Electric Vehicle Finance
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With potential bans on new petrol and diesel cars, electric cars are likely to become ever more popular.
If you are looking to reduce your carbon footprint, electric vehicle finance is one of the most effective ways to do this.
Electric vehicles are becoming more popular every year. And as range, charging speed and the number of chargers increases every year, the growth of electric vehicles looks likely to continue.
If you are looking to move on to an electric vehicle, finance can help you make this dream a reality. Of course, there are many things to consider before applying for electric vehicle finance.
Representative Example: Borrow £7,000 with £1,000 deposit over 48 months with a representative APR of 17.9%, monthly payment would be £171.83, with a total cost of credit of £2,247.83 and a total amount payable of £8,247.83. 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.
Our Vehicle Finance Options
Moving to Electric or Hybrid Cars
Cost of running electric cars
As with any vehicle, there are costs associated with running an electric car. You will need to consider:
Initial Costs and Deposit: While EV prices have been steadily decreasing, they still tend to be slightly higher than traditional fuel cars. If you can afford it, a deposit can help reduce monthly financial commitments.
Interest Rates and Loan Terms: Interest rates on car loans are influenced by various factors, including credit score, loan term, and the lender’s policies. Given the environmentally-friendly nature of EVs, some financial institutions offer lower interest rates or special incentives for EV buyers.
Government Incentives: There are various government schemes designed to encourage the adoption of electric vehicles. These include grants towards the cost of charging point installation.
Other costs to consider when buying an electric car
While there is help available, and electric vehicle finance can help you spread the cost of the car, there are some costs you will have to take into account when deciding if an electric car is right for you. These include:
Vehicle Price: The base price of the electric vehicle itself is a primary consideration. It includes the cost of the car, along with any additional features or packages.
Charging Infrastructure: Establishing a reliable charging infrastructure at home is paramount for electric vehicle ownership. This may involve the installation of a charging station. Even with government grants available, you will need to contribute to the charging station cost.
Insurance Premiums: Insuring an electric vehicle may entail higher premiums due to the nature of the technology. However, some insurers offer discounts for eco-friendly vehicles. Be sure to research your insurer.
Maintenance and Repairs: Electric vehicles generally have fewer moving parts than traditional vehicles, resulting in lower maintenance costs over time. However, it’s essential to budget for potential repairs or battery replacement in the long run.
Energy Costs: Charging an electric vehicle requires electricity, which is a cost to factor into your monthly budget. However, charging an electric car is generally cheaper than filling up at the pump.
While the initial costs may be higher than buying a fuel car, CarMoney can help you find the right electric vehicle finance plan for you.
Green alternatives to pure electric vehicles: hybrid cars
While electric vehicles offer the biggest reduction in your carbon footprint, they aren’t practical for everyone. This may be down to the cost, or the availability of charging points.
However, there are other options if you are looking to reduce the carbon footprint of your vehicle. CarMoney can find finance options for hybrid vehicles including:
Self-Charging Hybrids: These use the petrol engine to charge the electric battery. They can be driven on pure electric power for short distances before the engine takes over and then charges the battery.
Plug-In Hybrid: These cars can be charged using an external power source. The battery allows for longer distance travel before the petrol engine is needed.
Mild Hybrid: These cars also have both an electric battery and a petrol engine. The engine can be turned off whenever the car is coasting, braking or stopped, then quickly turned on when needed.
Whether you are looking at a hybrid car or a full-electric car, CarMoney can help you find the right finance plan for you.
At CarMoney, we will work hard to find you the best electric vehicle finance deals available.
Your application can be approved within minutes. To speed up the process even more. You should make sure you have:
Proof of Identity and Address: Standard identification documents, such as a driver’s licence or passport, along with proof of address, are necessary for any vehicle financing.
Proof of Income: Lenders typically require proof of income to assess your ability to repay the loan. This may include recent payslips or bank statements.
Insurance Information: Proof of insurance is a standard requirement for vehicle financing. This ensures that the vehicle is adequately protected.
Vehicle Details and Purchase Agreement: Information about the specific electric vehicle you intend to purchase will speed up the process.
Applying for electric vehicle finance follows much the same process as applying for finance for a traditional fuel car. And CarMoney will be able to help you get the best deal.
Frequently 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.
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