Electric Vehicle Finance

What is Electric Car Finance?

Thinking of switching to an electric car? You're not alone! With more people considering electric car finance in the UK, there are now a wide range of options available. Electric vehicle finance is a way of spreading the cost of your EV, rather than paying the full amount upfront. Your monthly payments, flexibility, and whether you own the car at the end will depend on the finance agreement you choose.

Some popular types of EV car finance are:

  • Hire Purchase (HP): Pay monthly instalments until the cost of the vehicle, plus interest, is covered. You will own the car at the end.
  • Personal Contract Purchase (PCP): Typically smaller monthly payments, with the option to buy, return, or part-exchange your EV at the end.
  • Leasing: Monthly payments to rent the car for a fixed period, returning it at the end of your term.
  • Personal Loan: Borrow money to pay for the car outright, then repay in installments over time.
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How does Electric Vehicle (EV) Finance work?

Getting a handle on how EV car finance works is key before you make any choices. The process is simple:

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Choose your vehicle

Select an electric vehicle from a reputable dealership.

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Deposit payment

Some lenders may require an initial deposit.

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Sign and collect

Arrange to collect your electric vehicle.

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Drive away

It's new car day! Drive away in your new EV.

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What to Consider When Applying for an Electric Car Loan

It's important to weigh up the pros and cons of financing an electric car and find the right fit for your personal circumstances and budget. Here are some key points to think about:

Advantages of an Electric Car

  • Potential savings on running costs.
  • Environmental benefits.
  • Government incentives (for certain models).
  • Access to low-emission zones.

Disadvantages of an Electric Car

  • Usually higher initial price than diesel or petrol cars.
  • Charging considerations.
  • Driving range or mileage limits.
  • Resale value can be uncertain.
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Apply For Electric Vehicle Finance

Ready to explore your electric vehicle finance options? Apply for finance today, and we'll see if we can match you with one of our trusted lenders. All finance is subject to status, and lender terms and conditions apply.

Our team is available to answer any questions you might have about the application process. For more loan-specific information, your lender should have the answers you need.

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Apply now Rates from 9.9% APR. Representative APR 24.9%. Autodosh is a credit broker, not a lender.