Electric car loans surge 90 percent in one month

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Rising fuel prices are pushing more Australians to consider electric vehicles, with new data showing a sharp increase in demand.

Non-bank lender MONEYME reports a 90% jump in electric vehicle (EV) loan applications between February and March 2026. Over the past year, EV demand has surged by 270%.

The shift comes as fuel prices continue to climb. Petrol costs have risen by around 30% since late February, linked to supply disruptions following tensions in the Middle East affecting routes through the Strait of Hormuz. Diesel prices have passed $3 per litre, while unleaded fuel is sitting near $2.20 in major cities.

At the same time, interest in traditional petrol-only cars is dropping. Loan demand for these vehicles fell 22% in just one month.

Hybrid vehicles are also gaining attention, with demand up 44% year-on-year and 9% over the past month.

Data from carsales.com.au shows online searches for EVs tripled in March compared to late February. More than half of Australians (55%) now say they would consider buying an EV, up from 35% just a few months ago.

Experts say the rapid change highlights how rising fuel costs and uncertainty are accelerating the shift toward electric and hybrid vehicles.

Source : 9News

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