Car Loans Australia :: News
SHARE

Share this news item!

Australia's Electric Vehicle Financing Hits $6 Billion Milestone in 2024

Significant Growth in EV and Hybrid Vehicle Loans Reflects Shift Towards Sustainable Transport

Australia's Electric Vehicle Financing Hits $6 Billion Milestone in 2024?w=400

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

In 2024, Australia witnessed a remarkable surge in electric and hybrid vehicle financing, with total loans reaching $6.17 billion—a 50% increase from the previous year.
This substantial growth underscores a nationwide shift towards more sustainable transportation options.

According to the Australian Finance Industry Association (AFIA), the number of electric and hybrid vehicles financed in 2024 rose to 104,835 units, up from 64,288 in 2023. Hybrid vehicles led this trend, with 60,083 units financed, while fully electric vehicles accounted for 44,752 units.

AFIA CEO Diane Tate highlighted that hybrid vehicles remain a popular choice for Australians, especially those without easy access to charging infrastructure or who require the convenience of petrol backup for longer journeys. This preference is particularly sensible as public and private charging networks continue to develop.

Commercial financing played a pivotal role in this growth, with 82,617 commercial vehicles financed in 2024—a 62% increase from 51,560 in 2023. Novated leasing emerged as a significant driver, representing nearly 70% of all transactions.

These figures align with a recent AFIA-commissioned report by Deloitte Access Economics, which identifies key barriers to electric and hybrid vehicle adoption, including underdeveloped charging infrastructure and fragmented policy settings. The report emphasizes the critical role of financial incentives and policy consistency in accelerating Australia's transition to lower-emission transport.

For consumers considering the switch to electric or hybrid vehicles, this trend indicates a growing availability of financing options tailored to sustainable transport. Prospective buyers are encouraged to explore various loan products and consult with financial advisors to identify the most suitable financing solutions for their needs.

Published:Sunday, 9th Nov 2025
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

Share this news item:

Rate this article

0 Comments

No comments yet. Be the first to share your thoughts.

Finance News

Why Sharper New-Car Offers Still Need a Loan Check
Why Sharper New-Car Offers Still Need a Loan Check
03 Sep 2026: Paige Estritori
Australia’s new-car market is showing more signs of competition, with recent industry updates pointing to sharper drive-away offers, run-out campaigns and finance-led promotions across selected brands. For buyers, that can make the showroom feel more attractive than it did during the tight-supply years, when wait times and limited stock gave sellers more pricing power. - read more
Softer Used-Car Prices Could Shift Finance Decisions
Softer Used-Car Prices Could Shift Finance Decisions
27 Aug 2026: Paige Estritori
Australia's used-car market appears to be moving into a more balanced phase, with recent industry updates pointing to improved vehicle availability and less pressure on prices across some mainstream segments. That is welcome news for buyers who spent the past few years dealing with limited stock, long new-car wait times and unusually firm second-hand values. - read more
What the Latest RBA Rate Hold Means for Car Buyers
What the Latest RBA Rate Hold Means for Car Buyers
13 Aug 2026: Paige Estritori
The Reserve Bank of Australia's latest decision to leave the cash rate unchanged keeps car buyers in a familiar holding pattern: borrowing costs are not rising sharply, but they are not easing quickly either. For households planning a new or used vehicle purchase, that means the focus should remain on preparation, comparison and affordability rather than waiting for a dramatic rate shift. - read more
What ASIC’s Car Loan Review Means for Australian Buyers
What ASIC’s Car Loan Review Means for Australian Buyers
23 Jul 2026: Paige Estritori
Australia’s car finance market is sending buyers two important messages at once. Recent July rate snapshots show some secured car loans advertised from around the mid-five per cent range for strong-credit borrowers, suggesting competition is still alive for well-prepared applicants. At the same time, ASIC’s 24 June 2026 review of motor vehicle finance has put the spotlight on fees, third-party sales channels and borrower outcomes. - read more
What July's Cheapest Car Loan Rates Mean for Australian Buyers
What July's Cheapest Car Loan Rates Mean for Australian Buyers
16 Jul 2026: Paige Estritori
Australian car buyers have a fresh benchmark for what a competitive loan may look like, with Canstar's July 2026 car loan snapshot showing some secured new and near-new car loans advertised from the high five per cent range. For households already juggling fuel, insurance, registration and cost-of-living pressures, that headline number may look appealing. - read more


Car Loans Articles

Consumer Protections and Legal Obligations for Car Loans in Australia
Consumer Protections and Legal Obligations for Car Loans in Australia
Car loans in Australia are subject to consumer credit laws, disclosure rules and dispute resolution pathways. This guide explains key protections, lender and broker obligations, borrower responsibilities, comparison rates, hardship rights and what to check before signing a finance contract. - read more
Top Tips for Australians Navigating the Online Car Market
Top Tips for Australians Navigating the Online Car Market
The Australian automotive landscape has witnessed a significant transformation with the rise of online car sales. The concept of browsing, selecting, and purchasing a vehicle through digital platforms has gained immense popularity, offering consumers a vast array of choices at their fingertips. - read more
The Essential Guide to Securing Affordable Car Finance in Australia
The Essential Guide to Securing Affordable Car Finance in Australia
Finding an affordable car finance option can make the dream of owning a vehicle a tangible reality for many Australians. It’s about understanding the intricacies of the loan market, interest rates, and finding a plan that aligns with your financial prospects and constraints. In a society built on the convenience of mobility, securing a car that meets both your needs and your budget is essential. - read more
Car Loan Refinancing in Australia: When It May Be Worth Considering
Car Loan Refinancing in Australia: When It May Be Worth Considering
Car loan refinancing means replacing your existing car loan with a new loan, usually to change the interest rate, repayment amount, lender or loan term. For Australian borrowers, it can be useful when market rates, credit history, income, expenses or loan needs have changed, but the potential benefits should always be weighed against fees, break costs and the total cost over the life of the loan. - read more
Decoding Car Loan Fees: What to Watch Out For
Decoding Car Loan Fees: What to Watch Out For
Navigating the car loan landscape in Australia can feel like a daunting task. With a vast array of options available, choosing the right car loan can significantly impact your financial well-being. Understanding the fees associated with car loans is crucial, as they play a significant role in the total cost of the loan. - read more


Need Help Finding a Loan?
Get a free car loan eligibility assessment and compare offers tailored specifically to your circumstances.

Let's help find your car loan!

Loan Amount:

Postcode:

All quotes are provided obligation-free by a participating broker from our national referral partner network. We respect your Privacy.

All finance quotes are provided free (via our secure server) and without obligation.
We respect your privacy.

Knowledgebase
Portfolio:
A range of investments held by an individual or institution.