Electric-car loan uptake surges 37 per cent in six months

AutoExec Summary

One of Australia’s largest banks, Commonwealth Bank, reported a 37 per cent increase in electric vehicles financed in the past six months. Approximately 23 per cent of approved car loans were for electric and hybrid models, with Tesla’s Model 3 and Model Y being the most popular choices, making up over 70 per cent of electric vehicles financed through CommBank. The bank’s partnership with Tesla in 2021 offered fixed-rate loans for purchasing electric vehicles. Lower running costs and the availability of more affordable models make electric vehicles an attractive option for buyers. Car loan payments now contribute to over 35 per cent of household transport costs in Melbourne and Sydney.

Brands mentioned: Tesla, Commonwealth Bank