Residents of Scotland will be able to continue receiving an interest-free loan of up to £20,000 for the purchase of new or used electric cars. The sum is then paid back in more manageable chunks over five years.
The loan arrangement, which is part of the Scottish Government’s Low Carbon Transport Loan scheme, has been extended from September 28. So far the Scottish Government’s Low Carbon Transport Loan has provided over £85 million in interest-free loans to help people purchase new or used electric vehicles.
The scheme, which has been delivered through Energy Saving Trust, is designed to help individuals and businesses who might otherwise struggle to purchase an electric vehicle. Plus, it has the added bonus of improving air quality, reducing the use of fossil fuels and helps Scotland move towards a greener future.
Cabinet Secretary for Transport, Infrastructure and Connectivity, Micheal Matheson, said: “Expanding our Low Carbon Transport Loan will make it easier for more people to access the benefits of modern ultra-low emission vehicles. 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.”