Calculate your EV loan with Pepper Money

Loan amount
Loan term
10.82%
Per month
Pros
  • Flexible loan options
  • Competitive interest rates
  • Exclusive perks for EV buyers
Cons
  • Fees associated with loans
  • Eligibility restrictions
  • Higher interest rates for riskier profiles

What we love about Pepper Money

Pepper Money is a prominent non-bank lender in Australia, offering a range of financing solutions, including specialized Electric Vehicle (EV) loans. Here’s why we appreciate Pepper Money for EV financing:

  1. Expertise in EV Financing: Pepper Money has been a pioneer in EV financing in Australia, financing 11% of all EVs sold in 2021. ​
  2. Comprehensive Loan Options: They offer loans for various vehicle types, including new, used, and demo EVs, with financing amounts up to $300,000 and loan terms ranging from 1 to 7 years.
  3. Flexible Repayment Structures: Pepper Money provides flexible repayment options, including monthly payments via direct debit and the possibility to include balloon payments, offering customers the ability to tailor their loan to their financial situation.
  4. Additional Perks for EV Customers: In partnership with Evie Networks, Pepper Money offers eligible EV financing customers 12 months of free public charging, equating to approximately 10,000 to 15,000 km of driving range.

Other deal sweeteners and perks

In addition to their core strengths, Pepper Money’s EV finance options offer several attractive incentives:

  1. Award-Winning EV Loans: Pepper Money’s EV loans have been recognized with Canstar’s Green Excellence Award, highlighting their commitment to promoting sustainable transportation options.
  2. Seamless Application Process: The application process is streamlined, with quick turnaround times, often providing decisions by the next business day, making it convenient for customers to secure EV financing.
  3. Competitive Interest Rates: Pepper Money offers fixed interest rates starting from 8.99% p.a. (9.60% comparison rate), providing stability and predictability in repayments for EV buyers.

What’s not so great

While Pepper Money’s EV finance options have numerous advantages, it’s important to consider potential drawbacks:

  1. Establishment and Ongoing Fees: There are fees associated with the loans, including a loan establishment fee of $474, an account administration fee of $8.90 per month, and a security registration fee of $6, which customers should be aware of when considering their financing options.
  2. Eligibility Criteria: Pepper Money has specific eligibility requirements, such as being an Australian citizen, permanent resident, or holding a relevant work visa, and being currently employed (full-time, part-time, or casual for more than six months), which may limit access for some applicants.

Overall Rating

Pepper Money’s Electric Vehicle finance options are a compelling choice for individuals seeking specialized and flexible financing solutions. Their expertise in vehicle finance, extensive loan options, and commitment to sustainability make them a top contender in the EV financing space. However, potential customers should be mindful of establishment and ongoing fees, as well as eligibility criteria when considering their financing options.