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Low Carbon Transport Loan extended to cover used electric cars and vans for fleets

By / 11 months ago / UK News / No Comments

Businesses and drivers can now use the Scottish Government’s Low Carbon Transport Loan to cover used electric vehicles for the first time.

Michael Matheson said the price point for new EVs remains high for many; the extension of the Low Carbon Transport Loan to used EVs will help address this

The move is effective from 28 September and enables an individual or business to apply for a loan of up to £20,000, interest-free, over five years, compared to up to £35,000 for new electric cars and vans.

The Scottish Government said it was upping the ante on the scheme, delivered through the Energy Saving Trust, to provide easier access for fleets and drivers looking to make the switch to EVs.

Michael Matheson, Cabinet Secretary for Transport, Infrastructure and Connectivity, said: “The global shift towards electric vehicles means that prices are coming down year on year, but the price point for new vehicles remains high for many. We want to make it easier for people to switch by providing interest-free finance options for used vehicles.

“We’ve set a bold ambition to phase out the need for new petrol and diesel cars and vans by 2032. Globally, it’s clear that the shift to electric vehicles is becoming an inevitability – but no one who requires a vehicle should be left behind from the benefits these modern vehicles can bring, both in terms of running costs and the  environmental benefits. This is where we can help.”

Matheson added that fleets and drivers could also draw on car clubs to enjoy the benefits of EVs without the need to own them. Over £869,000 has also been provided to support electric vehicle car club schemes.

Support is also available through the Energy Saving Trust for e-bikes, including e-cargo bikes, for those who prefer two wheels.

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Natalie Middleton

Natalie has worked as a fleet journalist for nearly 20 years, previously as assistant editor on the former Company Car magazine before joining Fleet World in 2006. Prior to this, she worked on a range of B2B titles, including Insurance Age and Insurance Day. Natalie edits all the Fleet World websites and newsletters, and loves to hear about any latest industry news - or gossip.