Tips to Find an Affordable Electric Car Loan in Ontario [2023]

Tips to Find an Affordable Electric Car Loan in Ontario [2023]

Posted on May 23, 2022

Ontarians who are tired of being gouged at the gas pump should consider making the jump to an all-electric.

There are many options out there aside from Tesla, and you stand to save a tremendous amount of money in the process and find an affordable electric car loan in Ontario. Stick with us till the end of the conversation, and you will be able to find an amazing deal.

Making dollars and sense out of EVs

EVs are not new; carmakers produced electric cars in the early days of the mass-produced automobile, but batteries were not able to hold enough energy to compete with petroleum, but that is no longer the case.

The modern lithium-ion battery that powers your cell phone, laptop, and EVs are able to hold a considerable amount of energy without posing an undue risk to the driver or environment.

The average vehicle will hold 40L-50L of fuel at $2.00 per litre, you are spending around $100 to full a tank, and those costs are only going to increase, especially as the altercation in Ukraine continues.

Along with the rising fuel costs, the maintenance costs of a conventional car compared to an all-electric is the difference of day and night.

The EV has no moving parts aside from the braking system, so you will need to change your windshield wipers, tires, and cabin filters. Compare that to the maintenance schedule of your car, and it becomes obvious that the EV is a better choice.

Prices are competitive

Prices on EVs are competitive, and as carmakers retool to produce more of these vehicles, the prices are going to come down.

Demand for used cars is high, so you could sell your existing internal combustion engine for a premium and use the proceeds of that sale to put towards the purchase or a new EV.

There is no resale market at the moment for EVs, so your only option is to buy new, and frankly, new is always the best way to go with vehicles unless you are on a tight budget.

Do you have a defined budget?

The median price for your average EV is in the range of $40,000-$50,000, so you should bear that in mind when you are shopping for an affordable electric car loan in Ontario. With an 84-month term, your monthly payments could be in the range of $500-$800, depending on the interest rate and other incidental expenses.

The battery inside the EV will easily last 10-years, if not longer, depending on how you use the vehicle, so you don’t have to worry about what to do with the car after you have paid off the loan in full.

Where to get the most competitive car loans for your EV

The automobile finance market in Canada is very competitive, but the EV market is still in its relative infancy, which creates opportunities for buyers like you.

Since there is a limited number of potential buyers of EVs, lenders are going to do whatever it takes to gain market share because the EV market is here to stay.

With this knowledge, you should head over to your local EV dealership, and test drive the EV best suited for your needs and budget.

We’d love to help you find an affordable electric car loan in Ontario. Simply fill in the form below and we’ll get back to you ASAP or see our selection of used cars at our Burlington dealership. 

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