Have you been considering making the switch to an electric car? The good news is that electric cars have never been better than the ones you see driving on the road today. Engines are more efficient with a longer range, and the wider availability of electric models means there are more options to choose from.

If you are looking to drive an electric car, then car finance could be the best way to buy your new car. Here’s the Creditplus guide explaining how to get an electric car on finance.

How to finance an electric car

Financing an electric car is a simple, straightforward process. Here’s how it works, step-by-step.

When searching for a car finance option, you should choose a company that is fully regulated by the Financial Conduct Authority (FCA), and one that can compare several lending options to find the best package for you. Creditplus are both fully regulated and approved by the FCA, and compare over 80 different lending options to provide a no-obligation quote.

Once you’ve applied online, Creditplus will examine your credit file with what’s called a “soft search”. This type of search leaves no footprint on your credit report. Some providers will carry out a “full search” of your credit report when you apply. This is recorded on your file and can negatively affect your credit rating, reducing your chances of being accepted for a finance package in future. A soft search allows Creditplus to see what finance packages you qualify for without affecting your credit rating, meaning you can get a no-obligation quote.

Creditplus will then compare those 80+ different lending options to find a package that fits your needs. Once you’ve chosen your package and amount you can borrow, now comes the fun part – choosing your electric car.

You can search and choose an electric car from any UK dealer, so you can find a make and model that fits your electric vehicle needs. Creditplus will carry out all the checks needed to ensure the vehicle and dealer are what they say they are, so you can focus on finding the car you like.

Once you’ve found the electric vehicle you want and the perfect finance package, you’re all set! You’ll soon be driving a fantastic electric car.

Advantages of choosing electric car finance

One of the key advantages of electric car finance is the ability to spread the cost into manageable monthly payments. Paying the full price of an electric car in one go can be prohibitively expensive for many people, meaning you miss out on all the benefits of an electric car waiting to save enough money.

Electric car finance spreads the cost. So you can see if the cost of an electric car fits in your monthly budget.

Driving an electric car provides its own cost savings. Not just from money saved on petrol and diesel. Electric cars tend to be more reliable due to having less moving parts in their engine. Lower road tax costs are another saving. Electric car finance gives you access to this quicker than if you were to wait and save up to buy an electric vehicle outright.

Things to consider before choosing an electric vehicle

Before you choose an electric vehicle to finance, you will need to ensure that you can install a charger at your home. The good news is that the government often provides grants and subsidies to help fund the cost of electric charger installation. If you rent a property, speak to your landlord to see if they will be happy for you to install a charger. Adding a charger can increase the value of a property, so they should be open to the idea.

The UK charging network is growing all the time, with charging points located in most supermarket and public car parks. Some rural areas may not have the same availability, so if you live in the countryside, it’s worth checking to see how many points are available near you.

Popular electric vehicles available on finance

Looking for some electric car inspiration? Here are some of the most popular models available to purchase through electric car finance.

BMW i4

For a combination of excellent performance and long driving range, the BMW i4 is one of the most stylish on the market.

Tesla Model 3

If you are looking for a state-of-the-art electric car with a stunning range of tech and features, you can’t beat the Tesla Model 3.

Audi Q4 e-tron

One of the best electric SUVs on the market, the Audi Q4 e-tron has all the bold looks and technological style that comes with the famous four-rings.

Polestar 2

Scoring five stars in the Euro NCAP test, the Polestar 2 is one of the safest electric cars on the road for you and your family.

MG4 EV

One of the most affordable electric car options, the MG4 EV may be low in price, but it is high in quality with a long range and an extended warranty adding extra protection.

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