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Car Finance
CarFinance 247 is a credit broker, not a lender.
Rates from 9.9% APR: the exact rate you will be offered will be based on your circumstances, subject to status.
Representative example: borrowing £10,000 over 5 years with a representative APR of 19.9%, an annual interest rate of 19.9% (Fixed) and a deposit of £0.00, the amount payable would be £255.50 per month, with a total cost of credit of £5,329.80 and a total amount payable of £15,329.80
We look to find the best rate from our panel of lenders and will offer you the best deal that you're eligible for. We earn a commission for providing our services, but this does not influence the interest rate you're offered in any way.
Electric car finance options
Looking to make the switch to an electric car?
With the ban on sales of new petrol and diesel cars coming into force in 2030 and the increasing availability of used electric cars, going green could benefit the environment and your bank balance.
If you’re searching for electric car finance, CarFinance 247 is here to help! We’ll work to find you the best deal from our panel of lenders and your personal account manager will be on hand to guide you through the process and answer any questions you might have.
The electric car finance process can be a little different to a traditional car as some lenders will only finance the vehicle and you’ll need to lease the battery separately. You should also consider whether you’ll need to have a home charging point fitted.
Hire Purchase
Hire Purchase or HP is one of the most popular car finance options. It’s a fixed interest loan that allows you to break down the cost of your EV into affordable monthly payments. It’s unlikely that you’ll face any mileage restrictions and, once you’ve finished making all your repayments, the car will be all yours!
Personal Contract Purchase
Personal Contract Purchase or PCP is another type of finance. Your monthly payments will normally be lower than other options, but you might have to agree to mileage restrictions. At the end of your agreement, you can choose to give the car back, buy it by paying the balloon payment, or use any positive equity as a deposit in a new deal.
Benefits of electric vehicles
There are many advantages of buying and driving an electric vehicle including:
- While electric cars can be more expensive to buy, they are typically cheaper to run than petrol and diesel cars
- They can also be cheaper to maintain
- They produce no emissions and are environmentally friendly
- They are exempt from paying charges for entering ultra-low emissions zones (ULEZs)
Find out more about the cost of charging an EV over on our blog.
Types of electric vehicles
There are three main types of electric vehicles available:
Electric vehicles
Electric vehicles are fully powered by a battery that can be charged at home or using a public charging point. The charging network is expanding every day, but public chargers can typically be found in supermarkets, motorway services, petrol stations, and some workplaces.
Plug-in hybrid vehicles (PHEVs)
Plug-in hybrids have a battery-powered motor as well as a petrol or diesel engine. You can travel short journeys electric only or switch to fuel for longer distances. Like electric cars, PHEVs need to be plugged in to recharge the battery.
Full hybrid (FHEVs)
Full hybrid cars are powered by both a battery and a petrol or diesel engine and the power switches between them automatically. They can only cover short distances electric only, but they don’t need to be plugged in to charge.
Electric van finance
If you’re looking for a more environmentally friendly alternative to your work vehicle, you could apply for electric van finance. Electric vans are becoming increasingly popular; Amazon have even added 1,800 electric Mercedes panel vans to their fleet. Choosing an electric van could help you cut costs, especially if your clients cover long-distances or your work often takes you into ULEZ zones.
Why come to CarFinance 247?
With CarFinance 247, you’ll be paired with a dedicated account manager to support your search for electric car finance. They can guide you through the process, help you find an EV, negotiate with the dealer, liaise with the lender, and take care of all the paperwork too.
You can choose an electric vehicle from any reputable dealer or browse our car search, which is home to over 100,000 used cars including electric and hybrid cars.
Get a quote today.
What’s next? How it works
It all starts with a quote. If you’re approved in principle, we’ll give you a call to talk through your electric car finance options. Your personal account manager can answer any questions you have and grant you access to our car search – a treasure trove of over 100,000 used cars ready and waiting to find a home. Found an electric vehicle somewhere else? We can still help – just let your account manager know.
Frequently asked questions
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.
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.
Yes! We work with a panel of lenders, which means we can help people with a variety of circumstances find electric car finance, including those with bad credit.
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.
Read more about electric cars
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Get in touch
Contact usUniversal Square,
Devonshire Street North,
Manchester,
M12 6JH,
* The UK's largest online car finance broker by unique users to the website. Based on Similar Web data – 1,137,647 to CarFinance 247 vs. 753,819 for nearest competitor. January to June 2023.
CarFinance 247 is a trading name of CarFinance 247 Limited. Registered office: Universal Square, Devonshire Street North, Manchester, M12 6JH. Registered in England. (Registration Number 06035525).
CarFinance 247 is authorised and regulated by the Financial Conduct Authority for insurance distribution and credit broking (Firm Reference Number: 653019). CarFinance 247 is registered with the ICO (Registration Number Z1897658).
Finance is subject to status and is only available to UK residents aged 18 and over. Written quotations are available on request.
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