AA EV Loans
AA Member Benefit
AA Members receive a $50 establishment fee discount upon presentation of a valid AA Membership number.
Borrow up to 100%
You could be eligible to borrow up to 100% for your electric vehicle purchase.
Use for associated costs
Apply your loan towards other aspects of your EV journey, like wall chargers and installation.
Competitive rates
We offer interest rates from 9.95% p.a. with flexible loan terms from 1 to 5 years, and repayment options (weekly, fortnightly and monthly), to suit your needs.
Covers EVs and PHEVs
Flexible financing for both fully electric vehicles and plug-in hybrids.
Ready to apply?
Our car loans calculator can help steer you in the right direction. You can quickly work out how much you can borrow and what your repayments could be.
An AA Money electric vehicle loan lets you borrow money to help pay for any of the costs associated with your electric vehicle, including at home chargers. With an electric vehicle loan, you’ll be charged interest on the amount you borrow over the term of your loan. You can get a quick estimate of your interest rates and repayments on your electric vehicle loan using our loan repayment calculator.
AA Money offers flexible loan options
- Competitive fixed EV rates
- Conditionally approved loans valid of 30 days
- Borrow up to 100% for electric vehicle purchases
- Loan terms from 1 to 5 years
What can you use an Electric Vehicle loan for?
- Electric Vehicles (EVs)
- Plug in hybrid electric vehicles (PHEVs)
- Add-ons such as a home charging station
1. What are my EV options?
There are several types of cars that fall under the ‘EV’ banner:
- 100% battery-powered electric vehicles, or BEVs, for example a Tesla or a Nissan Leaf. These are charged with electricity and require no petrol or diesel.
- Non-plug-in hybrid vehicles, or HEVs, for example a Toyota Prius. These have both a battery-powered motor and an internal combustion engine (ICE) that runs on fossil fuels. The battery is powered as you drive, so it does not need to be charged with electricity. An HEV requires refuelling with petrol or diesel but needs less fuel than a standard internal combustion engine (ICE) car because the battery provides energy at low speeds and when idling.
- Plug-in hybrid vehicles, or PHEVs, for example a Mitsubishi Outlander. These have both an electric motor and an ICE engine and require both recharging the battery and refuelling at the service station. Typically, a PHEV uses the battery until it runs out, then switch to the ICE engine.
2. What is the range – and how healthy is the battery?
- Driving range is vital when choosing BEVs, and the stated range from the manufacturer won’t necessarily be achievable in real-world conditions. It will be impacted by the temperature, the type of driving you do, and other factors.
- Most newer models have range of around 300km or more, which is usually ample for city driving. However, there may be issues that mean a BEV is not the best choice for you. For example - you live rurally, drive long distances daily or have nowhere to charge your EV (for instance, you park on the street). In these cases, you might find a PHEV or HEV suits your life better.
- When buying a new EV, ask about the battery’s warranty and what servicing is provided.
- For used EVs, ask about the battery’s remaining capacity or 'state of health', which helps you know how much life is left in it. A technician will need to connect diagnostic equipment to the vehicle to give you a read-out. An EV with higher mileage but a battery in good condition may be a better choice than one with lower mileage but with its battery in poorer health.
3. What are my charging options?
BEVs and PHEVs should come with a cable that allows you to charge at a public station and at home. But not all models can be charged at all public EV stations, so always check what's available for a specific model.
A vehicle may also come with a charging cable that you can plug into a standard outlet, so you can charge your car at home without a special plug. However, this type of 'trickle' charging tends to be extremely slow, particularly on newer cars. If you are a first-time BEV or PHEV buyer, you should factor in the cost of installing a wall-mounted charger at home - which must be done by an electrician.
Frequently asked questions
Who can apply for an AA Money EV loan?
You can apply for an AA Money EV loan if you are at least 18 years of age.
You must also be a New Zealand citizen or permanent resident and hold a valid form of New Zealand identification. We will request a valid restricted or full driver’s licence if the vehicle you are purchasing requires it. Submitting an application does not constitute a quotation or offer of finance by AA Money.
What are your fees and charges for an EV loan?
You can view our fees and charges on this website.
How long will it take for a lending decision to be made on my car loan application?
Once your application is received, we aim to get back to you within one day. If you submit your application outside of our operating hours or on a public holiday, we'll get back to you as early as possible on the next business day. We may request further information from you. When we have received this, we'll get back as soon as possible to give you a final decision.
What are the terms and conditions for an EV loan with AA Money?
For a copy of our terms and conditions, please see AA Money Terms & Conditions.
These include but are not limited to the following:
- normal lending criteria will apply
- your vehicle will be required as security and it must be fully insured
- AA Money will agree a loan term from 1–5 years
What happens if I miss a car loan repayment or cannot make a car loan repayment on time?
When you sign your contract, you agree to make repayments in line with the payment schedule.
We appreciate that things may happen that affect your ability to make these payments as planned, however if you fail to make these payments on time or fail to pay you may incur additional costs and default interest. Our fees and charges are available on this website. If you continue to miss payments, we may report a default to a credit reporting agency which may impact your ability to borrow in the future. If the situation is not resolved, we may look to recover the vehicle held as security under the loan.
In the first instance we would like to help you work out a solution so please call us on 0800 600 777 or email us at [email protected]
Are there any drawbacks to buying an electric car?
Here are some things to consider when buying an electric vehicle (EV):
1. Higher upfront cost: The initial cost of purchasing an EV may be higher than that of a conventional fuel-powered vehicle. However, the long-term operating costs of an EV are typically lower due to lower fuel costs and reduced maintenance expenses.**
2. Limited driving range: Some EVs have a limited driving range on a single charge, which can be a concern for long-distance drivers. However, many newer EVs have a driving range of over 300km on a single charge, and the range of EVs is continually improving.
3. Limited charging infrastructure: The availability of charging stations may be limited in some areas, which can be a concern for drivers who do not have access to home charging. However, the number of public charging stations is growing, with fast/rapid direct current (DC) charging stations every 75kms across New Zealand state highways.
4. Environmental impact of electricity production: It's important to note that the environmental impact of an EV depends on the source of the electricity used to charge it.
Unlike many countries, New Zealand has an abundance of renewal electricity using hydro, geothermal, and wind. Around 85% of our electricity is renewal and this is expected to increase as nearly all planned future generation will be renewal. This makes the climate benefits of electrifying New Zealand's light fleet greater than most countries in the world.
How do you charge an EV?
There are several ways to charge an electric vehicle (EV):
1. Home Charging: The most convenient way to charge an EV is at home. You can use a normal 3-pin wall socket at home or use a dedicated EV charging station. These stations can be installed in your garage or driveway and are typically the fastest way to charge an EV.
2. Public Charging: There are public charging stations available in many locations across New Zealand.
3. Destination Charging: Some businesses and public facilities, such as shops, hotels and tourist attractions, offer EV charging stations for their customers. These are typically slower charges and require you to bring your own supply lead.
4. Overnight Charging: Many people charge their EVs overnight, using a dedicated EV charging station at home. This allows the EV to be fully charged and ready to go in the morning.
To charge an EV, you will need a charging cable that is compatible with your vehicle. Most EVs come with a charging cable that can be plugged into a standard household outlet. However, using a dedicated EV charging station will typically result in faster charging times.
What is the average cost for an EV?
The average cost of an electric vehicle (EV) can vary significantly depending on the specific model and features of the vehicle.
You can compare the cost of buying, running and on selling electric vehicles with hybrid, petrol or diesel alternatives using a total cost of ownership calculator.
If you drive an average of 30km a day, the cost of charging an EV is equivalent to paying 30c per litre of petrol
*Lending criteria, fees, terms and conditions apply. Actual rate will be allocated based on loan amount and AA Money credit criteria.
**Source: https://genless.govt.nz/stories/total-cost-of-ownership-evs-vs-petrol.
^Valid AA Membership must be presented upon application to receive rate discount. Establishment fee of $235, Personal Property Security Register (PPSR) fee of $10.35, and Account maintenance fee of $2/month apply. For more information on interest rates, and the total cost of borrowing, view our pricing.