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Car club membership..
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Discussion Starter #1 (Edited)
Hi all

Have Failed one online finance company application (MotonovoFinance)so i think next ones that even accept will be more expensive.
Hope this in right tray. Dont think that online car finance forms have different tune for evs. Basically im here at a sort of a crossroad:
£10k in the bank / Limit of £200 p/m
  • (Cash purchase) - Low chance
  • Lease (real only option is smart 4 4)
  • pcp with 4 or 5k deposit
-????

Have owned Leaf 24 (very nice)
Have tried Leaf40, Ioiniq(38se), Smart 4 4

One other thing, what is the wizardry behind these finance applications and how much can you cheat on them?(no telling you win 4k and you just get 2k..)
 

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Peugeot e-2008 GT-LINE
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103 Posts
Do you work? How about salary sacrifice scheme, cheaper and as long as you don't drop below living wage you'll be accepted
 

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£10k in the bank / Limit of £200 p/m
M&S bank personal loan, 5 years, 2.9% APR, £11000 will cost you just under £200pcm.

That gives you a £21k cash budget which buys a Leaf40 (pretty much new - my colleague just got a new N-connecta for £23k), an e-Golf 36kW, an Ioniq 28 or a few other things.

As an unsecured loan you are free to sell the car at any point without outstanding finance, and the interest is lower than pretty much any secured car financing.
 

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I spoke to a broker when i was buying the LEAF about finance options. After some back and forth he eventually said that none of his range of finance companies would touch an EV, as the residuals are too much of an unknown. I ended up taking out a personal loan.
 
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