Rates from 8.9% APR. Representative Example 19.9% APR. Hire Purchase (HP) Example: Borrow £10,000 over 5 years with a £0 deposit. Representative APR 19.9% fixed rate. Monthly payment: £255.50. Option to purchase fee £10 payable. Total cost of credit: £5,340.00. Total amount repayable: £15,340.00.
Car Finance 247 Limited is a credit broker not a lender.
Want to switch gears to a more sustainable way of living and save money annually? Electric cars might be the perfect option.
More and more people are switching to electric cars. Environmentally friendly and cheaper to run, it’s easy to understand why! Electric cars are better for the conscience and the bank balance in the long run. The downside is, they tend to be more expensive upfront. That’s where car finance comes in.
Financing an electric car makes buying one much more manageable by allowing you to spread the cost over a set period of time while saving money on expensive fuel costs.
If you’re looking for electric vehicle finance, we’re here to help! We'll do our best to find you the best electric car finance deals from our panel of trusted lenders. Simply get a quote to get started and we’ll take it from there.
Just like any car finance deal, electric car finance means spreading the cost of your car. Lots of people struggle to find the money upfront to buy a car. With car finance, you can pay the total amount in manageable monthly instalments instead.
Typically, you pay an initial deposit and then make your monthly payments for the length of your loan, plus interest. Depending on the choice of loan you opt for, you can either choose to keep the car at the end of your agreement or return it.
Can’t afford a deposit? Don’t worry, we offer no deposit car finance options too.
Yes! At Car Finance 247, we may be able to find you a great deal on your dream EV.
You have three options to choose from for electric vehicle finance: Hire Purchase (HP), PCP (Personal Contract Purchase) and a Personal Loan.
The best option for you will depend on factors. The best option for you depends on a few factors. Are you looking for the cheapest electric car finance? Or, do you want to keep the car at the end of your loan term? Here’s an overview of your options:
Not sure which is best for your circumstances? Give us a call and we’ll talk you through your options.
Yes - at Car Finance 247 we know how important a car can be for getting around in, and we don’t believe your credit score should hold you back. We’re here to help those whose credit rating isn’t where it needs to be.
We work with a panel of trusted lenders who specialise in bad credit car finance. They look at more factors than just your credit score when assessing your application. These include your salary, your income vs. expenses, and what’s known as your debt-to-income ratio.
In short, your credit score doesn’t need to put the brakes on getting electric car finance. We may still be able to find you a great deal.
“Electric car finance makes it easier than ever to drive a greener vehicle without the large upfront cost. Thanks to its flexible finance options, you can spread the payments and take advantage of lower running costs while helping the environment too. It's a win-win for your wallet and the planet.”
At Car Finance 247, used car finance is all about helping people improve their everyday lives. We understand that building a good credit score isn’t always easy, and we believe that people should not be penalised for past mistakes. Unfortunately, some individuals find themselves trapped in a cycle, hindered by the lack of a vehicle, impeding both their commute to work and their ability to improve their credit score.
Plus, you’ll have a dedicated account manager on hand to help guide you through the process, so there’s nothing to worry about.
Whether it’s sorting out the school run, getting that big boot for the big shop, or a car you’re proud to park outside the office, we’ll work to find you the best deal from our panel of lenders, even if you have bad credit.
Electric cars work by storing electricity as fuel in rechargeable batteries. The most common are Lithium-ion and Nickel-metal hydride. The electricity in these batteries powers the motor, which in turn turns the wheels.
Typically, electric cars are more expensive upfront, but cheaper in the long run.
This is because it’s much cheaper to charge an electric car than it is to top up with fuel, and electric cars also typically have cheaper maintenance costs. Plus, the government has put in place certain electric car incentives and grants that can further reduce annual running costs.
The higher up-front cost you pay is partly due to the cost of their battery, and also simply because there are fewer electric cars on the market at the moment. You’ll also need to consider the optionally additional cost of installing a charging point at your home, which can range from £500 - £1,500.
The time it takes to charge an electric car depends on the type of battery and charging point you use. Typically, a 60kWh battery takes around eight hours to charge from empty using a standard charging point. Rapid chargers can speed this time up. Generally, the larger the battery or car and the slower the charging point, the longer it will take.
Every car is different, and the cost can also depend on the type of charger you’re using. For example, charging a 54kWh electric car at home based on a 17p/kWh standard plug would cost approximately £9.20 for a full charge. Your energy provider will be able to tell you how much they charge per kWh.
The distance an electric car can travel on a full charge depends on the car model, its battery capacity, your driving style, and which in-car accessories are in use e.g., the heating, entertainment system, and lights. Driving habits like braking excessively and rapid acceleration can use additional power.
Electric cars can have a much faster speed off-the-line than petrol and diesel cars due to the electric engine’s instant propulsion. The ride is often quieter and smoother too.
Like all cars, electric vehicles depreciate in value over time. Depreciation factors include:
On average, EVs depreciate faster than ICE cars. This is mostly due to the fast advancement of EV tech and concerns over battery life. Electric vehicles tend to depreciate quickly in the first year, but then the rate evens out to match diesel and petrol alternatives. But, as electric cars become more popular, they’re starting to hold their value better.
No! If you don’t already have money saved or a part-exchange that you can use, then you may be able to secure no deposit car finance. Your personal account manager will be able to talk you through the options available.
There are currently no grants available for used electric vehicles.
The Government low-emission grant of £2,500 applies for new electric cars that cost less than £35,000 including VAT and delivery fees.
This will depend on the lender that approves your finance. Some will only finance the car and you’ll have to lease the battery separately. It’s a monthly cost that you should consider before signing your car finance agreement.
Electric car drivers don’t currently need to pay road tax (also known as Vehicle Excise Duty or vehicle tax) if their vehicle is under £40,000. However, it’s important to note that this will change next year. From the 1st April 2025, the government is implementing an electric vehicle road tax.
Electric cars registered between 1 April 2017 and 31 March 2025 will currently pay a standard rate of £190 (but this might change in 2025).
Yes, if you charge your electric car at home, it will increase your electric bill. According to Pod Point, it costs approximately £13.20 to fully charge an electric car. The increase in cost will depend on things like:
But it is worth noting that you don’t have to charge your car at home; you can use public charging points instead. And, as electric cars become more and more popular, the number of these has increased across the UK too.
Yes, in the long run, you will likely save money by choosing an electric car over an ICE car. In fact, research from Compare the Market revealed that, on average, annual running cost of an electric vehicle is now £528 cheaper than a petrol car. Amongst other factors like tax and maintenance, this is largely because charging an EV is much cheaper than topping a car up regularly with fuel.
Charging an electric car from a standard 3-pin plug in the UK typically costs around 12-20 pence per kWh. So for an average EV with a 60 kWh battery, a full charge would cost £7.20 - £12 (depending on electricity rates). That’s around 3-5 pence per mile, so significantly cheaper than petrol or diesel!
