Electric car finance

With more electric cars coming onto the market, is getting an electric car the right move for you?

Electric car finance

With more electric cars coming onto the market, is getting an electric car the right move for you?

Looking after our environment is becoming an ever-growing global concern. With the UK Government even bringing forward their ban on new petrol, diesel, and hybrid cars to 2030. Making electric car finance even more popular.

Benefits of electric vehicles

If you are interested in an electric vehicle (EV), then you might just be able to buy an electric car on finance with Moneybarn. We now offer electric car finance for most EV cars.

There are many positives to financing an electric vehicle:

  • They are very cheap to run
  • There is no tax payable on electric vehicles
  • They are eligible for a UK Government plug-in grant of up to £2,500
  • They are very cheap to maintain
  • They produce no emissions and are 100% environmentally friendly

But why should you buy an electric vehicle? Should you lease it or finance it? What’s the difference?

An electric car lease (PCP) and an electric car on finance (HP) are very different ways of financing an EV car.

Looking after our environment is becoming an ever-growing global concern. With the UK Government even bringing forward their ban on new petrol, diesel, and hybrid cars to 2030. Making electric car finance even more popular.

Benefits of electric vehicles

If you are interested in an electric vehicle (EV), then you might just be able to buy an electric car on finance with Moneybarn. We now offer electric car finance for most EV cars.

There are many positives to financing an electric vehicle:

  • They are very cheap to run
  • There is no tax payable on electric vehicles
  • They are eligible for a UK Government plug-in grant of up to £2,500
  • They are very cheap to maintain
  • They produce no emissions and are 100% environmentally friendly

But why should you buy an electric vehicle? Should you lease it or finance it? What’s the difference?

An electric car lease (PCP) and an electric car on finance (HP) are very different ways of financing an EV car.

Lease (PCP) Finance (HP)
You may be able to lease a brand new car The vehicle can often be older than if you were to lease it
You don't have the option to own the vehicle You will own the vehicle after your final payment
You pay for depreciation of the vehicle in your monthly payments, with an optional balloon payment at the end You pay to own the vehicle in your monthly payments. There is no additional payment for you to own the car at the end of your agreement
You need to agree on a mileage allowance at the beginning of your agreement There is no mileage allowance. You can drive as many miles as you like in a year
Lease (PCP) Finance (HP)
You may be able to lease a brand new car The vehicle can often be older than if you were to lease it
You don't have the option to own the vehicle You will own the vehicle after your final payment
You pay for depreciation of the vehicle in your monthly payments, with an optional balloon payment at the end You pay to own the vehicle in your monthly payments. There is no additional payment for you to own the car at the end of your agreement
You need to agree on a mileage allowance at the beginning of your agreement There is no mileage allowance. You can drive as many miles as you like in a year

Electric car prices

Yes, an electric car might be slightly more expensive to buy than a conventional car, but that doesn’t mean you can’t afford one of the best electric vehicles on the market.

Some car websites have suggested that the Smart EQ ForFour is the most affordable electric car of 2021. We’ve dug deep into electric car prices and found 5 of the cheapest electric cars currently on sale in the UK market:

  • Smart EQ ForFour starting at £19,795
  • Fiat 500 starting at £20,995
  • Volkswagen e-up! starting at £21,055
  • Nissan Leaf starting at £25,995
  • Mini Electric starting at £26,000
electric car price

Because it’s nice to dream sometimes, we have also found 5 of the most expensive electric cars on sale in the UK market:

  • Tesla Model S Plaid starting from £118,980
  • Porsche Taycan starting from £83,580
  • Audi e-tron GT starting at £79,900
  • Mercedes-Benz EQC starting at £65,720
  • Jaguar I-Pace starting at £64,625

The prices listed above are retail prices of the cars as new. Although these prices might seem out of your range, it’s good to know that on average a car loses around 60% of its value within the first 3 years. You can find these models for sale second-hand on Exchange and Mart, Auto Trader and many other vehicle selling websites.

Electric car prices

Yes, an electric car might be slightly more expensive to buy than a conventional car, but that doesn’t mean you can’t afford one of the best electric vehicles on the market.

Some car websites have suggested that the Smart EQ ForFour is the most affordable electric car of 2021. We’ve dug deep into electric car prices and found 5 of the cheapest electric cars currently on sale in the UK market:

  • Smart EQ ForFour starting at £19,795
  • Fiat 500 starting at £20,995
  • Volkswagen e-up! starting at £21,055
  • Nissan Leaf starting at £25,995
  • Mini Electric starting at £26,000
electric car price

Because it’s nice to dream sometimes, we have also found 5 of the most expensive electric cars on sale in the UK market:

  • Tesla Model S Plaid starting from £118,980
  • Porsche Taycan starting from £83,580
  • Audi e-tron GT starting at £79,900
  • Mercedes-Benz EQC starting at £65,720
  • Jaguar I-Pace starting at £64,625

The prices listed above are retail prices of the cars as new. Although these prices might seem out of your range, it’s good to know that on average a car loses around 60% of its value within the first 3 years. You can find these models for sale second-hand on Exchange and Mart, Auto Trader and many other vehicle selling websites.

Cost of charging an electric car

How much it costs to charge an electric car depends on the vehicle, how much you are charging it, and where you are charging it.

If we use the Nissan Leaf as an example, assuming your energy tariff at home charges 14 pence per kilowatt per hour, then this car costs roughly £5.60 every 140 miles. This comes to 4.1 pence per mile.

Compare that to a conventional car and you are saving 10.1 pence per mile. We’d call that a pretty good saving.

Cost of charging an electric car

How much it costs to charge an electric car depends on the vehicle, how much you are charging it, and where you are charging it.

If we use the Nissan Leaf as an example, assuming your energy tariff at home charges 14 pence per kilowatt per hour, then this car costs roughly £5.60 every 140 miles. This comes to 4.1 pence per mile.

Compare that to a conventional car and you are saving 10.1 pence per mile. We’d call that a pretty good saving.

Cost of Fuel
Cost of Fuel

There is also a Government electric car grant – the Electric Vehicle Homecharge Scheme (EVHS) which contributes up to 75% towards the cost of buying and installing an electric charger at home. This is up to a maximum of £500. This scheme only applies if you have a home with off-street parking suitable for an electric vehicle car charger.

EDF Energy have pulled together a useful guide on Government electric car grants in the UK. Check to see if you would be eligible for any others.

There is also a Government electric car grant – the Electric Vehicle Homecharge Scheme (EVHS) which contributes up to 75% towards the cost of buying and installing an electric charger at home. This is up to a maximum of £500. This scheme only applies if you have a home with off-street parking suitable for an electric vehicle car charger.

EDF Energy have pulled together a useful guide on Government electric car grants in the UK. Check to see if you would be eligible for any others.

What your car loan could look like

  • Monthly payment: £000.00
  • Total to repay: £00,000.00
  • Calculated APR: 00.0%

Representative 31.9% APR

What your car loan could look like

Summary

  • Monthly payment: £000.00
  • Total to repay: £00,000.00
  • Calculated APR: 00.0%

Representative 31.9% APR

Electric vehicle finance

With there being many positives to electric vehicles, you can see why many people are making the switch to electric vehicle finance.

You can benefit from no tax and a reduced loss of value to the vehicle. In fact research from Motoring Research shows that the Nissan Leaf (the UK’s bestselling EV) costs just under £1,200 to maintain over 3 years. This compared to the VW Golf 1.0 at £1,429 over the same time period results in a saving of nearly 20%!

Below you can see how an electric vehicle compares to a similar petrol vehicle, based on averages of costs:

Electric vehicle finance

With there being many positives to electric vehicles, you can see why many people are making the switch to electric vehicle finance.

You can benefit from no tax and a reduced loss of value to the vehicle. In fact research from Motoring Research shows that the Nissan Leaf (the UK’s bestselling EV) costs just under £1,200 to maintain over 3 years. This compared to the VW Golf 1.0 at £1,429 over the same time period results in a saving of nearly 20%!

Below you can see how an electric vehicle compares to a similar petrol vehicle, based on averages of costs:

Electric (BMW i3) Petrol (BMW 318i)
Fuel 3.7p per mile (+£354 home charger) 14.2p per mile
Tax £0 £445
Loss of value over the first 3 years 56% 51%
Insurance Varies, but normally a little more Varies, but normally slightly cheaper
Servicing (approximate) £565 £615
Electric (BMW i3) Petrol (BMW 318i)
Fuel 3.7p per mile (+£354 home charger) 14.2p per mile
Tax £0 £445
Loss of value over the first 3 years 56% 51%
Insurance Varies, but normally a little more Varies, but normally slightly cheaper
Servicing (approximate) £565 £615

It’s important to do your research on the cost of maintenance when you finance any vehicle, but particularly an electric vehicle. Especially if it’s your first. Prices vary from car to car and person to person, so it’s important to know that the above is just an approximate comparison.

It’s important to do your research on the cost of maintenance when you finance any vehicle, but particularly an electric vehicle. Especially if it’s your first. Prices vary from car to car and person to person, so it’s important to know that the above is just an approximate comparison.

Electric car FAQs

This depends on the size of the car’s battery and the speed of the charging point you use. The bigger the car’s battery and the slower the charging point, the longer it may take to charge from empty to full. That’s why many drivers top up their charge when they can rather than waiting to charge it from empty to full.

The range varies depending on the vehicle, how you drive it and the conditions you drive it in. For example, the Nissan Leaf can go up to 168 miles on a full charge.

To charge your car at home, you’ll need to get a charging station fitted. If you’re out and about, you can use a public charging station. These can be found at supermarkets and motorway services. You could also use Zap Map to find nearby charging points too.

Electric cars can be a little bit more expensive to insure because some parts like the battery can be costly to repair or replace if they are damaged. Luckily they are easier to maintain as there is no oil to change, no engine to maintain, and fewer parts.

It is hard to say for certain because it depends on lots of factors. Over time the battery in an electric car becomes less effective as it is used more and more. But don’t worry, most manufacturers will guarantee a battery will last for a certain amount of years or miles.

Electric car FAQs

This depends on the size of the car’s battery and the speed of the charging point you use. The bigger the car’s battery and the slower the charging point, the longer it may take to charge from empty to full. That’s why many drivers top up their charge when they can rather than waiting to charge it from empty to full.

The range varies depending on the vehicle, how you drive it and the conditions you drive it in. For example, the Nissan Leaf can go up to 168 miles on a full charge.

To charge your car at home, you’ll need to get a charging station fitted. If you’re out and about, you can use a public charging station. These can be found at supermarkets and motorway services. You could also use Zap Map to find nearby charging points too.

Electric cars can be a little bit more expensive to insure because some parts like the battery can be costly to repair or replace if they are damaged. Luckily they are easier to maintain as there is no oil to change, no engine to maintain, and fewer parts.

It is hard to say for certain because it depends on lots of factors. Over time the battery in an electric car becomes less effective as it is used more and more. But don’t worry, most manufacturers will guarantee a battery will last for a certain amount of years or miles.

Electric van finance

Electric vans have many advantages to them. Which is why we thought we’d share with you the reasons why you might want to finance an electric van.

  • Savings on running costs – in London particularly, electric vans are given a ‘greener vehicle discount’ on the London congestion charge. They’re also exempt from Vehicle Excise Duty. This means you could save up to £140 per year compared to a petrol or diesel van.
  • Less fuel costs as electricity is a lot cheaper by the mile – the Nissan electric van, E-NV200, costs 2p-per-mile to charge. That’s a big saving compared to usual fuel costs.
  • Zero emission vans are not liable to pay the van benefit charge.
  • You can improve your company’s green credentials by having an environmentally friendly van for your company.

Electric van finance

Electric vans have many advantages to them. Which is why we thought we’d share with you the reasons why you might want to finance an electric van.

  • Savings on running costs – in London particularly, electric vans are given a ‘greener vehicle discount’ on the London congestion charge. They’re also exempt from Vehicle Excise Duty. This means you could save up to £140 per year compared to a petrol or diesel van.
  • Less fuel costs as electricity is a lot cheaper by the mile – the Nissan electric van, E-NV200, costs 2p-per-mile to charge. That’s a big saving compared to usual fuel costs.
  • Zero emission vans are not liable to pay the van benefit charge.
  • You can improve your company’s green credentials by having an environmentally friendly van for your company.

Most popular electric vans on finance

There is such a wide variety of electric vans to finance. From Nissan electric vans to VW electric vans, we bring you a concise list of the most popular electric vans in the UK right now:

  • Nissan e-NV200
  • Peugeot Partner Electric
  • Citroen Berlingo Electric
  • Renault Kango Z.E. 33
  • Renault Master Z.E.
  • IVECO Daily electric

If you are interested in electric van finance, why not get in touch with our Moneybarn Direct team to see if we are able to help you with electric van finance.

Most popular electric vans on finance

There is such a wide variety of electric vans to finance. From Nissan electric vans to VW electric vans, we bring you a concise list of the most popular electric vans in the UK right now:

  • Nissan e-NV200
  • Peugeot Partner Electric
  • Citroen Berlingo Electric
  • Renault Kango Z.E. 33
  • Renault Master Z.E.
  • IVECO Daily electric

If you are interested in electric van finance, why not get in touch with our Moneybarn Direct team to see if we are able to help you with electric van finance.

Electric vans Moneybarn can finance

Electric vans Moneybarn can finance

Electric Van

Buy an electric van on finance with us! We’ll help you find a van that is not only within your price range, but also ticks all your boxes.

As with any vehicle finance provider, every vehicle we finance has to fit into a specific criteria.

Electric van finance is slightly different and as electric vehicles are changing constantly this is looked at on a case-by-case basis.

However, we’ll only finance electric vans if the battery is sold as part of the vehicle itself.

Some electric vans will be sold with the battery separately, usually on lease from the vehicle manufacturer. Unfortunately, we will not be able to offer finance for these vehicles.

If you are thinking of buying an electric van on finance, get in touch with our Moneybarn Direct Team. Let them know which van you have your eye on and its registration number. They’ll then be able to let you know if we’ll finance that specific vehicle.

Buy an electric van on finance with us! We’ll help you find a van that is not only within your price range, but also ticks all your boxes.

As with any vehicle finance provider, every vehicle we finance has to fit into a specific criteria.

Electric van finance is slightly different and as electric vehicles are changing constantly this is looked at on a case-by-case basis.

However, we’ll only finance electric vans if the battery is sold as part of the vehicle itself.

Some electric vans will be sold with the battery separately, usually on lease from the vehicle manufacturer. Unfortunately, we will not be able to offer finance for these vehicles.

If you are thinking of buying an electric van on finance, get in touch with our Moneybarn Direct Team. Let them know which van you have your eye on and its registration number. They’ll then be able to let you know if we’ll finance that specific vehicle.

Electric Van

Hybrid car finance

If you’re not quite sure if electric vehicle finance is right for you, then why not try hybrid car finance.

There are many great hybrid cars on the market, and you can still benefit from most of the advantages of electric car finance. It’s important to take the time to see which environmentally friendly car suits your lifestyle best. So make sure you do your research.

Our team will be more than happy to help with any questions you might have.

Hybrid car finance

If you’re not quite sure if electric vehicle finance is right for you, then why not try hybrid car finance.

There are many great hybrid cars on the market, and you can still benefit from most of the advantages of electric car finance. It’s important to take the time to see which environmentally friendly car suits your lifestyle best. So make sure you do your research.

Our team will be more than happy to help with any questions you might have.

Buying your next car

You want to make sure you purchase a reliable vehicle, which doesn’t break the bank. That’s why we’ve put together this helpful guide.

Being self-employed

We consider applications even if you’re self-employed and have bad credit so we might be able to offer you finance even if other lenders have rejected your application.

Our application process

It is important to completely understand the car finance agreement that you may be entering – find out more about how a conditional sale agreement works.