Electric Car Loan Demand Skyrockets 90% in Response to Fuel Crisis: A Green Shift in Transportation

Australians are increasingly considering abandoning their petrol vehicles, as recent data highlights a striking 90 percent increase in electric vehicle loan applications over the past month.

Amid diesel prices soaring beyond $3 per liter and unleaded fuel costing approximately $2.20 in major urban areas, drivers are reassessing their dependency on fluctuating fuel prices and supply uncertainties.

MONEYME, a non-bank lender, reports that applications for its Autopay electric vehicle loans nearly doubled between February and March 2026.

This trend is not merely a monthly anomaly, as demand for electric vehicles has surged by an impressive 270 percent compared to the previous year.

Conversely, interest in traditional fuel-only vehicles has sharply declined, with applications dropping 22 percent just in the past month.

“What is notable is the speed of change,” Clayton Howes, CEO of MONEYME said. 

“A 90 per cent increase in a single month indicates that external shocks, including fuel shortages and price spikes, are accelerating decisions that may otherwise have taken years.”

Demand for hybrid vehicles has also risen with the fin-tech lender, climbing 44 per cent year-on-year, and 9 per cent in the last month.

According to the carsales data, 55 per cent of Australians would now consider purchasing an EV—a massive jump from the 35 per cent recorded only last November. 

“Australians are responding directly to fuel price volatility and supply uncertainty,” Howes added. “Access to finance is becoming a key enabler as more Australians move to secure vehicles that reduce their exposure to fuel price risk.”

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