£50K zero percent loan in Scotland

[Dan43]

Apologies if this has been covered but has anyone seen this 0% £50K loan for EVs in Scotland via Energy Saving Trust?

Electric Vehicle Loan | Energy Saving Trust

Is there a wider UK equivalent? If this is available outside Scotland I would bite on a Model S through Tesla used programme. And it applies with the £5K grant on top/alondside

 

[thegruf]

Seen that. No equivalent in England and Wales.
Bloody ridiculous it should be available in one part of the UK and not another.

(is for new vehicles only though)

 

[Dan43]

New vehicles only makes sense hence the grant still being applicable.

A basic 70D comes in at £49,500 minus the grant, would be tempted on a 0% alone over 6 years, with a 3year Tesla 50% guarantee on purchased price, meaning a £25K cost of ownership over 3 years, or £694 per month on that 0% offer. Would that still be worth it? Hmmm, but as I can't apply complete speculation, bah!!!!

 

[thegruf]

... Would that still be worth it? ...

deal of the century!
It will only get more expensive from now on.

Look at the Danes, now treating MS as a full luxury car. Period. Irrespective of ZEV, taxed to hell and back.
Can see the UK capping the £5000 subsidy next Feb too.

Still bemused by the Scots throwing money around at £50K+ vehicles, even ZEVs.
You would have thought they'd be spending it on the NHS with all the racket they made at the election!
But then having denounced everyones fiscal resonsibility as reckless poison, apparent John Swinney said recently that they would revers any of it.
Hypocrites or what. Have to love political expediency.

 

[martinwinlow]

If you plan to apply, I would not waste any time doing so as it has been out for a good month and the pot is not a terribly large one! MW

 

[Dan43]

Yes a rear wheel drive basic 70D is £45,300, wonder if these would hit used market next year? Can add AutoPilot as aftermarket for £2500 according to the UK site.

 

[cezdoc]

Apologies if this has been covered but has anyone seen this 0% £50K loan for EVs in Scotland via Energy Saving Trust?

Electric Vehicle Loan | Energy Saving Trust

Is there a wider UK equivalent? If this is available outside Scotland I would bite on a Model S through Tesla used programme. And it applies with the £5K grant on top/alondside

Many thanks for pointing this out, I was unaware of it and have now been able to bring a MS purchase forward 6 months :biggrin:. I'm not convinced it's the best use of taxpayer's money but you don't look a gift horse in the mouth.

 

[Dan43]

Glad that worked out, shame we can't get this down here still.

 

[Subevo]

Up to £35000 not £50000 or am I wrong.

 

[dst87]

Up to £35000 not £50000 or am I wrong.

You’re correct. It’s £35k over 6 years.

We bought our Model 3 with the loan. It’s a great incentive.

Happy to pay that slightly higher tax rate in Scotland to help fund these schemes.

 

[Archerfield]

And you get an extra £300 to install your home charging point

 

[VanillaAir_UK]

And priority delivery ?

 

[Mr Miserable]

And a better delivery experience!

 

[booyaka76]

Lol - yeah - I've used it, just waiting on the loan being approved - done it via my LTD company

 

[Rob R]

You’re correct. It’s £35k over 6 years.

We bought our Model 3 with the loan. It’s a great incentive.

Happy to pay that slightly higher tax rate in Scotland to help fund these schemes.

I took delivery of a Model 3 with the help of this £35,000 loan myself this week. Scottish Government policy is to end sales of new petrol and diesel cars by 2032, rather than 2040 as in England, so extra incentives make sense, especially as EV uptake in Scotland is currently lower per head than in England. Different policies, different actions. That's what devolution is about.

 

[Mark_T]

Up to £35000 not £50000 or am I wrong.

Look at the date on the earlier posts, things have changed in the last 4 years...

 

[dst87]

Oh Jesus! I didn’t realise the age of this thread. How the hell did it get resurrected to the front page.

 

[Hamsterminator]

Hi folks. First time post here.

I’ve applied for the loan myself for a model 3. Has anybody had success with it this year? How did you find the process?

I’m slightly worried it’ll take forever as I applied 2 weeks ago and not had any response yet other than the automated acknowledgement. I also provided the cost of the model I intend to buy as the price quoted to me from Tesla but asked for the loan only to cover the completely standard model as they say the loan is only available for the standard configuration (white, black interior, etc). I’m hoping this doesn’t confuse matters!

I also hear this loan runs out annually depending on the uptake. I imagine with UK deliveries coming in frequently now the uptake might be quite high...

 

[dst87]

Hi folks. First time post here.

I’ve applied for the loan myself for a model 3. Has anybody had success with it this year? How did you find the process?

I’m slightly worried it’ll take forever as I applied 2 weeks ago and not had any response yet other than the automated acknowledgement. I also provided the cost of the model I intend to buy as the price quoted to me from Tesla but asked for the loan only to cover the completely standard model as they say the loan is only available for the standard configuration (white, black interior, etc). I’m hoping this doesn’t confuse matters!

I also hear this loan runs out annually depending on the uptake. I imagine with UK deliveries coming in frequently now the uptake might be quite high...

I applied on July 1st. Process was fine. Not much communication, and nothing happened until about the 14th working day - bear that in mind. It’s 15 working day, not 15 days. You’ll be waiting 3 weeks for a reply.

You should include the order confirmation which will have the full price. The standard Model 3 is more than the £35k anyway, so it doesn’t really matter.

My understanding is that the money has never run out in any year so far. That’s not to say it won’t this year or in a future year, but hopefully you’ll be OK.

I tracked this obsessively, checking the portal for any status changes religiously. If you’re interested in my detailed timeline of changes, let me know.

One interesting nugget of information - they use TransUnion as their credit reference agency, and you can check your credit file with them for free using Credit Karma. I have a friend who applied and ultimately got declined. When he checked his report with Credit Karma they were missing his mortgage and current account.

 

[Hamsterminator]

Ha thanks dst. The checking obsessively part sounds about right- I've been doing the same since day 1!
I'm hoping it goes smoothly, and if they need anything else from me I can fix it on the spot rather than wait again. What config did you get?