EV Interest free loan - closing date
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Electric Vehicle Loan
The electric vehicle loan is available in Scotland and can help you with the upfront cost of purchasing a new electric car.
energysavingtrust.org.uk
Yes happens every year. Once the Scottish Government Set the Budget for next tax year it will more than likely be back on again. Cant see them dropping and zero carbon assistance especially the year with the global climate conference being held in Glagow
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Are there any grants in Scotland for buying an EV at the moment? We're looking at an IPace which doesn't qualify for any of the interest free loans and I can't see anything about grants on the energy trust website either.
David.
David.
The Plug-in Car Grant is available and UK-wide, but is obviously of no use for the I-Pace being limited to £35,000 RRP. The interest free loan is available for cars up to £50,000 final price, but that isn't enough for the I-Pace.
In summary: yes there are grants available, but not to buy the I-Pace.
I could be very wrong, but I thought the interest free loan could be used to partially finance a car, as well as fully finance one? So a £28K deposit funded by the Scottish government at 0% and the rest on PCP from Jaguar Finance. It should still be cheaper than taking the whole lot from Jaguar Finance. And definitely shop around for discounts on the iPace. Drive the Deal have some almighty discounts at the moment - £17K off a 400HSE last week if I recall correctly.
The Low Carbon Transport Loan a.k.a. interest free electric vehicle loan in Scotland was previously only available for cars on the PiCG list. For the 2021/22 financial year they decided not to follow the reduction in PiCG and still apply the £50,000 limit that is roughly equivalent to the old PiCG (except I think it's on total price, not base RRP less options like the PiCG limit). They have their own list of eligible vehicles this year as the PiCG list is not sufficient any longer. The I-Pace doesn't appear given it costs more than £50,000.
The total loan amount available through the scheme is £28,000, but as you noted it can be used as part payment either with your own funds, or with hire purchase or PCP on the remainder subject to the total price being under £50,000.
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