Securing the best possible BYD finance with low interest rates may assist buyers in further improving their lifecycle savings from their EV. The car loan interest rate is a key determinant of the overall cost of buying a car. While many buyers will focus on how the rate determines their monthly payments, a significant figure many may overlook is the total interest accrued over the full term of the loan. This is a key figure in determining the total finance cost and the total cost of buying that vehicle.
Many buyers are drawn to EVs to support the environment, but also for the lower fuel and maintenance costs that ownership can deliver. If considering buying an EV from the BYD range, ensure you obtain your lowest possible rate for the best loan possible. We explain how buyers can do that, with a quick update on the EV market.
EV Market Trending Up
Driven by the NVES (National Vehicle Emissions Standards) and the fuel crisis, sales of electric vehicles have increased significantly in the past few months. Australia was seen as somewhat of a ‘slow adopter’ of low-emission vehicles, especially battery electric models. The main reasons were generally considered to be the lack of charging infrastructure and longer distances travelled compared with, say, Europe.
But the scenario has been changing. So much so that an electric vehicle topped the new vehicle sales for the month of May, and one of the largest EV manufacturers has just delivered a massive shipment of vehicles to Australian shores.
According to the FCAI for May this year, battery electric models were 20% of total new car sales. A record! When PHEVs and hybrids are also included in the category, that percentage jumps to over 46%. In another record, an EV, the Tesla Y, was also the top-selling model for the month.
Another sign of the surge in EV interest and sales was the arrival in Melbourne of a BYD-owned ship. The BYD Zengzhou is purpose-built for carrying cars, delivering 5,000 new vehicles for the Australian market.
The branded vessel and the large shipment attracted plenty of interest – was it a PR exercise, a fast response to growing demand from the fuel crisis, or a sign of the brand’s support for the EV market? The company reportedly confirmed that the shipment was in response to the spike in demand for EVs as a result of the Middle East fuel crisis.
The ship’s arrival attracted a lot of attention, as is the brand itself among buyers. BYD came in second to Toyota in best-selling brands for May. With affordable pricing and EV and PHEV models from the small city Atto 1 through to the Shark 6 ute, could a BYD be your next drive?
BYD Finance Options
This Chinese car manufacturer is clearly finding its mark with Australian buyers. Models are available to suit both business and private buyers. Buyers can finance EVs with the same loan types as those used to fund diesel and petrol vehicles.
The most popular new car loan for private buyers is the Secured Car Loan. Business buyers have their choice of a Lease, Chattel Mortgage or Commercial Hire Purchase. All are secured-format loans with the vehicle used as the loan collateral and are arranged with fixed rates, fixed terms and fixed payments.
Where charging equipment is ordered and included on the dealer invoice, the cost may be included in the vehicle loan. Check with our brokers if this would be allowed with your specific purchase.
Getting Best Rates on BYD Finance
The affordable pricing of models from this Chinese manufacturer can make moving to an EV within the reach of many car owners. The lifecycle savings with EVs could be another reason to make the switch. To further add to those savings and ensure their EV purchase represents the best value possible, buyers will want the lowest possible interest rate loan.
Using a specialist motor vehicle finance broker provides buyers with a quick, professional and efficient service for covering many lenders to find the best possible rates without impacting their credit score. Our brokers quickly cover off on our 80+ lender base to match buyer profiles with lenders, securing the lowest possible rate for their financing.
A lower rate means less interest accrued over the term of the loan and that means less overall cost for the vehicle than with a higher rate.
Our brokers will also advise customers on how they may improve their prospects of being offered a better rate. This may include reducing the amount required for the loan by making a larger deposit. Lenders can offer better rates with lower loan-to-vehicle value applications.
Get Pre-approved BYD Finance
With demand for EVs on the rise, buyers may need to be quick to secure the make and model of their choice. If you’re keen to take delivery of one of the vehicles on the latest BYD shipment when they arrive in dealerships, consider applying for financing now.
Pre-approved financing gives buyers their approved loan limit and the confidence to order their vehicle.
Contact a Jade Car Loans broker on 1300 000 003 for affordable BYD finance to add further value to your vehicle purchase.
DISCLAIMER: IN REGARD TO MISREPRESENTATIONS AND ERRORS CONTAINED IN THE MATERIAL AS PRESENTED, LIABILITY IS NOT ACCEPTED. THE DETAILS AND CONTENT ARE PROVIDED FOR CAR BUYERS AND INDIVIDUALS AND BUSINESSES SEEKING FINANCE PURELY AS GENERAL INFORMATION. THIS IS NOT PROVIDED AS THE ONLY SOURCE OF FINANCIAL INFORMATION. ANYONE WHO CONSIDERS THAT THEY NEED FINANCIAL ADVICE ABOUT THEIR SPECIFIC REQUIREMENTS SHOULD SEEK THEIR OWN FINANCIAL ADVISOR.
