Information includes references to:
Zapmap - EV market stats 2024
Electric car finance
- Hire Purchase loans of £2,000 - £15,000
- Repayment periods over 18 - 61 months
- Award-winning car finance providers
- Recommended by 98% of customers
Representative 30.9% APR
Average Customer Rating
4.9/5
Independent Service Rating Based on 2,403 verified reviews.
Electric car finance made simple
Interested in owning an electric car? Join the club! As of February 2025, there are more than 1.4 million of them on UK roads. But for some, the upfront cost of an electric vehicle (EV) means the idea and the reality are two very different things. That's where we come in. Hire Purchase EV finance offers you an affordable way to get the car you want.
And we're a lender you can trust. For four years in a row, we've been named Best Car Finance Provider in the Consumer Credit Awards, and we have a rating of 'exceptional' from thousands of independent reviews on Feefo. So, read on to find out more about electric car financing and how we can help you.
How does a Hire Purchase agreement work?
When you take out electric car finance with us, the loan is secured against the vehicle. Here's how it works:
- You make a down payment on the car and borrow the rest of the money from us.
- To repay the loan, you make fixed weekly or monthly instalments over an agreed period.
- You're charged interest on these instalments, so you end up repaying more than you first borrowed.
- Once the loan is all paid off, you legally own the vehicle.
Just so you know… we can offer EV finance without needing a deposit, but it will depend on the cost of the car and your credit limit.
Is electric car financing any different to regular vehicle finance?
Craig, First Response Finance's Head of Underwriting, explains all:
"Electric cars do often come with a higher upfront cost, due to their advanced technology and battery systems. So, it may be that you need to borrow a little more than you would for a similar model with a petrol or diesel engine. But the process of financing an electric car is very similar. Lenders like us generally assess the same factors – for example the vehicle's value, your income and your credit score – when determining eligibility and loan terms. And once approved, repaying your EV finance works much in the same way too."
How to apply for electric car financing
Our application process is as simple as one, two, three!
Fill out our online quote form to get an instant decision on your eligibility and see how much your monthly repayments would be.
Our electric car finance application criteria
Check out our fixed and flexible criteria to see if you could be eligible for EV finance:
Fixed Criteria
- Aged 18+
- UK resident
Flexible Criteria
- 18 - 61 month terms
- Age of the vehicle
- No deposit required
- £2,000 - £15,000 lend
- Provisional driving licences considered
Whilst our criteria helps us to lend responsibly, we're flexible on things such as the age of the car and the term of the agreement. For example, you can choose to pay your car finance loan over a long period of time, i.e. 48 months, or make larger instalments and pay your finance agreement off in as little as 18 months.
How much does it cost to finance an electric car?
How much does it cost to finance an electric car?
The overall cost of your finance will depend on factors like the price of the vehicle, the size of your deposit and the length of your repayment terms. So, it's hard for us to give an exact answer without knowing all the details. But you can use our car finance calculator to get an idea of how much everything will cost, with no commitment to apply.
Ready to drive electric?
Check out your options and make the switch to electric with a quick, no-obligation quote.
Hire Purchase pros and cons
Unsure if a Hire Purchase is the right way for you to finance an electric car? Here are the pros and cons:
- Fixed interest rate
- Simple to arrange
- No deposit required
- Flexible terms (18 - 61 months)
- No annual mileage restrictions
- Fixed monthly (or weekly) repayments
- You own the car once the final payment's been made
- Customers are protected under the Consumer Rights Act (2015)
- Finance is subject to status
- You don't own the car until the final payment's been made
- Due to interest, you pay back more than you borrowed
- The car's at risk of repossession if you don't keep up with repayments
- Not suitable if you plan on paying off your finance agreement within six months
Why choose First Response Finance?
We'll take the time to understand your situation and what you need from your agreement. Here's why we're the go-to for electric car finance in the UK:
- We're the UK's No.1 motor finance lender, as voted on Review Centre
- We've helped more than 200,000 people with their auto finance
- 98% of our customers would recommend us
- We're five-time winners of Feefo's Platinum Trusted Service Award
- We've been voted Best Car Finance Provider four years in a row at the Consumer Credit Awards
How our car finance has helped others
We're here to help you understand car finance...
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Apply for electric car finance today
Ready to go green? Our Hire Purchase EV finance agreements can help you get on the road. Get a quick, free quote and apply today.
This page was last reviewed in April 2025.
First Response Finance is a responsible vehicle finance lender, and all decisions are made in the best interests of the customer; based on credit scores, status, and income at the time of application. We'll never approve an application if we believe you might struggle with repayments.
Get independent advice on money, finance products, debt management, and budgeting through Citizens Advice and MoneyHelper.