Record Surge in Electric Vehicle Loan Applications in Australia

According to MONEYME's data, applications for their Autopay loans for fully electric vehicles rose by 90% between February and March 2026. Year-on-year, EV loan applications have skyrocketed by 270%, while hybrid vehicle applications increased by 44% over the same period. In contrast, loan applications for petrol-only vehicles declined by 12% year-on-year.

Clayton Howes, CEO of MONEYME, attributes this trend to Australians' response to fuel price volatility and supply uncertainties. He notes that the rapid increase in EV financing reflects a structural shift in purchasing behaviour, with consumers prioritising long-term vehicle cost savings and environmental considerations.

This data aligns with broader market trends. The Australian Automotive Dealer Association (AADA) reported that battery electric vehicle sales reached 15,839 units in March 2026, accounting for 12% of total new vehicle sales for the year. This represents a 42% month-on-month and 92% year-on-year increase, highlighting the accelerating adoption of electric vehicles in Australia.

For prospective car buyers, these trends suggest a growing availability of financing options for electric vehicles. As the market continues to evolve, consumers are encouraged to explore various loan products and consider the long-term benefits of transitioning to electric vehicles, including potential savings on fuel and maintenance costs.