| Credit Profile | EV Van HP | EV Finance Lease | Term |
|---|---|---|---|
| Strong credit, 2+ years trading | 7.9% – 10.9% APR | 6.5% – 9.9% APR | 24–84 months |
| Standard SME, 1–2 years | 10.9% – 13.9% APR | 9.9% – 12.9% APR | 24–60 months |
| New business / thin file | 13.9% – 17.9% APR | 12.9% – 16.9% APR | 24–48 months |
| Adverse credit | 16.9% – 23.9% APR | 15.9% – 21.9% APR | 24–36 months |
EV-specific factors that affect your monthly cost
Electric vans have a higher purchase price than diesel equivalents - typically £5,000–£15,000 more for comparable payload and range. This means the absolute monthly payment is higher even if the finance rate is the same. However, lower running costs and tax benefits change the total picture significantly over a 4–5 year term.
Electric vans bought on hire purchase can qualify for the Annual Investment Allowance (AIA) - meaning you can deduct the full purchase price from your taxable profit in year one, up to the AIA limit. OZEV grants may also be available for some models. Always confirm tax treatment with your accountant.
Lenders who specialise in EV van finance include Lombard, Novuna, Black Horse and Aldermore. EV residual value assumptions are still evolving, so residual values set today may differ from actual market values at the end of the term - this is particularly relevant for Finance Lease.
Finance subject to status and credit assessment. Rates shown are indicative only and subject to change. Independent financial advice should be sought where appropriate.