Electric Vehicle Loans

Interest-free loans towards the cost of a new or used electric vehicle for your household.

Electric vehicles are an increasingly attractive option for drivers thanks to their lower running costs, environmental benefits, and ever-improving range of models. Pure electric vehicles eligible for the loan have an average range of over 150 miles, with many models able to go much further on a single charge. Plus, charging has never been easier; with over 1,500 publicly available chargers in Scotland.

New electric vehicles

You can borrow up to £28,000 interest-free towards the cost of purchasing a new pure electric vehicle, and up to £10,000 towards a new electric motorcycle or scooter, thanks to funding from Transport Scotland (an agency of the Scottish Government).

The Electric Vehicle Loan can be repaid over a maximum of six years.

To learn more about this scheme, click here.

Used electric vehicles

More electric cars and vans become available on the used car market each year, as electric vehicles become more popular. With the Used Electric Vehicle Loan, you can borrow up to £20,000 to cover the cost of purchasing a used electric car, or up to £5,000 for the purchase of a used electric motorcycle or moped.

The Used Electric Vehicle Loan can be repaid over a maximum of five years.

To learn more about this scheme, click here.

Charge point funding

To help you get around in your new electric vehicle, a grant of up to £250 is available towards the cost of a home charge point from Energy Saving Trust, with an additional £100 available to applicants in the most remote locations in Scotland. This is in addition to the £350 available through the Office for Zero Emission Vehicles (OZEV).

With a home charge point, you can charge overnight in your driveway, when electricity is cheapest, for further cost savings.

To learn more about this scheme, click here.

An unrecognizable person placing the charging port into the electric car they are an energy-conscious person using energy-efficient travel.

How to apply

To check your eligibility and request an application for the Electric Vehicle Loan, Used Electric Vehicle Loan, or Domestic Charge Point Grant, contact us directly either by phone on 0808 808 2282 or online – one of our advisors will be happy to help.

Things to note:

  • Both new and used electric vehicle loans are interest-free with a maximum repayment period of six years for new vehicles and five years for used vehicles
  • The loan applicant must not currently own an electric or plug-in hybrid vehicle
  • The purchased electric vehicle, motorcycle or scooter must be included on our list of eligible makes and models:
  • For used electric vehicles the maximum vehicle cost is capped at the amount of £20,000 for an electric car and £5,000 for an electric motorcycles or mopeds
  • Used electric vehicles should be purchased from a UK based dealership that is accredited by the Motor Ombudsman or is part of a trade association signed up to the National Conciliation Service
  • The Domestic Charge Point Grant is available to electric vehicle owners, those with leased electric vehicles, and those who use an electric vehicle through work
  • Apart from making an initial deposit, you must not make any other payment towards the purchase of the vehicle before receiving a loan offer, as funding is not provided retrospectively
  • Completed application form for Domestic Charge Point Funding and other supporting documents must be submitted before installations occur
  • Funding is issued on a first come, first served basis and is subject to availability
  • Applications are subject to affordability assessments and credit checks
  • The schemes are funded by Transport Scotland and administered by Energy Saving Trust
  • Energy Saving Trust is authorised and regulated by the financial conduct authority
  • Terms and conditions apply and if you are successful with your application you must keep up with loan repayments.

Useful links

Making the switch

If you’re thinking about switching from a petrol or diesel car to an electric car, you might have some questions about whether an electric vehicle is right for you.

Guide to buying a used electric vehicle

More electric and plug-in hybrid cars and vans become available on the used-car market each year, as electric vehicles grow in popularity.

Charging electric vehicles

Learn about different chargers, public and at home, and other avenues of support and funding that can make charging and owning an electric vehicle easier.