Flexible finance solutions for electric and hybrid vehicles

Going electric? We've got you covered! Here at Octane Finance, we’re helping UK drivers accelerate into the future with affordable, flexible electric vehicle financing solutions. As an independent broker working with leading lenders across the country, we can get you behind the wheel of your preferred zero-emission vehicle. 

Our finance experts can even guide you through the latest government grants and incentives to help lower your monthly payments further. We match you with competitive EV finance products to suit your budget, including Personal Contract Purchase (PCP) and Hire Purchase options. 

EV Finance Solutions

We're here to make the switch to an electric vehicle easy. Our lenders can provide finance packages tailored specifically for electric vehicles, giving you the flexibility and assurance needed as you transition to battery-powered travel. Our team of EV experts will walk you through every step while securing competitive interest rates and repayment terms, meaning your dream EV is more attainable than you think. 

Why choose electric vehicle finance?

Going electric is the future of driving, but making the switch can feel financially intimidating. That's why choosing electric vehicle finance is the smart route into emission-free motoring. Our Octane Finance specialists make the whole process simple and cost-effective so you can focus on enjoying the benefits of driving an electric vehicle sooner than you think.

How does electric car finance work?

Electric car finance in the UK typically works in a few different ways:

Personal Contract Purchase (PCP) electric car finance 

One of the most popular ways to finance a car is Personal Contract Purchase (PCP). Typically, payments are spread over 2 to 4 years and an initial deposit is usually required. The fixed monthly payments are based on the vehicle's value and agreed usage over the term. These payments go towards depreciation - the vehicle's expected loss in value during the loan.

At the end of the PCP term, a final ‘balloon payment’ will need to be paid to own the vehicle. But there are other options available; you can hand the car back with nothing further to pay, choose to part-exchange your existing car and put any equity you have towards a new vehicle, or finally, you could opt to pay or refinance the balloon amount and keep the car. 

The benefits are that PCP allows you to drive a newer car for a few years at lower monthly costs than traditional lending does. The finance company estimates the depreciation and you only pay for that portion you use. Just be wary of potential excess mileage fees or damage charges upon return of the vehicle.

Understand more about PCP car finance.

Hire Purchase (HP) electric car finance

Another popular option, Hire Purchase (HP) spreads payments over fixed installments until you own the vehicle outright, offering flexibility for budgeting larger purchases over a fixed period of time.

With HP car finance, you make regular payments in installments until the total value of the car, plus interest and fees, is paid off. At that point, you own the car. The agreement typically lasts between 2-5 years and you'll need to put down a deposit (usually 10% of the car's value or more) followed by fixed monthly installments. The car legally belongs to the finance company until the final payment is made.

While similar in some respects, HP differs from PCP agreements in a few key ways; PCPs involve a balloon payment at the end, whereas with HP you own the car outright once all repayments have been paid in full. Finance deals like this can enable you to drive the car you want while making it more affordable through monthly installments. Just be aware that missed or late payments can result in repossession of the vehicle. 

Understand more about HP car finance.

Hybrid car finance

Hybrid cars have grown in popularity in the UK for offering the combined benefits of electric power and fuel efficiency. While the upfront prices for hybrid models can seem high, numerous attractive finance options make owning one very achievable. 

Many lenders recognise the lower running costs and tax benefits of hybrids by offering competitive finance products like PCP agreements with lower interest rates. These allow affordable monthly payments by spreading out the cost with a final optional purchase payment. Speak with us to find out more. 

Electric and hybrid vehicle finance at your fingertips

Whether you desire a semi-electric hybrid car or want to go fully electric, our lending panel provides affordable monthly payment options tailored to your budget. From cutting-edge PCP options to longer-term Hire Purchase agreements, go green the smart way and accelerate sustainable living through our specialist low-emission vehicle finance solutions. 

The future of driving is electric, and the future of financing is here. Get in touch with us to find out more. 

What our customers have to say