Looking for an electric car finance deal?
If you’re ready to make the greener choice and are looking for a simple way of spreading the cost over monthly payments, then we are here to help. We’ve made getting a car loan for an electric vehicle super simple so that we can all make the step towards looking after our planet. Don’t listen to the electric car myths, EVs are a great way to reduce your carbon footprint and lower your running costs.
With car manufacturers rapidly moving to an all-electric line-up the choice for EV’s has never been better. As we look to make more environmentally friendly decisions the new electric market has never been more popular. It’s not just new cars either, used EVs are a great alternative for a more affordable option.
Electric car finance is very similar to a standard car loan except for the vehicle you’re after is fully electric. Not all providers currently offer finance on EV’s but here at UK Car Finance, we’ve ensured that we have options available to you on our lending panel.
With us, you can get an electric car on either a Hire Purchase or Lease Purchase deal, to be eligible for the current packages the electric car must meet the following criteria:
Hire Purchase and Lease Purchase
Max Loan Value
Maximum age of vehicle at start of agreement
3 years old
Maximum age of vehicle at end of agreement
8 years old
Between 24 – 60 months
Criteria for applying for an EV car loan
Electric car finance is very similar to a standard car loan except for the vehicle you’re after is fully electric. Not all providers currently offer finance on EVs but here at UK Car Finance, we’ve ensured that we have options available to you on our lending panel.
With us you can get an electric car on either a Hire Purchase or Lease Purchase deal, to be eligible for the current packages the electric car must meet the following criteria:
Finance Type — Hire Purchase and Lease Purchase
Max Loan Value — £125,000
Maximum age of vehicle at start of agreement — 3 years old
Maximum age of vehicle at end of agreement — 8 years old
Finance Length — Between 24 – 60 months
APR — From 6.4%
Deposit — £0.00
How to buy an electric car on finance?
Just a few details on our application form and we’re good to go. Our team will look over it and be in touch if we think any further details may be needed.
We’ll match you with the most suitable deal from a range of trusted lenders. Once your finance package is in place it’s time to choose the best EV for you.
On your way
Once the paperwork is in place you can drive away your new electric car with the assurance you made the smart choice.
Never have I experienced a simpler process.
It took a day to get accepted, have the documents sent over to sign online, and to organise the purchase of my vehicle with the dealership… a DAY! Absolutely superb.
— Sean Brunskill
UK Car Finance made it happen
I thought the car I wanted was a bit out of my limit but UK Car Finance made it happen. Would definitely recommend this company. Easy to work with and excellent communication. This is 2nd car I’ve purchased from them in 18 months and I have no faults with them.
You could get approved for a used electric car loan if you meet the following:
- You are at least 21 years old
- You have lived in the UK for the past 3 years
- You have a full UK driving licence
- You are in full time employment
- You have not been declared bankrupt
- You can prove you can afford the repayments.
Benefits of using car finance to buy an electric vehicle
- Spread the cost over monthly payments
- No deposit required
- Electric vehicles have zero tax
- Low interest makes the finance affordable
There are some huge benefits of driving an electric car for the environment, but that shouldn’t come at a cost to your bank balance. EVs are known to have a bigger price tag than their petrol and diesel counterparts, that said, they are cheaper to run and can be cheaper to maintain also. If you work or commute near a low emission zone then a Euro 6 compliant car is essential which all-electric cars are saving you money on daily charges. As we move towards an all-electric future, getting in early could really pay off. If you’re not ready to go fully electric, you can check out our hybrid car finance page.
What documents are needed to get an electric car on finance?
If you’re looking to get the finance quickly you can dramatically speed up the process by ensuring you have all your documents in place first. The main document you will need is proof of identity to aid in fraud protection, usually, a driving licence will do for this. You may also be required to prove your address, a utility bill is most popular for this step. After that, you may be required to prove your affordability to ensure that you won’t get into hardship trying to pay your loan back. This is usually obtained by bank statements or wage slips.
Our team will walk you through every step though so don’t fret about which documentation you need.
Why choose UK Car Finance?
We are dedicated to offering low rate car finance options to you. As a broker, we can find you the best finance package for your situation whilst giving you the freedom to source the car of your choice. Our team is on hand to deal with lenders and dealers on your behalf and ensure the process runs as smooth as possible. Some perks of sourcing your electric car loan through UK Car Finance are: