Electric Vehicle Car Finance

  • Cheaper to run
  • £0 on road tax
  • 100% Environmentally friendly
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The Greener Way Forward

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 Electric Vehicles

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

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

Fuel Costs

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!

The main types of electric vehicles

Battery Electric Vehicle

Battery Electric Vehicle

Instead of a traditional engine, BEVs (also known as EVs) run on a battery pack and electric motor, which is charged either at home or on a public charger. Most modern EVs have a range of around 200 miles, making range anxiety a thing of the past.

Plug-in Hybrid

Plug-in Hybrid

A plug-in hybrid electric vehicle is a hybrid electric vehicle whose battery pack can be recharged by plugging a charging cable into an external electric power source, in addition to internally by its on-board internal combustion engine-powered generator.

Self-charging Hybrid

Self-charging Hybrid

Mild hybrids are generally cars with an internal combustion engine equipped with an electric machine allowing the engine to be turned off whenever the car is coasting, braking, or stopped, yet restart quickly.

Mild Hybrid

Mild Hybrid

Instead of a traditional engine, BEVs (also known as EVs) run on a battery pack and electric motor, which is charged either at home or on a public charger. Most modern EVs have a range of around 200 miles, making range anxiety a thing of the past.

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%!

Further to that, CarMoney has partnered with electric vehicle specialist, Zoom EV, to make choosing an electric vehicle easier and more attractive to customers. We want to make your transition to driving an electric car as seamless as possible, so we’ve partnered with Zoom EV to connect you to the key services that you will need to run
your EV easily and save you money. All EV customers will be eligible for the benefits pack. 

Here is CarMoney's monthly price comparison (prices in PCP) between a 1-year-old Tesla Model 3 (left) and the petrol BMW X3 (right):

Tesla Model 3: All-electric BMW X3: Diesel
Monthly Fuel Costs (per 1,000 miles) £41 £201
Tax (per month) £0 £40.80
Value loss (1st 3 years) 56% 51%
Range (Miles) 278 480
Servicing £140 (Every 10K miles) £520 (Every 10K miles)
Price per Month (Ave PCP) £780 £815
Overall Monthly Costs £821.00 £1056.80

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.
  • 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 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.

Electric Vehicle Finance Calculator

Meet the electric specialists

Founded in 2016, CarMoney was started with the aim of helping to make car buying more affordable for more people. With that in mind, we have been focused, with the help of our tamed ninja, Nikki, on getting customers the best deal on their car finance and making the whole process as simple as possible.

Over the following years, we have grown CarMoney from a start-up to a profitable small business that now has a team of over 100 people! With a diverse range of roles from sales and enquiry management to marketing and accounting, CarMoney is a vibrant and exciting place to work with plenty of scope to grow, learn new skills and accomplish your career goals.

CarMoney has huge ambition to grow and we’ve got the management team, the plan and the backing to make this happen. We’re on a mission to make sure everyone in the UK has access to the best finance rates whether they have already found a car and want to compare finance quotes or whether they have just started the search for a new car and they want to use our car search ‘concierge’ service.

Any electric questions?

Are there any restrictions on which car I can buy?

There are not any restrictions that we have in place, only that the vehicle comes from a reputable dealership. Some lenders may choose not to offer finance if a car is very old and has upwards of 100K miles on the clock. 

Can I part-exchange my current car?

A common question we get asked! The answer to this question is yes and it doesn't matter whether you have a car on Hire Purchase (HP) or Personal Contract Purchase (PCP), the process is simple. There are a few steps you will need to take in order to do this:

Get a settlement figure from your current lender. Then, find out the value of your car with any valuation tool. All you will need is your registration. Next, time for a tiny bit of maths, subtract the settlement figure from your car's valuation price. This will equal the amount of equity available in your car. If you have a positive figure, great news! You can use this amount of money as a part exchange for your next car. However, if the figure is negative, you'll need to pay that amount of money on top of your new car's price. 

Read more on the subject - Selling a Car that is on Finance | CarMoney

Do you offer Car Finance for motorbikes or vans?

The short answer is yes! We provide finance for all types of vehicles. If you are in the market for a work van or a weekend rider, we can help!

Can I use your Car Finance to buy a car for business purposes?

Absolutely! Van finance allows businesses to afford a newer vehicle that they normally could with just cash. Some businesses may even require multiple vehicles and financing also makes this possible.

What paperwork will I need?

You will need a few things to hand when completing an application:

Licence: You will need to at least have a provisional/full UK licence on hand in order to make an application. 
Employment status: If you are employed, you will be required to submit payslips from the last 3 months (sometimes more depending on the lender).
Residency: You will need to have proof of address, some kind of utility bill, or a formal document that has your name and address on it. Make sure you send the entire doc, not just the address.
Passport: You will need a form of photo ID that isn’t a driver's licence, usually a passport.

Is car insurance included as part of Car Finance?

Unfortunately, car insurance does not come included with most finance packages. But we at CarMoney have some brilliant partners we could refer you to, usually at a lower rate too! 

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