Secure your spot at our webinar on Wednesday 8 December from 2pm - 2:15pm to learn about the demand for electric vehicles in Australia, the importance of the adoption of electric vehicles and the initiatives that we are putting in place to make buying an EV simple and accessible for your clients.
When filling out a car loan quote for your client, simply select EV or plug-in hybrid and the discounted rate will be automatically applied.
If you would like to double check whether the vehicle your client has purchased qualifies, you can take a look at the vehicle details section of an application in the "in progress" tab of the Broker Portal.
You can also check whether the discount has been applied under the estimated rate and fees section of an application.
Yes! We have put together this guide so you can see exactly which cars are eligible for this discounted rate.
In the coming weeks, clients will be able to use their loan amount to cover comprehensive insurance made to cover the unique requirements of EVs such as battery and charger damage cover. If your clients choose to purchase insurance through Plenti's preferred partner we will be able to offer a discount.
We will also be launching an extension of our EV product whereby your clients will be able to borrow additional amounts to purchase EV-related infrastructure such as chargers, downloadable vehicle upgrades and other accessories either at establishment or during the term of the loan.
Your automotive finance BDM is here to help you answer any questions you may have about this new product and its exclusive rates.
What is an EV loan?
An EV loan is a type of car loan specifically used to buy an electric vehicle (EV) or plug-in hybrid electric vehicle (PHEV). A Plenti EV loan works like a car loan, with a few extra features designed specifically for EV drivers.
Inclusions
A 0.5% discount on our standard automotive rates
Loan amounts from $10k to $100k
Loan terms from 3 to 7 years
No monthly fees
No early repayment fees
100% digital process from rate estimate to settlement
Coming Soon
Access exclusive discounts with a leading insurer on comprehensive car insurance made to cover the unique requirements of your EV. Your cover can be secured as part of the Plenti EV loan application.
Top up your EV loan at any time to pay for services and infrastructure directly related to running your EV, such as installing a charger, purchasing a software update or insurance.
Am I eligible?
To be eligible for a EV loan with Plenti, you will need to:
Be purchasing a new or used Electric Vehicle (EV) or plug-in hybrid electric vehicle (PHEV)
Be aged 21 years or older
Be an Australian or New Zealand citizen or permanent resident
Hold a valid drivers license (Learner, P1, P2 or Full)
Earn at least $35,000 per year, from a regular proven source of income (additional requirements apply if you are self-employed)
A clean repayment history and no bankruptcy, court judgement, paid or unpaid defaults on you credit file
Unsure whether you meet all the above criteria? You can get a rate estimate at any time without impacting your credit score.
How much do EVs cost?
In general, all-electric vehicles in Australia can cost between $45,000-$200,000. The average price for an electric vehicle (EV) is $88,716, but like traditional vehicles, they vary significantly in price.
There are currently 17 all-electric vehicles available for sale in Australia. There are also many plug-in hybrid electric vehicles (PHEV) on the market, which range in price from $42,000-$215,000.
How far can an EV go?
On average, the range on an electric vehicle (EV) is between 300-400 km. More affordable EVs typically have shorter ranges, such as the MG HS EV, which has a 263 km range. Higher-end electric vehicles tend to have longer ranges, such as the Tesla Model S, which has a 500 km range.
Plug-in hybrid electric vehicles (PHEVs) tend to have much shorter electric ranges, as they are powered by both an electric battery and petrol, meaning you can go short distances using electricity and longer distances using the petrol or diesel engine. PHEVs can typically travel 40-90 kms on electric power. These vehicles also offer the benefit of greater fuel efficiency when the petrol engine is running, as the electric engine is engaged during stop-and-start traffic.
While these ranges may seem short, keep in mind that the average Australian driver travels about 36 km per day, meaning the average person could charge their vehicle just once a week while commuting as usual.
What's the cost of owning an EV?
It’s a common misconception that driving and maintaining an electric vehicle (EV) is more expensive than driving a car with a traditional combustion engine. In reality, the total costs are very similar. The estimated costs of maintenance and service on an electric vehicle are around $300-400 per year.
Because they involve fewer moving parts, they require less maintenance. There are no filters, spark plugs, oil or transmission to worry about. While drivers do need to factor in the cost of the electricity to charge their vehicle, these costs are typically around $600 per year for someone who drives 15,000 km annually. That adds up to a savings of around 72% on petrol alone.
Batteries typically last the lifetime of the vehicle and rarely need to be replaced. Still, most manufacturers offer a 10-year warranty on their batteries. In addition, the prices of replacement batteries are falling significantly and are expected to drop by around 65% by 2030.
How do I charge an EV?
Typically, if you purchase an electric vehicle (EV) from the manufacturer, a wall box charger will be included with the purchase. Some manufacturers require you to buy the charger separately.
The 3 ways to charge an EV
With a traditional socket, at home or elsewhere. This is the slowest option, but it’s a good backup in a pinch. Most vehicles come with a cord that can plug directly into a three-prong wall socket, though some will require an adapter for the plug.
With a wall box from your manufacturer. Around 80% of EV owners charge their vehicle this way. Using a wall box charger, your EV will power up much more quickly than with a traditional socket. Boxes are usually installed somewhere around the home, typically in a garage or driveway. There are also several thousand public wall boxes for EV charging across Australia.
Fast chargers These are the chargers you’ll find at dedicated charging stations. With these speedy chargers, most EV drivers can power up their car in under an hour. Currently, there are 110 fast charging sites across Australia, with more than 250 chargers across them. Certain car manufacturers allow their new EV customers to use their charging networks free of charge, such as Tesla and Mercedes, which utilises the nation’s largest network, Chargefox.
EV drivers can find the nearest charger anytime, anywhere using mobile apps like PlugShare or ChargeFox.
