You have decided to opt for an electric or hybrid car? But you do not know how to finance this type of vehicle. Do not panic ! You will find in this article some tracks that will help you. Do you know ? You can benefit from state aid, but also from the region.
Then you can choose between a classic car loan, but today many institutions have specialized in loans dedicated to the purchase of an electric car. Indeed, if the electric car requires a larger investment during the acquisition, it is then more economical and more environmentally friendly.
Aids for the purchase of your electric car
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To promote the purchase of electric or hybrid cars rather than conventional cars, aids are granted allowing drivers to reduce the cost of their investment. It was at the end of the Grenelle Environment Forum in 2007 that this incentive came into being with the introduction of the bonus malus.
The State assumed that for the acquisition of a new vehicle emitting less CO2, it would participate in the purchase in the form of aid. On the other hand, a penalty would be applied on the most polluting cars.
Aid granted for electric cars
You are affected by these supports if you are an individual, a professional or a community. State aid is equivalent to 7,000 USD, but it is capped at 30% of the purchase price, which includes the price of the battery. You can find all the details of this help on the site sustainable-development.gouv.fr.
As part of this purchase, you are also exempt from the company vehicle tax, also known as TVS. It should also be known that this aid can be supplemented with incentives in certain French regions.
This is the case for example in Poitou-Charentes where the aid is 8,000 USD if you are an individual and amounts to 6,000 USD for a company. It is of course subject to certain criteria. In the Lorraine region, it is 2,000 USD in the context of an SME.
Aid granted for the purchase of hybrid cars
This time again, this assistance is of interest to individuals, communities and businesses alike. State aid is capped at 10% of the acquisition with a minimum ceiling of $ 2,000 and a maximum of $ 4,000.
Here are some more specific examples:
- For the purchase of a vehicle worth $ 10,000, the aid amounts to $ 2,000, the minimum amount
- For a vehicle of 30,000 USD, you benefit from an aid of 3,000 USD
- For the purchase of a car at the price of 50 000 USD, you are entitled to an aid of 4 000 USD (maximum amount granted)
Be careful : Dealers often deduct this aid from the prices offered.
Rechargeable hybrid cars receive a subsidy of 4,500 USD if they emit less than 60 grams of CO2 per kilometer. The rest of the aid concerns cars emitting no more than 100 grams of CO2 per kilometer.
Auto loan specially dedicated to electric cars
Some credit institutions offer special interest rates, reserved for the purchase of hybrid cars or electric cars. These credits work like a conventional credit and it is essential to present a proof of your acquisition.
It may also involve setting up a personal loan that is not specifically assigned to your new car. Promotional offers are presented to you, but you must know that they meet certain conditions such as the age of the person who subscribes.
To make your choice, do not hesitate to compare the various proposals on the market, paying particular attention to the cost of credit. There are only a few institutions that have embarked on this niche. But rest assured, you can fully subscribe to a conventional car loan to finance the purchase of your electric car provided you find an interesting rate.
As for all credits, read your contract before signing it, pay attention to all clauses and do not hesitate to get help if everything is not clear. At the time of your comparison and to make your final choice, take into account the different elements of the loan.
The interest rate of course, the total cost, but also the duration of the latter. It must be remembered that the longer the loan is spread over a number of years, the more likely you are to continue to pay for a vehicle that is in poor condition, aging and has lost much of its original value.
In conclusion : before buying your electric vehicle, find out about state aids, your region if applicable and the most interesting credit agencies on the market.