Looking to get a Lotus? Read how you can finance one today.
Lotus is a British sports manufacturer that was founded in London in 1952. Along with producing consumer sports cars, Lotus has also competed in Formula One under the Team Lotus name.
Lotus models available in Australia
Below is the range of new models of Lotus available for purchase in Australia:
- Lotus Evora
- Lotus Exige
- Lotus Elise
How much does it cost to buy and run a Lotus?
According to Redbook, the purchase prices of popular 2018 Lotus models are:
- 2018 Lotus Evora 400 Manual: $189,990
- 2018 Lotus Exige Sport 380 Manual: $154,500
- 2018 Lotus Elise Sprint 220 Manual: $97,990
According to Redbook, the 2018 Lotus Elise Sprint 220 Manual 2018 has a fuel efficiency of 7.5L/100km, followed by the Lotus Evora 400 Manual at 9.7L/100km, and the 2018 Lotus Exige Sport 380 Manual at 10.4L/100km.
The ATO currently considers a fuel-efficient car as one with a fuel consumption of less than 7L/100km, meaning none of the Lotus models available in Australia would meet that classification.
Compare car loans you can use to purchase a Lotus
Other costs to consider
- Maintenance and repairs. Like any sports car, you will be required to get regular servicing and maintenance on your Lotus to ensure it stays in good condition and to minimise the need for costly repairs.
- New car extras. You can choose to add optional extras when purchasing a new car, but these may come at significant extra cost.
- Insurance. You must purchase compulsory third party (CTP) insurance when purchasing a vehicle in Australia, but can also choose additional policies to cover you in the case of fire, theft or other damage. The cost of insurance will vary based on your driving history, age and gender.
- Stamp duty. You will have to pay stamp duty to have the vehicle transferred into your name. The cost will vary by state and territory, but you can use our vehicle stamp duty calculator to get an idea of what you will need to pay.
- Cost of finance. If you want to choose a car loan or other finance option to fund your Lotus, you should factor in the cost of the finance into the overall price of the vehicle.
What types of Lotus financing options are available?
- Secured car loan. This is a common option that requires you to use your car as security against the cost of the loan. You will generally receive a lower rate, but the lender may be able to seize ownership of the vehicle in the event you fail to repay your loan.
- Unsecured car loan. Unlike a secured car loan, you do not need to use the vehicle or other asset as security against the loan.
- Dealer finance. Some dealers may be able to act as a broker and secure financing on your behalf.
- Chattel mortgage. This is a business car loan that gives your business immediate ownership of the vehicle. You then make regular repayments to cover the cost of the car.
- Commercial hire. You can use a commercial hire agreement if you wish to lease a vehicle for your business and will generally have the ability to purchase the vehicle by making a one-off balloon payment at the end of the lease.
- Novated lease. If you're currently employed, you may be able to use your pre-tax income to cover the car lease and associated running costs. You will need an employer that agrees to organise payments directly from your pre-tax income.
Factors to consider when financing your Lotus
When looking at finance options, there are a few things you should consider. These include:
- Interest rate. The rate you receive will dictate the size of your repayments, but will vary based on the type of finance option you require.
- Loan term. Car loans generally offer terms of one to seven years, but other forms of finance, such as novated leases, may only offer shorter terms.
- Repayments. Most car finance options will require you to make regular payments over the course of the loan or lease term, but the frequency of these payments can vary between different finance options.
- Loan amount. You should always confirm a specific loan meets your borrowing needs before applying.
- Fees and charges. You may be required to pay a range of fees and charges depending on the terms of your loan or lease. These may include establishment and service fees, as well as early repayment or break cost fees if you pay off the loan early.
- Vehicle ownership. You should confirm whether a certain loan gives you ownership of the vehicle from the beginning of the loan term before applying. Some finance options may require you to make a balloon payment to take ownership at the end of the term.
What you will need to apply for a Lotus loan
Individual lenders may have certain other criteria, but you will need to meet the following to be eligible for a car loan:
- You're over 18 years old
- You're an Australian citizen or permanent resident
- You're employed and earning a stable income
You will generally also be asked to provide the following as part of your application:
- Proof of residence
- Proof of employment
- Financial information, including any debts, assets and other liabilities