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Switching to an electric car is not just a change in fuel type – it's a different way of thinking about ownership, running costs, and long-term value.
Our electric car finance options are designed to help you spread the cost of a new EV while giving you flexibility as electric vehicle technology continues to evolve.
EVs typically benefit from lower energy costs compared to fuel, fewer moving parts, and reduced servicing requirements. Financing an electric car allows you to balance these lower running costs with a predictable monthly payment.
Battery range, charging speeds, and efficiency continue to improve. Finance options such as PCP allow drivers to upgrade more easily, rather than committing to long-term ownership while technology is rapidly changing.
Although finance products like PCP and HP are used for all vehicle types, electric car finance involves different considerations compared to internal combustion engine (ICE) vehicles.
Electric cars can depreciate differently due to advances in battery technology and model updates. Finance options with flexibility at the end of the agreement can help reduce exposure to resale value uncertainty.
Modern EV batteries are designed to last many years, but buyers often factor battery performance into their finance decision. Choosing the right finance structure helps balance peace of mind with affordability.
EV finance decisions are often based on total cost of ownership, not just the purchase price. Electricity costs, mileage, and usage patterns all play a role when comparing electric cars with petrol or diesel alternatives.
For many drivers, PCP (Personal Contract Purchase) is one of the most popular ways to finance an electric car.
PCP typically offers lower monthly payments by deferring part of the vehicle's value to the end of the agreement. This can be particularly attractive for electric cars, where drivers may want the option to change vehicles as technology improves.
At the end of an EV PCP agreement, you can:
With HP, you finance the full cost of the electric car. Monthly payments are usually higher than PCP, but once the final payment is made, the vehicle belongs to you outright.
Hire Purchase gives you complete ownership of your electric vehicle with no restrictions on mileage or usage.
Electric car buyers are increasingly comparing salary sacrifice schemes with traditional EV finance options such as PCP, HP, and leasing. While all allow you to drive a new electric car, they work in very different ways.
EV salary sacrifice is an employer-provided scheme that allows eligible employees to lease an electric car using part of their gross salary. Because payments are taken before tax and National Insurance, this can result in significant savings for some drivers.
Salary sacrifice packages often include:
This makes it a simple, all-in solution for many employees
Electric car buyers often compare finance vs leasing before making a decision.
Choosing between EV finance and leasing depends on how long you want the car, how much flexibility you need, and whether ownership is important to you.
Monthly payments are only one part of the picture. When financing an electric car, it's important to consider:
Comparing monthly costs alongside running expenses helps give a clearer view of overall affordability.
Monthly payments can be higher, but lower running costs often balance the difference over time.
Yes, PCP offers flexibility to change vehicles at the end of the term.
Residual values vary by model and technology, which is why flexible finance options are often preferred for EVs.
Whether you're considering PCP, HP, or leasing, we're here to help you find the right EV finance solution for your needs.
We are proud to work in partnership with all NHS Trusts and several Health Care organisations to further support our NHS and Health Care professionals.
Find out more about these partnerships by clicking the logos below.
