Representative Example
Hire Purchase Agreement repayable over 48 months
Rate of Interest:14.0% p.a. flat rate(fixed)
Vehicle Purchase Price:£7,500
Amount of Credit:£7,500

Acceptance Fee:£325.00
Interest Payable:£4,200.44
Option to Purchase Fee:£200.00
Total Charge For Credit:£4,725.44

47 Monthly Repayments Of:£250.53
Followed by 1 Final Repayment Of:£450.53
(Includes Option to Purchase Fee)
Total Amount Payable:£12,225.44
Representative APR:29.35%

Hire Purchase. Terms and conditions apply. You will not own the vehicle until all payments are made. Finance subject to status. Applicants must be aged 22 or over. Finance provided by Advantage Finance Limited.

Electric Cars: The Benefits

As electric cars become more mainstream in the UK, the price of them is in fact dropping rapidly. As a result, even more drivers are making the switch. Electric cars are also cheaper to maintain. The price of purchasing an EV is usually similar to, if not more than, a petrol or diesel car, the cost of running one is significantly less.

Economical cars

From government grants to optimized fuel efficiency, the lower cost of electricity, and the reduced need for maintenance, it is easy to spend much less on an electric car than a diesel or petrol car.

Electric cars have been specially designed to be as cost and fuel efficient as possible. Generally speaking, there are three main components which the day-to-day running of the vehicle depends on: the on-board charger, the motor, and the inverter. With this in mind, there is much less wear and tear on the vehicle, with less moving components at risk of damage. With a significantly cleaner mechanical system, repair costs will be minimal.

Better for the environment

It goes without saying that, without the need to rely on petrol or diesel, fully electric cars have zero tailpipe emissions. This makes them much cleaner, greener, and better for the environment. Plug-in hybrid vehicles have an electric mode which also emits zero tailpipe emissions. The range of a hybrid car in electric mode is typically around 30 miles - well within the average UK daily driving distance.

Most greenhouse gas emissions come from transport and so being eco-friendly is incredibly important. With less emissions being released, greenhouse gasses are reduced and, as a result, the UK can move closer to more sustainable sources of energy. By getting an electric car on finance, you'll be contributing towards a healthier and greener planet.

Increasing in popularity

Electric cars are growing in popularity and, with most car manufacturers joining the movement, there are many makes and models available. Last year saw the biggest annual increase in electric car registrations, with over 175,000 registered in the UK alone - up 66% from the previous year.

As a result of this growth, it is now easier than ever to charge your electric car. 85% of users charge electric cars via the domestic 13 amp power supply at home - the very same one you use to plug in your TV or hoover. As the number of electric cars on the road continues to rise, more and more charging stations are being installed across the UK. To find your closest electric car charging station, click here.

Electric car charging times can vary depending on the vehicle itself and the size of its battery. Charging the vehicle via a UK home wall socket will typically take 6-8 hours to charge a pure-electric car. Many new electric cars can be charged via the advanced rapid charge stations; these can charge your battery to around 80% in approximately 30 minutes.

In addition to the increasing number of public charging points, there is also a government scheme called the Electric Vehicle Homecharge Scheme (EVHS). This grant covers up to 75% of the cost of buying and installing an electric car charger for your home. Find out more about the scheme here.

Additional benefits of purchasing an electric car include:

  • A reduction in the cost of road tax (or even a complete exemption)
  • Many cities offer free parking for electric cars
  • Reduced insurance premiums
  • Reduction in fuel costs (if any, depending on the type of electric vehicle you choose)

EV Finance

Getting an electric car on finance has never been easier with Advantage Finance. Buying an electric car on finance provides you with more financial flexibility by allowing you to spread the cost of your EV over time.

Electric cars are the future, and we want everyone to have the chance to be a part of it - no matter what financial situation you are in. We appreciate that the upfront cost of an electric car can seem pricey, which is why a flexible electric car finance package could be the best solution for you.

When you choose to finance an electric vehicle with Advantage Finance, you'll enter into a hire purchase (HP) agreement. This type of car finance deal divides the cost of the car into affordable monthly payments at a fixed rate of interest. At the end of the agreement (when the car is paid off and you have paid any outstanding payments), the electric car is yours to keep. Hire purchase deals are one of the best types of finance options available, as they do not restrict your mileage like many other finance types. This is beneficial if you are using the EV to commute.

Electric cars with Advantage Finance

Here at Advantage Finance, we have helped thousands of customers get on the road with their dream car, so why not let us help you? If you are interested in getting an electric car on finance, get in touch with us today. We have an honest, transparent and straightforward approach, and can provide you with a fast decision when it comes to car financing. Our flexible processes mean that, regardless of your financial circumstances, we will always conduct a fair assessment. With this in mind, even if you have been refused car finance elsewhere, it is still very likely that we can provide you with a tailored electric car finance deal here.

Making an electric car finance application will not affect your credit score as we conduct a soft search to begin with. A search will only appear on your credit report should you decide to take out the hire purchase agreement with us.

Contact Us

For more information on electric car finance deals, contact us today or call 01472 233200 to speak to a member of our helpful and friendly team.

© Advantage Finance Ltd 2001 - 2022. All Rights Reserved

Representative Example: Hire Purchase Agreement repayable over 48 months. Rate of Interest: 14.0% p.a. flat rate(fixed).
Vehicle Purchase Price: £7,500. Deposit: £0.00. Amount of Credit: £7,500. Acceptance Fee: £325.00. Interest Payable: £4,200.44.
Option to Purchase Fee: £200.00. Total Charge For Credit: £4,725.44. 47 Monthly Repayments Of: £250.53 Followed By 1 Final Repayment Of: £450.53
(Final payment includes Option to Purchase Fee). Total Amount Payable: £12,225.44. Representative APR:29.35%.
Hire Purchase. Terms and conditions apply. You will not own the vehicle until all payments are made.
Finance subject to status. Applicants must be aged 22 or over. Finance provided by Advantage Finance Limited.

Advantage Finance Ltd is registered in England and Wales with company number 03773673.Registered office: 2 Stratford Court, Cranmore Boulevard, Solihull, B90 4QT.
Advantage Finance Ltd is authorised and regulated by the Financial Conduct Authority (Firm reference No. 307864).
Advantage Finance Ltd is a member of the Finance and Leasing Association
Finance is available to UK residents only and is subject to creditworthiness and affordability assessment. Written quotations available on request.
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