Electric Car Finance. Green Rates for EV and Hybrid Buyers.

An EV or plug-in hybrid is financed the same way as any other car with a fixed-term loan, usually secured against the vehicle, repaid over an agreed period. Running on electricity doesn't change the loan structure itself.

What changes from lender to lender is how each one treats EVs, particularly on residual values and maximum terms, because the second-hand EV market has not settled into the same predictable patterns as petrol and diesel.

Financing an EV preserves your savings the same way financing any car does, and lets you time the purchase around the right model and price rather than waiting until you've saved the full amount.

If you are buying for business, an EV can be financed under a chattel mortgage in the same way as a conventional vehicle, though the exact tax treatment depends on the model and how it is structured. Confirm the specifics with your accountant before you commit.

For a new or near-new EV, secured finance is generally the starting point, no different from a petrol or diesel car. What your broker weighs when lining up lenders is the particular model's price and its expected resale value.

Because the EV market is still young, lenders do not all treat every model the same way. Matching the exact EV you want to a lender whose policy fits it is the part a broker handles for you.

EV finance is compared across our lender panel with the specific model you're after in mind, not a generic vehicle profile.

Most EV applications receive a pre-approval decision the same day. Once you've chosen the car, we take over the dealer paperwork and manage settlement.

Sort your pre-approval before you shop, exactly as you would for any car, so your budget holds regardless of which model you end up choosing.

Ask about each lender's policy on the vehicle's age and expected residual value, since that varies more for EVs than for conventional cars. Confirm the tax treatment with your accountant if the car is going into the business.