Key highlights
- One application compared across 80+ banks and non-bank lenders
- Electric utes, vans and cars are all financeable
- Charging equipment can sometimes be bundled into the facility
- EV-specific tax treatment worth confirming with your accountant
A finance broker for electric business vehicles arranges funding for EVs, from electric utes and vans to cars, by comparing many lenders on one application and structuring the deal around your ABN and cash flow. At Overdrive, Simon Kendrick compares 80+ banks and non-bank lenders, and can help you fund charging infrastructure alongside the vehicle. This guide covers how EV finance works, the tax angles worth checking, and how to settle efficiently.
Financing an electric business vehicle
Electric vehicles are financed much like any business vehicle: written to your ABN, secured by the vehicle, and structured for tax and cash flow. What differs is the shape of the cost, with a higher purchase price often offset by lower running costs over time, plus some EV-specific tax rules worth checking closely. A broker who compares the whole market helps here, because lenders still vary in how they price and value EVs. Overdrive compares 80+ banks and non-bank lenders on one application so your EV is funded on terms that reflect its real value rather than a cautious guess from a single bank still finding its feet with electric vehicles.
The tax angle is worth a close look
Electric business vehicles can attract specific tax treatment, and rules such as fringe benefits tax exemptions for eligible electric cars under a threshold have applied in recent years, though eligibility and thresholds change and depend on the vehicle and how it is provided. Under a chattel mortgage you may also claim depreciation, interest and often the GST, based on your business use percentage. Because the EV rules are specific and shifting, treat all of this as general information only and confirm the current position with your accountant before you rely on any benefit or build it into the numbers for the purchase.
Charging and infrastructure
An electric business vehicle often needs a charger, and sometimes an upgrade to your site's power supply as well. In some cases the cost of charging equipment can be bundled into the finance alongside the vehicle, so you fund a ready-to-run setup in one facility rather than paying separately out of pocket. Not every lender allows this and limits apply, so raise it early in the conversation. A broker knows which funders will finance the vehicle plus its charging kit, which really matters when the charger is essential to actually putting the EV to work rather than an optional extra you can defer.
How EV finance is structured
Most electric business vehicles are financed with a chattel mortgage, where your business owns the EV and the lender holds security over it. Finance lease and commercial hire purchase are alternatives, and a lease with a set residual can suit those cautious about future EV resale values. Because the used-EV market is still maturing, residual and balloon settings deserve careful thought rather than a default figure. A broker models these options so you are not exposed to an unrealistic end-of-term amount, and confirms the accounting fit with your accountant before you commit to a structure or a term for the vehicle.
Rates, terms and settlement
EV finance rates start from around 6.55% p.a. for strong, asset-backed deals; lower-doc applications, cheaper or older vehicles and weaker credit are priced higher, and figures are indicative and subject to lender assessment. Terms usually run one to seven years. Same-day pre-approval and 24 to 48 hour settlement may be available for eligible applicants, subject to lender criteria. Because Overdrive routes your file to a lender comfortable with EVs and likely to move quickly, you avoid the delays of applying to a bank that is still cautious about electric vehicles and unsure how to value them properly.
Going electric for the business? Talk to Simon Kendrick at Overdrive for a free, no-obligation quote. One application, 80+ lenders compared, charging kit funded where possible, and realistic residuals set with your accountant in mind. Get an EV deal that reflects the vehicle's real value, not a cautious guess. Get your free quote today.
Frequently Asked Questions
Are there tax benefits for electric business vehicles?
There can be. Rules such as FBT exemptions for eligible electric cars under a threshold have applied recently, and you may claim depreciation, interest and GST based on business use. Eligibility and thresholds change, so this is general information only and your accountant can confirm what currently applies to your particular vehicle.
Can I finance an electric ute or van?
Yes. Electric utes, vans and cars are all financeable against your ABN, and the vehicle secures the loan. A broker compares 80+ lenders to match your EV to a funder that prices electric vehicles fairly, since appetite and valuation for EVs still vary noticeably across the market today.
Can charging equipment be included in the finance?
Sometimes. Chargers and related equipment can occasionally be bundled into the one facility so you fund a ready-to-run setup, though limits apply and not every lender allows it. Raise it early, and a broker will match you to a lender that finances the vehicle plus its charging kit where it is possible.
Should I use a balloon on an EV?
A balloon or residual lowers monthly repayments but leaves an amount owing at term end, and the still-maturing used-EV market makes that figure worth careful thought. A broker models realistic settings so you are not left exposed at the end. Confirm the accounting treatment with your accountant before deciding on it.
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