Trusted UK Electric Car Finance Broker
Electric cars have risen in popularity following the UK government’s anticipated ban on new petrol, diesel, and hybrid vehicles by 2035. Forward Motor Finance can arrange a competitive electric car finance option for you that is tailored to meet your financial circumstances.
Buying an electric vehicle can sometimes seem daunting, especially for startups, corporate businesses, and generation Z buyers who are new to the concept. As the world becomes more economical and ecological by adopting green technology, we are here to help. According to Car Dealer Magazine, “Electric vehicles are undoubtedly fast.” Additionally, Carbon Brief states that “electric vehicles are responsible for considerably lower emissions over their lifetime than conventional (internal combustion engine) vehicles across Europe as a whole.”
Carbon emissions are a significant contributor to climate change. Many people are still concerned about the cost of electric vehicles and the financial options for acquiring one. As part of our customer service, Forward Motor Finance can provide you with all you need to know about electric car finance, electric car PCP, and hybrid car finance.
Electric Car Finance
Electric cars have become more popular following the anticipated ban on new petrol, diesel, and hybrid vehicles by 2035. Although electric vehicles are slightly more expensive than conventional cars, financing them is worthwhile for several reasons:
- They are cheap to maintain.
- A battery electric car running on UK grid electricity produces 35g of CO2 per km, compared to an average petrol car which emits 211g of CO2 per km (ICCT, 1 Jan 2022).
- Lower tax payable due to government incentives.
- The cost of charging electric vehicles is often much lower than fuelling traditional cars. Use the GoCompare charging cost calculator for more details.
Because of these reasons, there has been a significant shift from traditional vehicles to electric cars. The production of new electric models has increased, expanding both new and used electric car markets. Many people still find electric car finance a mystery, but we are here to help clarify your options.
Funding Options for Electric Vehicles
There are three main options for funding an electric vehicle: buying, leasing, or financing it. Electric car financing involves spreading the cost of a new car using three options: personal contract purchase (PCP), leasing, or hire purchase (HP).
Leasing
Leasing an electric car is like renting. It allows you to enjoy your new car by spreading the rental cost. Most companies offer lower rental costs for businesses compared to individuals. Leasing an electric car has several advantages:
- Electric vehicles depreciate quickly, about 60% in three years if you drive 10,000 miles per annum (JamJar.com). Leasing helps avoid this depreciation.
- EV batteries lose their ability to recharge after a few years, making them less dependable.
- Rapidly evolving technology may render your EV outdated quickly.
Electric Car PCP
Personal Contract Purchase (PCP) is a finance option for customers who want a car but cannot pay for it upfront. You pay a deposit and monthly payments for an agreed duration. At the end of the agreement, you can purchase the vehicle by paying additional costs. The key benefits are fixed monthly payments, a wide range of cars to choose from, and the option to own the vehicle after paying the purchase fee.
Hybrid Car Finance
Hybrid cars lower your carbon footprint while offering greater mileage. Buying a hybrid car on finance can be a wallet-friendly way of owning one. There are two main types of hybrid cars: plug-in hybrid vehicles and self-charging hybrid cars. The best option depends on your preferences and needs. Hybrid car financing is available through Lease (PCP) and finance (HP). Forward Motor Finance can provide a fantastic finance option fixed to meet your financial status.
Disadvantages Of Electric Cars
According to CarsGuide, one of the main disadvantages of electric vehicles is ‘range anxiety’—the fear that your electric vehicle might run out of charge before finding a suitable charging station. Electric vehicles tend to cost more than their combustion engine counterparts, especially the battery packs, which need replacement every 3 to 10 years. The lack of accessible fuelling points and the longer refuel time compared to petrol or diesel engines can also be problematic.
Simply call us today on 01482 425300 or fill in our online finance application form, and let us help you get the electric car you really want!
Good & Bad Credit Finance
At Forward Motor Finance, we cater to customers with both good and bad credit histories. Our experienced team works to find the best finance deals tailored to your unique circumstances. Whether you have an excellent credit score or have faced credit challenges, we are committed to helping you secure the finance you need. Apply now and let us assist you in finding the perfect finance solution, no matter your credit history.
Why Choose Us?
All Credit Histories
Forward Motor Finance specialise in helping all credit histories including customers who have been declined previously elsewhere, have a poor credit or bad credit score. If you have a good credit, poor credit, or bad credit history, click on the apply now tab and complete the easy-to-use application form.
Choose Any Vehicle
The choice is yours because you can choose to buy a motor vehicle from any reputable motor retailer providing they are licensed to offer regulated motor finance products. Alternatively we can recommend a reputable motor retailer from our approved motor dealer network, or we can source a motor vehicle for you to meet your specifications.
Finance For You
Forward Motor Finance can tailor car credit deals for all our customers based on their individual circumstances. Our skilled team will try and sort the best finance offer for you from our panel of lenders first time, every time. We are also available to support you throughout the whole length of your credit agreement. Our team will help you get the credit you deserve.
