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Electric & hybrid car finance explained

The cost of a new electric car may seem significantly higher than a petrol or diesel-driven vehicle. However, because electric cars have much lower running and maintenance costs, the total cost of ownership is likely to be considerably lower in the long term. 

Despite their numerous differences, financing the purchase of an electric car or hybrid is the same as that of a conventional car. Stellantis Financial Services offer a number of electric car finance deals that are detailed below. 

Personal Contract Purchase

Personal Contract Purchase (PCP) allows you to purchase your vehicle with a deposit, monthly payments and if you wish to own the vehicle at the end, a balloon payment (also known as the Guaranteed Future Value). Since you won’t have to pay for part of the car until the end of the contract, this gives you additional flexibility.

Personal Contract Hire

Personal Contract Hire (PCH) is a long-term leasing arrangement. This means that although you won’t own the car at the end of your contract, you’ll be making a fixed monthly rental for the vehicle whilst you use it. Although this is a leasing arrangement, rather than a purchase, the government plug-in grant still applies.

Flex & Free now available

Flex & Free gives customers the flexibility to change their car more frequently. Based on a standard Contract Hire agreement but with the flexibility to change vehicle from the 6th month, without penalty (subject to condition and mileage).

Personal Finance Lease

A Personal Finance Lease (PFL) agreement is like Personal Contract Purchase. However, PFL offers a fixed monthly rental payment without the option to purchase the car at the end of the contract. Although this is a leasing arrangement like PCH (above), the government plug-in grant also applies to PFL.

Just remember that the plug-in grant only applies to purely electric vehicles. However, hybrid cars can still take advantage of the EVHS scheme, which will pay up to 75% towards a home charging station.

Conditional Sale

Conditional Sale is a traditional way of purchasing a car on finance –  like a personal loan. It’s a straightforward agreement that involves paying a deposit followed by equal monthly payments.

Interested in financing an electric or hybrid car?

If you’re considering buying or leasing a new or used electric car and you want to spread the cost, our range of financing options could be perfect for you.

To learn more about the all-electric and hybrid vehicles you can finance with Stellantis Financial Services, visit our brands to learn more about what is available.