The EV Loan Calculator That Includes What the Sticker Price Doesn't Tell You
Most car loan calculators stop at the repayment. This one goes further — it factors in state government EV rebates, estimated fuel savings over your loan term, and flags whether your vehicle crosses the luxury car tax threshold (which affects FBT and novated lease eligibility). You get the real number: what an EV actually costs you each month after the savings kick in.
Who this calculator is for
- First-time EV buyers wanting to understand the true cost of switching from petrol.
- Existing car owners comparing EV finance against a conventional car loan.
- Employees considering whether a novated lease or a standard EV loan makes more sense.
- High-mileage commuters who stand to gain the most from fuel cost differences.
What it calculates
- Monthly, fortnightly or weekly loan repayments on your net EV loan.
- Total interest paid over the loan term.
- State government rebate applied (where applicable) — reducing your loan principal.
- Estimated fuel savings vs an equivalent petrol vehicle over the loan term.
- Net effective monthly cost — repayment minus fuel saving.
- LCT / FBT exemption flag for novated lease eligibility.
Why it matters
Buying an EV involves more moving parts than a standard car loan. The sticker price, state rebates, charging costs, petrol price assumptions and LCT thresholds all interact — and getting any one of them wrong can make the numbers look better or worse than reality. Most buyers focus on the repayment and miss the fact that monthly fuel savings of $145–$240 effectively reduce the real cost of ownership by a meaningful margin.
Electric Vehicle Loan Calculator
Electric Vehicle Loan Calculator
Vehicle & loan
Fuel saving inputs
Monthly repayment
$690
Net loan: $36,500
Net effective monthly cost
$545
Repayment − fuel saving
Fuel saving vs petrol
LCT / FBT exemption flag
Vehicle price $45,000 is below the $91,387 fuel-efficient LCT threshold (FY2026/27). Below this threshold, eligible EVs may qualify for the federal FBT exemption when financed via novated lease.
EV vs equivalent petrol loan
Petrol comparison uses the standard new car loan benchmark of 5.66% p.a. and excludes fuel running costs.
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How this Electric Vehicle Loan Calculator works
The repayment calculation
The loan repayment uses the standard amortisation formula: each periodic payment covers accrued interest on the outstanding balance, with the remainder reducing principal. For a monthly repayment, M = P × [r(1+r)ⁿ] ÷ [(1+r)ⁿ − 1], where P is your net loan principal (purchase price minus deposit minus any applicable state rebate), r is the monthly interest rate (annual ÷ 12) and n is the total number of monthly payments. Weekly and fortnightly repayments use 52 or 26 periods per year respectively.
The fuel saving calculation
Fuel saving compares per-kilometre running cost. Petrol cost per km = (petrol price × L/100km) ÷ 100. EV cost per km = (electricity cost × kWh/100km) ÷ 100. The difference is multiplied by your annual kilometres for the annual saving, then divided by 12 for a monthly figure. At the defaults (petrol $2.00/L, 8.5 L/100km; electricity $0.30/kWh, 18 kWh/100km), the saving is $0.116 per km — or $1,740/yr at 15,000 km/yr. Over a five-year loan term, that compounds to $8,700 in avoided fuel spend.
State rebates and the LCT threshold
State rebates reduce your net purchase cost and therefore your loan principal — so the interest saving compounds across the whole term, not just the rebate dollar amount itself. Where a rebate has an eligibility ceiling (VIC's $68,740 vehicle cap, NSW's income test), the calculator prompts you to confirm eligibility. The LCT threshold check is informational: it flags whether your vehicle exceeds $91,387 (the FY2026/27 threshold for fuel-efficient vehicles), which is the relevant figure for FBT exemption eligibility on novated leases.
Honest limitations
Fuel savings are estimates. They assume constant petrol and electricity prices across the entire loan term, which will not reflect reality. Petrol prices are volatile; electricity tariffs vary by provider, state, and whether you charge at home or publicly. Your actual consumption will differ from defaults if you drive aggressively, tow frequently, or operate in extreme temperatures. Treat the fuel saving figure as a reasonable planning estimate, not a guarantee.
How to interpret your results
- Net loan amount is the principal interest is calculated on — lower is better. Applying a state rebate directly reduces this figure and saves you interest on top of the rebate dollar amount.
- Net effective monthly cost is the most useful single number. It subtracts your estimated monthly fuel saving from your loan repayment. A $993 repayment with a $193 monthly fuel saving means your real additional outlay versus keeping a paid-off petrol car is $800, not $993.
- Total fuel saving over loan term puts the saving in dollar terms directly comparable to total interest. If your total fuel saving exceeds your total interest cost, you are effectively financing the EV for free on a running-cost basis.
- LCT flag — if your vehicle is under $91,387 and qualifies as a zero or low-emission vehicle, it may be eligible for the FBT exemption under a novated lease. Significantly changes the net-of-tax cost for employees.
- Rebate eligibility note — the calculator displays the rebate for your state but cannot verify your personal eligibility (income, residency, vehicle eligibility). Confirm directly with your state revenue office or EV rebate program before factoring it into your budget.
Worked example
A $45,000 EV in VIC with a $5,000 deposit and the $3,500 VIC rebate applied gives a net loan of $36,500 at 5.09% p.a. over 5 years. Monthly repayment: $690. Monthly fuel saving at 15,000 km/yr: $145. Net effective monthly cost: $545. Total fuel saving over five years: $8,700 — more than offsetting the $4,918 in total interest paid.
How to get the best EV loan rate
- Lead with the green angle. Many lenders have specific EV or green car loan products with rates below their standard new car loan floor. Green rates currently start from 5.09% p.a. versus 5.66%+ for standard new car loans. That gap matters across a five-year term.
- Apply your state rebate before comparing loans. The rebate reduces your borrowing amount. A lender quoting a slightly higher rate on a lower principal can still result in lower total interest than a lower rate on a higher figure. Run both scenarios.
- Match the loan term to your likely ownership period. EVs depreciate differently and the technology is changing rapidly. If you expect to upgrade in 3–4 years, a shorter term avoids the risk of being underwater on a loan when you want to sell.
- Check the comparison rate, not just the headline rate. A 5.09% headline with a $600 establishment fee and $15/month account-keeping fees can cost more than a 5.5% loan with no fees on amounts below $40,000.
- Understand the novated lease alternative before committing. For employees, a novated lease on an eligible EV under the FBT exemption threshold can reduce effective borrowing costs materially through pre-tax salary packaging. It depends on your marginal tax rate, employer participation, and ownership horizon — but it should be modelled before signing a standard loan.
- Pre-approval locks your rate. Lender rates shift. Getting pre-approval for an EV loan before visiting a dealer gives you a ceiling on your finance cost and eliminates dealer-arranged finance at a higher rate.
Example Electric Vehicle Loan Calculations in Australia
The table below shows four realistic scenarios using May 2026 rate benchmarks and default fuel saving assumptions (petrol $2.00/L, 8.5 L/100km; electricity $0.30/kWh, 18 kWh/100km).
| Vehicle | State | Deposit | Rate | Term | Rebate | Net loan | Monthly | Total interest | Monthly fuel | Net eff. | LCT |
|---|---|---|---|---|---|---|---|---|---|---|---|
| $45,000 EV | VIC | $5,000 | 5.09% | 5 yr | $3,500 ✓ | $36,500 | $690 | $4,918 | $145 | $545 | Below |
| $65,000 EV | NSW | $10,000 | 5.49% | 5 yr | $3,000† | $52,000 | $993 | $7,581 | $193 | $800 | Below |
| $85,000 EV | QLD | $15,000 | 5.99% | 7 yr | None | $70,000 | $1,022 | $15,870 | $242 | $780 | Below |
| $38,000 EV | ACT | $5,000 | 5.09% | 4 yr | $0 stamp duty‡ | $33,000 | $761 | $3,543 | $116 | $645 | Below |
† NSW rebate: the NSW Government EV rebate scheme has been significantly wound back and may no longer be available. Verify current status at Service NSW before including in your budget.
‡ ACT stamp duty: ACT charges $0 stamp duty on new EVs. For a $38,000 vehicle, standard stamp duty would be approximately $1,200 — this is a saving at point of purchase rather than a direct reduction to the loan principal.
Assumptions
- Petrol price: $2.00/L; electricity: $0.30/kWh.
- Petrol consumption: 8.5 L/100km; EV consumption: 18 kWh/100km.
- Repayments are monthly; no establishment or ongoing fees included.
- Figures are illustrative — your rate, repayments and savings will differ.
You might also use
- Car Loan Repayment Calculator — model repayments at any rate, term and amount →
- Borrowing Power Calculator — your realistic borrowing capacity for a car loan →
- Comparison Rate Calculator — see the true cost once fees are folded in →
- Novated Lease Calculator — model salary packaging vs a standard car loan →
- Trade-In Equity Calculator — net finance amount after your trade-in →
- Refinance Calculator — break-even and total savings from switching car loan →
Calculator assumptions
This calculator produces estimates based on the inputs you provide and the assumptions listed above. Loan repayment figures use standard amortisation — they assume a fixed interest rate for the full loan term, which reflects most EV car loan products in Australia as at May 2026. Variable-rate products will produce different outcomes if rates move. Fuel saving estimates are based on constant petrol and electricity prices, steady annual kilometres, and the consumption figures you enter. Real-world results will vary. Electricity prices in particular vary significantly depending on your state, retailer, tariff structure, and proportion of home versus public charging. State government rebate eligibility depends on vehicle price, your income, residency, and program availability — state schemes have changed frequently and will continue to do so. Always verify current rebate availability with your state government before relying on it in your calculations. Nothing in this calculator constitutes financial advice. All figures in AUD. LoanGorilla compares car loans from 40+ Australian lenders. Reviewed by the LoanGorilla editorial team — last updated May 2026.