Financing an electric car or ute for your business
An electric car or ute is financed the same way as any other business vehicle. The paperwork is the same, the terms are the same, and the age limits on a used one are the same. What changes is the shape of the cost: more of it sits in the purchase and less of it in running the thing week to week. What you pay each month depends on the vehicle, its price, the term, and how long you have been trading, so a real indicative figure for the exact vehicle, which takes about two minutes, is worth more than any range on a page.
Why businesses are asking about this
Most of the enquiries we take on electric vehicles are not really about the technology. They come from owners trying to make running costs predictable, usually after a year of watching fuel move in a direction they cannot plan around.
That is a reasonable thing to want, and it is worth being clear about what financing does and does not solve. Financing makes the cost of the vehicle predictable. Whether the vehicle itself is cheaper to run is a separate question, and one you should answer with your own numbers rather than anyone's brochure.
What actually changes in your costs
The costs that move are fuel, servicing and registration. Electric vehicles have fewer moving parts in the drivetrain, so scheduled servicing tends to be simpler. Registration and charging arrangements vary by state and by how you charge, whether that is at a depot, at home, or on the public network.
The costs that do not move are insurance, tyres and everything else about running a vehicle for work.
Do the comparison on your own kilometres and your own charging setup. A vehicle that makes obvious sense for a business doing high daily distances from a fixed depot can make much less sense for one doing short irregular trips, and the reverse is also true.
How it is financed
The same way as any other business vehicle. There is no separate electric vehicle product and no additional hurdle. The finance types available to you are the ones you already know, and which suits depends on whether you want to own the vehicle at the end, how long you plan to keep it, and how your business is structured.
Figures are ex GST. How the arrangement is treated in your accounts depends on your circumstances and your accountant is the right person to confirm it.
Buying used
Used electric vehicles are financed on the same age limits as used petrol and diesel vehicles. There is no separate rule and no shorter window.
What is worth your own attention is battery condition, because it does more to determine what a used electric vehicle is worth than the odometer does. That is a question for your mechanic or the seller rather than for us, but it is the thing to ask about before you commit.
What changes what you pay
The price of the vehicle, the term you choose, whether it is new or used, and how long the business has been operating.
Terms commonly run 48 to 60 months on vehicles. If you are also looking at charging infrastructure or solar at a depot, that is a different conversation and those assets can be arranged over longer terms, because they earn across a longer life.
Which lender do I go to
You do not. Someone from our team compares lenders and arranges it, so you deal with one contact rather than repeating the same explanation to several. Nothing is settled until a funder has assessed it.
Common questions
Is financing an electric vehicle different?
No. Same process, same terms, same age limits on a used one. There is no separate electric vehicle product.
Can I finance a used electric car or ute?
Yes, on the same age limits that apply to used petrol and diesel vehicles.
Will it actually be cheaper to run?
That depends on your kilometres, your charging setup and your state. Fuel and scheduled servicing are the costs that change. Run the comparison on your own numbers rather than a general figure.
What about the charger?
Charging equipment and depot electrical work are a separate conversation from the vehicle. Tell us what you are planning and we will work out how it is best arranged.
How long can I finance it over?
48 to 60 months is typical for vehicles, and the term is yours to choose.
Does the battery affect what I can borrow on a used one?
Battery condition affects what the vehicle is worth, which is worth checking before you buy. The age limits themselves are the same as any other used vehicle.
Ecolease arranges your finance. This quote is indicative, and any offer is subject to credit assessment and the lender's approval.
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