Used Electric Vehicle Loan for Scottish Businesses
The aim is to support Scottish businesses to purchase a used electric vehicle.
The loan scheme is funded by Transport Scotland (an agency of the Scottish Government) and administered by the Energy Saving Trust.
What does this involve?
The interest-free Used Electric Vehicle Loan for businesses offers businesses in Scotland:
- up to £20,000 to cover the cost of purchasing a used electric car
- up to £20,000 to cover the cost of purchasing a used electric van
- up to £5,000 to cover the cost of purchasing a used electric motorcycle or moped
The maximum vehicle cost and loan available is capped at the amounts indicated above.
Only used electric cars and vans sold for £20,000 or under or used electric motorbikes and mopeds sold for £5,000 or under are eligible for the loan.
Vehicles with a list price over the relevant cap are not eligible.
Is my business eligible?
The business must have been trading or operational in Scotland for at least 12 months.
The purchased vehicle must be included on the Office for Zero Emissions Vehicles (OZEV) plug-in grant list.
The vehicle should be purchased from a UK-based dealership accredited by the Motor Ombudsman or one that is part of a trade association signed up to the National Conciliation Service. This includes:
- Scottish Motor Trade Association
- National Franchised Dealers Association
- Independent Garage Association/Trust My Garage
- National Motorcycle Dealers Association
- Motorcycle Industry Association
- Retail Motor Industry Federation
Private sales or vehicles bought from any other source are not eligible.
You can see the full list of eligibility criteria on the UK Government website.
How long does this take?
The Energy Saving Trust will aim to process complete applications within 10 working days.
The claim process then takes a further 10 working days, then another 3 to 5 working days for payment for successful applicants.
Next steps
If you wish to apply for a loan you will need to complete the Energy Saving Trust’s online business transport form.
https://transportform.est.org.uk/
https://findbusinesssupport.gov.scot/service/funding/used-electric-vehicle-loan-for-businesses
Photo by CHUTTERSNAP on Unsplash
The information in this blog provides only an overview of Scottish Government guidance and legislation in force at the date of publication and no action should be taken without consulting the detailed Scottish Government guidance and legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material contained in this blog can be accepted by the firm.
