Representative Example: Borrow £7,000 with £1,000 deposit over 48 months with a representative APR of 15.9%, monthly payment would be £166.52, with a total cost of credit of £1,992.92 and a total amount payable of £7,992.92.
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Electric Vehicle Car Finance
Pros & Cons of Electric Cars
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. Making Electric car finance even more popular. But what are the positives and negatives that come with electric car ownership?
Advantages of EVs:
- MUCH cheaper to run
- NO tax payable on EVs under £40,000
- No need to worry about fuel prices
- They produce 0 emissions!
- Acceleration is vastly improved
Disadvantages of EVs:
- More costly to buy
- Lose value faster
- Public charging network not quite up to standard yet
- The range is usually poorer than combustion counterparts
- Charging times can be long
An electric vehicle (EV) is powered purely by a battery. You charge it by plugging it into a charging point, either at home, which you’ll need to install - government grants could also be available for this - or a publicly available point typically found at places of work, supermarkets and some garages or motorway service stations.
Why not get all the facts, with our very useful article on EVs: A World of Electric Power - A Decade Away
Electric Cars Pricing
They may be 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 and comfortable going from A to B. Let CarMoney find you some brilliant electric car finance deals! We have 3 of the cheapest options on the market:
- Skoda Citigo- e starting at £20,400
- Smart EQ ForFour starting at £20,785
- Seat Mii starting at £22,800
Well, keeping it short, there is none! The standard charging time for a Nissan Leaf is around 6 hours. This will cost £5.60 every 140 miles, provided that the energy price you pay at home is 14 pence per kilowatt an hour, giving you a cost of 4.1p per mile! Compare that to a conventional car and you are saving 10.1 pence per mile. That is a pretty good saving if you ask us!
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!
Electric Vehicle Finance
With the change that is sweeping across the nation and the world, along with the investment from manufacturers into electric power, no wonder people are making the switch! Furthermore, they make more sense than combustion cars and they are easier and cheaper to maintain!
For example, the Nissan Leaf (the UK’s bestselling EV) costs just under £1,200 to maintain over 3 years. This compared to a standard VW Golf 1.0 at £1,429 over the same time period results in a saving of nearly 20%!
Here is CarMoney's comparison between the all-electric BMW i3 (left) and the petrol BMW 318i:
|Fuel||3.7p per mile||14.2p per mile|
|Value loss (1st 3 years)||56%||51%|
|Insurance||Varies, usually slightly more||" usually slightly less|
When it comes to financing the vehicle, nothing changes. Electric cars are treated the same way as any other 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 some of our reasons for buying an electric van 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!
Why not have a read of our article all about electric vans: Best Electric Vans 2020 | CarMoney
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.
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 financed thousands of hybrid cars for 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. It’s important to take the time to see which environmentally friendly car suits your lifestyle best. Or, we can help find one to suit your life and needs at the right budget!