Electric car finance
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What to consider before buying an electric car on finance
Looking after our environment is becoming an ever-growing global concern. The UK Government has even brought forward their ban on new petrol, diesel and hybrid cars to 2035. This makes electric car finance even more attractive. But what should you consider before you buy an electric car on finance?
BENEFITS
- No tax payable on electric cars under £40,000
- No need to worry about changing petrol prices
- Zero emissions
CONSIDERATIONS
- Initial cost is generally higher
- You may need a charging point installed
Representative Example: Borrow £6,000 with £1,000 deposit over 48 months with a representative APR of 18.8%, monthly payment would be £174.22, with a total cost of credit of £2,362.56 and a total amount payable of £9,362.56. CarMoney Limited can introduce you to a limited number of finance providers based on your credit rating and we will receive a commission for such introductions this can either be a % of the amount borrowed or a flat fee. This does not influence the interest rate you’re offered in any way. CarMoney is a broker not a lender.
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Choosing and Financing an Electric Car
Electric Cars Pricing
When looking for electric car finance, remember that they are slightly more expensive to buy than their combustion cousins. But that doesn’t mean you can’t have the best EV available to you! There are plenty of affordable, good quality EVs that will keep you happy.
Let CarMoney find you some brilliant electric car finance deals!
Fuel Costs
Well, keeping it short, there is none!
There is a network of free charging stations at supermarkets and car dealerships. Most local councils will have the details of free charging points in your area.
There is also a Government electric car grant which is called the Electric Vehicle Homecharge Scheme (EVHS), which contributes up to 75% towards the cost of buying and installing an electric charger at home!
The main types of electric vehicles
When choosing electric car finance, the first thing you should decide is what type of electric vehicle you want. The main types of electric vehicles are:
- Battery Powered: These are fully electric powered, and will need to be charged at a charging point.
- Plug-in Hybrid: This has both an electric battery and a fuel engine. The petrol engine will kick in for longer journeys.
- Self-charging Hybrid: This also features both a battery and petrol engine. Braking helps to charge the electric battery
Mild Hybrid: The engine in a mild hybrid can be switched off when braking, parked or coasting, when the battery will take over.
Electric Vehicle Finance
CarMoney can help you find the best deals on electric car finance.
We have also partnered with electric vehicle specialist, Zoom EV, to make choosing an electric vehicle easier and more attractive to customers. Zoom EV can connect you to the key services that you will need to runyour EV easily and save you money. All EV customers will be eligible for the benefits pack.
When it comes to electric car finance, the process is exactly the same as when buying a petrol car. It is important to remember that, at the moment at least, EVs are usually more expensive than their combustion counterparts. This will mean higher monthly payments, but there are also government grants available when purchasing an EV, so make sure and do your research! You could be missing out on FREE money!
Electric Van Finance
Electric vans arguably have more benefits than electric cars! Not only do van drivers need something cheap to run but they also need something versatile and comfortable doing long miles. Here are reasons to choose electric van finance for your business:
- Savings on running costs – in London particularly, electric vans are given a ‘greener vehicle discount’ on the London congestion charge.
- Lower fuel costs as electricity is a lot cheaper by the mile – the Nissan electric van, E-NV200, costs just 2p-per-mile to charge!
- Fewer costs – Zero-emission vans are currently only liable to pay 60% of the full van benefit charge.
Improving ranges – Electric vehicles are now getting heavy investment from almost every manufacturer, meaning the technology is quickly improving!
Hybrid Car Finance
Still not convinced? Why not make the first step towards greener transport with a hybrid car? Not only are they more affordable than all-electric cars, but they have been around longer and combine the power of combustion and the science of EVs to create, essentially, a cleaner combustion car!
What are hybrid cars? There are 3 different types of Hybrid cars:
- Parallel Hybrid Cars: These are the most common type of hybrid, and the Toyota Prius is the most widely known example.
- Range Extender Hybrids: These only use their conventional engine to produce electricity for a generator that recharges the batteries.
- Plug-In Hybrids: As the name implies, this type of hybrid can be plugged into an electric outlet to recharge their batteries, as well as being charged on the move.
CarMoney has provided hybrid car finance to thousands of happy customers! There are many great hybrid cars on the market, and you can still benefit from most of the advantages of electric car finance. Even if you have a poor credit score, we can still help you get Bad Credit Car Finance.
Get a no obligation quote from CarMoney today.
Frequent Asked Questions
How to Finance an electric car
When seeking to finance an electric car, it is crucial to conduct thorough research, obtain pre-approval, evaluate the possibility of a down payment, explore options from different lenders, inquire about potential discounts, ensure you have the necessary documentation prepared, and carefully consider both the type of finance and the length of the loan term that best align with your requirements.
What is Electric Vehicles Finance?
EV Finance is specialised car finance for electric vehicles (EVs). This type of financing enables the cost of an EV to be spread out over an extended period, increasing affordability. It is important to assess your circumstances and compare different offers before deciding.
Eco-Mobility, Affordable Financing
Our competitive and flexible electric car finance options make it easy to enjoy clean and sustainable driving without overspending.
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