. EVs come with real, long-term benefits that are changing how we think about driving.
Lower Running Costs
One of the biggest perks of owning an EV is how much cheaper they are to run. Unlike petrol or diesel cars, EVs don’t rely on expensive fuel. Charging up with electricity usually costs a lot less than filling a tank, and those savings can really add up over time.
EVs also have fewer parts under the bonnet, which means fewer things that can go wrong. They’re not maintenance free, but they do cost a lot less to maintain than a petrol or diesel car. You won’t need to worry about oil changes, spark plugs, or most of the other regular servicing you’d expect with a conventional car. That all means less time (and money) spent at the mechanic.
Better for the Planet
Driving electric is a great way to reduce your impact on the environment. EVs produce far fewer emissions than traditional cars, especially if your electricity comes from renewable sources like solar or wind. Less pollution means cleaner air and healthier communities—something we can all get behind.
A Smoother, Quieter Drive
One of the first things you’ll notice in an EV is how smooth and quiet the ride is. Electric motors deliver power instantly, so you get fast acceleration without any lag. It makes city driving feel easy and responsive, and without the usual engine noise, the cabin stays nice and peaceful.
EV Loans With Loan Direct: How We Help You Go Green
At Loan Direct, we do things differently. We’re loan brokers, not lenders—which means we tap into our network of low-cost lending partners to find the most competitive deal for you. More lenders means more chances of approval, even if your credit history isn’t perfect.
Here’s why more people are choosing us for their EV finance:
- Easy Online Application: Our fast, paperless application takes just 2 minutes.
- Quick Turnaround: You’ll receive a decision in 1–2 hours*, with same-day payouts available*.
- Competitive Rates: Secured loans from 9.95% and unsecured from 11.95%.
- Flexible Terms: Repayment plans from 6 months to 7 years. Payments are aligned with your pay cycle to make budgeting easier.
- Expert Advice: Our experienced, local loan advisors will guide you through the process from start to finish.
Bad Credit? That’s not a deal breaker for us. We believe in second chances and have solutions for those with past credit issues.
*Subject to responsible lending checks and criteria.