Electric car finance

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.

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 under £40,000
  • They are very cheap to maintain
  • They produce no emissions and are 100% environmentally friendly

But why should I buy an EV? Should I 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.

Different types of finance agreements table

Electric car price

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 EV’s on the market.

Some car websites have suggested that the Seat Mii is the most affordable electric car of 2020. We’ve dug deep into electric car prices and found 5 of the cheapest electric cars currently on sale in the UK market:

  • Skoda Citigo- e starting at £20,400
  • Smart EQ ForFour starting at £20,785
  • Seat Mii starting at £22,800
  • Peugeot e-208 starting at £28,550
  • Nissan Leaf starting at £31,145

Electric Car Price

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

  • Porsche Taycan starting from £83,367
  • Tesla Model S starting at £81,200
  • Mercedes-Benz EQC starting at £64,925
  • Jaguar I-Pace starting at £63,925
  • Audi E-tron Quattro starting at £59,185

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. Helping to find the best EV for you.

Cost of Fuel

Well there isn’t really any, not compared to a conventional car. If we use a Nissan leaf as an example, this car takes around 6 hours to charge. So, assuming your energy tariff at home charges 14 pence per kilowatt per hour, then this car costs £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

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. 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.

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 shows from Motoring Research 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 car finance table

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.

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Representative 34.9% APR

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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 currently only liable to pay 60% of the full 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.

Electric vans Moneybarn can finance

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.