We finance all types of electric cars, such as:
Battery Electric Vehicle (BEV)
When somebody talks about an electric car, a battery-powered electric vehicle is generally the type of electric car that springs to mind. A battery electric vehicle runs entirely on battery power, has zero emissions and can be charged at home -using a cable attached to a household electrical supply- or charged at a charging point. As the technology improves, so does the battery power, and battery electric vehicles are now being sold with can last a considerable distance - perfect for long journeys.
Plug-In Hybrid (PHEV)
A plug-in hybrid car has both a traditional petrol/diesel engine and a battery-powered engine that can be charged using the above methods. The benefit is that if you run out of electricity you can use the car's engine instead. However, because there are two engines, they are typically smaller in size and don’t hold as much charge or fuel as their traditional counterparts. Plug-in hybrid cars, therefore, make great vehicles for those who drive shorter distances and for those who struggle to access charging points.
Hybrid Electric Vehicles (HEV)
In a similar sense to plug-in hybrid cars, hybrid electric vehicles have both a battery-powered and fuel engine. The difference between a standard hybrid and a plug-in hybrid is that you cannot plug in and charge the hybrid in the same way. A standard HEV has a self-charging electric battery.
One of the biggest benefits of buying an electric car is the savings that you make on general running costs and fuel. Electricity is much cheaper than fuel and, because there are fewer moving parts in a battery-powered engine, there are fewer maintenance costs. A fully electric car puts out zero emissions too, whilst a hybrid car will help to considerably cut emission output.
The availability of charging points and charging time can be a huge inconvenience to some, as well as the high cost of the vehicle itself. Don’t forget, that whilst general maintenance costs are lower due to fewer moving parts in the engine, any battery engine repairs need to be undertaken by a specialist and can come at a higher cost. Furthermore, replacement batteries are not cheap. Ensure that you fully research what problems you may encounter and the costs involved before purchasing an electric car.
Possibly. Whilst this is not a comprehensive list, here is an example of some Government schemes that can help you reduce the costs associated with purchasing an electric vehicle:
The Government offered grants until 2022 to those who wish to purchase a plug-in electric car, such as £2,500 off the price of new low-emission vehicles. Check the Government's website to see if they have any more electric car grants currently running.
A zero-emission car is not subject to vehicle tax (VED).
You can usually drive a zero-emission car for free in otherwise costly low-emission zones.
The above is not a fully comprehensive list of schemes that are available in the UK, always do your research to save money on the cost of your new vehicle.
Whether you took finance out with Happy Motor Finance, or with another company, we can help you to reduce your monthly payments. For instance, if you’re credit score has changed for the better since you first took out the finance, or you bought PCP finance and have a costly balloon payment going out, then simply get in touch to find out if we can help you to refinance and reduce your monthly payments on your electric car.