Used Electric Vehicle Loan (Scotland): A Complete Guide
All you need to know about the Used Electric Vehicle Loan in Scotland, and how it could help you save money when buying a used electric taxi.
Summary
- The Used Electric Vehicle Loan is exclusive to Scotland and managed by the Energy Saving Trust.
- This is an interest-free loan repayable over five years and can be used to purchase all kinds of used electric vehicles. These include electric vans and cars - including taxis.
- If you are a taxi driver, you could get a loan of up to £30,000 for a used electric taxi (provided the price is £30,000 or less).
- You’ll need to meet certain eligibility criteria to apply, and all you need to do is fill out a simple form.
Table of Contents
1. What is the Used Electric Vehicle Loan?
2. Am I eligible for the Used Electric Vehicle Loan?
3. How does the application process for a used electric vehicle loan work?
4. Grants and incentives at The Taxi Centre
What is the Used Electric Vehicle Loan?
With the increasing prevalence of electric cars now on our roads, there are more used electric cars becoming available.
If you’re a taxi driver looking for an electric taxi but don’t want to spend a fortune, then this is great news. To top it off, you could even be eligible for the Used Electric Vehicle Loan if you’re in Scotland.
This is an interest-free, fixed-period loan run by the Energy Saving Trust. It provides a fantastic way for owner drivers and taxi businesses to transition electric.
Funded by Transport Scotland, the loan helps with the purchase of used electric vehicles up to a maximum amount. For cars costing £30,000 or less, you could be eligible for a loan of up to £30,000.
You’ll have over five years to repay the loan, and it can be used at any acceptable dealership in the UK. This must be either a traditional ‘brick and mortar’ dealership, offering sales both in-person and online, or a reputable online dealership, such as The Taxi Centre.
Am I eligible for the Used Electric Vehicle loan?
To apply for the used electric vehicle loan, you’ll need to meet the eligibility criteria. When submitting your application, you’ll need to provide information on the following:
- Your address history - at least six years
- Your income - to prove you can make the repayments
You’ll also need to confirm that the vehicle will not be purchased before receiving an offer for a loan, otherwise, your application may not be processed.
Other requirements you’ll need to meet include:
- Having a valid UK driving licence
- Not currently being the owner of a fully electric vehicle
- Being the person who has ordered or will make the order for the vehicle
- Not being in receipt of any other grants or loans from the Scottish Government to support the purchase of used electric vehicles
The loan will only cover standard specifications for used electric vehicles. However, it will not cover delivery costs, extras, or upgrades.
You can purchase an electric ex-demonstrator vehicle using the loan, though only if it is more than six months old and has reached over 1,000 miles.
Read the full list of eligibility criteria to make sure you’re eligible before applying.
How does the application process for a used electric vehicle loan work?
To apply for the Used Electric Vehicle Loan, all you’ll need to do is fill out a simple Used EV Loan application form.
In this form, you’ll need to provide your personal information including your name and email address and create a password for your account.
You then need to indicate which loan it is you are applying for (select ‘Used EV’ from the dropdown menu). You must also confirm you are a Scottish resident who is aged 18 or older.
Once you’ve submitted the application, you should expect a response within 10 working days. This may be to request more information, or to offer you a loan.
You’ll have 14 days to accept this offer, after which you’ll need to submit all your claim documents and provide any missing information. The sooner you do this the better, as it could delay your payment.
EST aims to process claim documents within 15 working days, and you should receive your funding within 3-5 working days. You’ll then be ready to order your used electric vehicle.
Grants and incentives at The Taxi Centre
We hope you feel well-informed about the Used Electric Vehicle Loan and how it could help you get your next electric taxi.
At The Taxi Centre, we’re here to help you get the best for your business. That’s why we’re committed to keeping you informed on all the latest grants and incentives open to you.
Ready to explore used electric taxis? We have a number of used models available for you to explore.
With our flexible finance options available, we’ll also help you to fit your taxi into your budget and spread the cost. If you need any advice on finance or on finding your taxi, get in touch with a member of our team.
Tempted to buy new? Browse our new taxis for sale.