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Yes, it is possible for you to get finance for a used electric car (EV) with Carplus. Lenders usually assess your finances and chosen EV the same as they would for any petrol or diesel model. Approval always depends on your circumstances and the lender’s criteria.
That means you can apply for electric HP or PCP finance. The outcome depends on affordability and your credit score. Some lenders also have rules around the age, mileage or value of the vehicle, so the car itself can make a difference, too. A newer model with lower mileage may give you more finance options than an older one.
Yes, electric cars retain more value, but they depreciate like other vehicles. Your rate will depend on the model, age, mileage, battery condition and used car demand you need for daily use. Getting an electric car often means paying more upfront, and some models are still fairly expensive to buy. That doesn't always mean they'll cost you more in the long run, though.
Depending on where you live, you could benefit from cheaper parking or lower car tax. If you're planning to charge at home, you may also find schemes that help cover the cost of installing electric home chargers.
At Carplus, we'll compare offers from our lender panel so you can see what EV finance options are available. Every application is different, but our team has the experience to help you see what's possible for you.
Most buyers choose between HP and PCP. Neither is better across the board. It comes down to how long you expect to keep the car and what fits comfortably into your budget.
HP may suit drivers who want to own the car after the final payment. PCP can offer lower monthly payments, but normally includes mileage and condition rules plus an optional final payment.
With Hire Purchase (HP), you're paying off the full value of the car in monthly instalments. Once you've made the final payment, ownership transfers to you, so there's nothing else to pay.
HP (Hire Purchase) usually means higher monthly payments than with PCP, but you won't have a mileage limit to think about. If you see yourself driving the same car for years, HP is well worth considering.
Personal Contract Purchase (PCP) works a little differently. On PCP your monthly payments cover part of the car's value plus interest, with a larger balloon payment left to pay at the end of the agreement. Because you're not paying off the car's full value during the finance period, monthly payments are lower. At the end, you can buy the car by paying the lump sum, return it, or use any positive equity as a deposit on your next one.
Just keep in mind that electric cars on PCP agreements aren’t completely open-ended. You'll agree to a mileage limit at the start, and you could face extra charges if you exceed it or return the car with damage that goes beyond everyday use.
Yes, you may still be able to get electric car finance with bad credit and some lenders are happy to consider applications from people who have had financial problems in the past, depending on their individual circumstances. Every lender uses different criteria.
The decision comes down to more than what's on your credit file. Someone who failed to make monthly payments several years ago but now has a steady income is viewed very differently from someone who's still struggling.
Yes, you may be able to get no-deposit electric car finance, but you have to show a better credit rating. Some lenders are prepared to finance the full cost of the vehicle, so you don't always need money upfront to get started. Others prefer buyers to contribute something themselves before the car loan agreement begins.
A deposit reduces the amount you're borrowing, so it lowers the monthly payments and the overall amount of interest you pay. Without one, you're financing more of the car's value, which makes the agreement more expensive over time.
Most electric car finance providers don't limit you to one type of vehicle. Whether you're looking at fully electric or hybrid, you can finance a used car, as long as it meets the lender's requirements.
A fully electric vehicle runs on batteries alone. You'll need to charge your car using a home charger or charging stations. The number of hours to charge from empty will depend on the battery size and the type of equipment you're using, with rapid chargers taking much less time than a standard home set-up.
Many drivers choose EVs because they're quieter, produce zero emissions from the tailpipe while driving, and can be much cheaper to run than petrol and diesel models.
Plug-in hybrid electric vehicles, or PHEVs, combine an electric motor with a petrol engine. You can charge an electric car battery at home or at a public charger, then switch to petrol once the battery runs low. This makes charging an electric vehicle less of a concern on longer journeys, as the petrol engine takes over when needed.
PHEVs are particularly popular with people who make short local journeys during the week but cover longer distances at weekends.
Full hybrid electric vehicles, sometimes called self-charging hybrids, also use an electric motor alongside a petrol engine. Unlike a plug-in hybrid, you don't plug the car into a charging point. The battery is topped up through braking and by the engine itself.
A full hybrid may suit you if you want better fuel economy without changing your routine. Like other hybrid and electric models, FHEVs can usually be purchased through the same car finance products as petrol or diesel cars, subject to the lender's criteria.
To apply for electric car finance, you'll usually be asked to:
| To apply for car finance you need to | Requirements | Car must meet the following criteria: |
|---|---|---|
| Provide your full name, date of birth, and nationality | Be aged 18-75 years old | Cost between £4,000 and £40,000 |
| Share your recent address history | Pay an initial deposit if the lender requires one | Have no more than 120,000 miles on the clock |
| Confirm your employment status | Receive a monthly income of at least £1,000 | Be no older than 14 years at the end of the finance agreement |
| Show your income and regular monthly outgoings |
The reasons for choosing an electric car aren't the same for everyone, but a few benefits come up time and time again:
Some drivers notice a difference in the first year, while others see the biggest savings after they've owned the car for a while.
These estimates are subject to credit checks and may change when you apply for finance. this is for example purposes only
Maximum borrowable amount
Rates from 9.9% APR: the exact rate you will be offered will be based on your circumstances, subject to status. Representative Hire purchase (HP) example: borrowing £7,000 over 5 years with a representative APR of 21.9%, the annual interest rate of 21.9% (Fixed) and a deposit of £0, the amount payable would be £185.33 per month, with a total cost of credit of £4,119.81 and a total amount payable of £11,119.81. 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 receive a fixed fee commission per finance agreement, or we receive a commission based on a percentage of the total amount of finance taken. This will not affect the interest rate offered or the total amount repayable. Our service is free.
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You can apply for electric car finance online through Carplus. As a credit broker, we compare available options from our lender panel through one application. You’ll have more options than you would if you applied with a single provider.
Carplus doesn't advertise 0% products as a standard option to finance electric cars. You might come across an appealing offer, but it depends on the lender and your credit history. A low interest rate may catch your eye, but it doesn't always mean you're getting the best deal.
The cheapest electric vehicle finance deal isn't always the one with the lowest monthly payments. Compare the APR, deposit, total amount payable and whether the agreement includes a balloon payment.
Yes, a used electric car can be a more affordable way to switch to an EV and save money in the long term. Compare the battery condition, mileage, warranty and total finance cost before choosing one.
Like any vehicle, electric cars depreciate over time, but how much depends on the model, mileage, battery condition, and demand in the used market. In general, cars that cost more to buy new also have more value to lose, although that's only one part of the picture.
There is no single typical monthly payment for an electric car because the amount mostly depends on the vehicle, deposit, term, APR, credit profile and type of agreement. If you go for PCP, your monthly repayments will often be lower than with HP. That's because part of the car's value is left until the end of the agreement as an optional final payment.
Government support changes over time, so check what's available before you apply. While the car grant for buying new electric cars has largely ended in the UK, you may still be able to get help to cover the cost of installing a standard charging point at home through schemes such as the chargepoint grant. You could also benefit from tax incentives if you're driving an electric company car.
