Kia Soul EV 2020

Alternative Ways To Fund your New Electric Vehicle

Switching to an electric car is a great way to reduce your personal impact on the environment and help to preserve the planet for future generations.

Over their lifetime, these vehicles are much cheaper to own and run than their fossil-fuelled counterparts.

However, in some cases, the upfront costs can be high, and with the technology so new, there are fewer used options to choose from. As a result, many buyers are unable to afford the upfront costs of the latest model electric car, and are forced to settle for an older option that isn’t as good for them or the planet.

If you’re eager to do your bit for the planet, but also want to save yourself some money on your new electric car, then here are some alternative ways you can finance it.

Lease Your Electric Car

Leasing an electric car is a great way to get access to the latest models on the market, without paying a premium. Vantage Leasing has pioneered leasing electric cars, meaning that you’ll be able to find the latest options and great deals to make driving an electric vehicle even more cost-efficient.

Get A Loan Specifically Designed For Electric Car Buyers

A wide variety of banks, loan providers, and even car dealerships offer loans for cars, but when buying an electric vehicle, you should explore the options designed specifically for these cars. Some providers offer interest-free options for electric vehicles, or may be able to give you a deal because your new car is emission-free. Review all the loan options on the market before you commit to one so that you can make sure you get the best possible value.

Put It On A Credit Card

If you have a credit card with a 0% interest rate and the no-interest period is long enough for you to pay off the cost of your electric car, then this could be a cost-effective option for you. You won’t have to pay interest, as you might have to if you get a traditional bank loan, meaning that the cost of the car will be lower over its lifetime.

Choose A Vehicle That’s Eligible For A Grant

Some models of electric vehicle are eligible for a plug-in grant from the UK government. If you want to take advantage of this funding option, then check out the list of suitable vehicles and speak to your dealer. They’ll be able to advise you on which of the options is best for your lifestyle so that you can find the perfect electric car at a fraction of the full price.

Shop Around

It might seem like an obvious point, but when you shop for an electric vehicle, just like when you’re shopping for anything, you need to check out all the providers on the market. When they were first introduced, electric vehicles were only provided by a small number of dealerships, meaning you didn’t have much choice but to pay the prices they set. Today, electric cars are common, meaning you can usually find a deal if you explore all the options.

Finally, be careful not to go into unmanageable debt when financing your vehicle.