Why choose an Electric Vehicle?
An electric vehicle (EV) or plug in hybrid electric vehicle (PHEV) can help reduce your carbon footprint allowing you to contribute towards building a sustainable environment.
Electric motors have fewer moving parts and do not require oil changes, new spark plugs or fuel filters. You can charge overnight and wake up to a ‘full tank’ without needing a trip to the petrol station, saving on operational costs.**
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.
Flexible loan options
- Competitive fixed EV rates
- Conditionally approved loans valid for 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
The main difference between an electric vehicle and a plug-in hybrid vehicle is the type of power source they use.
An electric vehicle (EV) is a vehicle that is powered entirely by an electric motor and battery pack. EVs do not have an internal combustion engine and do not use petrol or diesel fuel. Instead, they rely on electricity stored in the battery pack to power the motor and to move the vehicle. EVs are designed to be more environmentally friendly than traditional vehicles because they produce no tailpipe emissions and typically have a lower carbon footprint over their lifetime.
A hybrid car is a vehicle that uses two or more different power sources to move the vehicle. The most common type of hybrid car is a plug-in hybrid electric vehicle (PHEV), which combines an internal combustion engine with an electric motor. The electric motor is powered by a battery pack, which can be recharged by the internal combustion engine or through regenerative braking. Hybrid cars are designed to increase fuel efficiency and reduce emissions by using the electric motor for low-speed driving and the internal combustion engine for high-speed driving.
There are several benefits to owning an electric vehicle:
- Lower exhaust pipe emissions: EVs produce no exhaust pipe emissions, which can help reduce your carbon footprint and contribute to a cleaner environment.
- Lower operating costs: EVs typically have lower operating costs than traditional fuel-powered vehicles because they require less maintenance and have lower fuel costs.
- Better performance: EVs are often quieter and offer better acceleration and handling than conventional fuel-powered vehicles.
- Advanced technology: Many EVs now come equipped with advanced technology features, such as advanced safety features, infotainment systems, and various connectivity options.
- Future-proof: As the demand for EVs increases, the infrastructure for charging them will also improve. This means that EVs will become an increasingly practical and convenient choice for drivers in the future.
It's worth noting that the upfront cost of purchasing an EV may be higher than a conventional fuel-powered vehicle, but the long-term savings on operating costs and potential incentives can help offset this initial cost.
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
^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.