Interest-free loan to help residents buy a used or new electric vehicle in Scotland – AirQualityNews
From the end of September, Scottish residents will be able to get an interest-free loan to buy a used or new electric vehicle (EV).
To date, the Scottish Government’s Low Carbon Transport Loan has provided over £ 85million in interest-free loans to help people buy a new EV.
In an announcement made today (September 14), the government announced that it will now extend the loan, allowing businesses or individuals to also use the financing to purchase a used electric vehicle.
The public can receive up to £ 20,000, interest free, repayable over five years.
Offered through the Energy Saving Trust, it is hoped that the loan modification will help reduce air quality and also help people and businesses who previously could not afford a new electric vehicle.
Micheal Matheson, Cabinet Secretary for Transport, Infrastructure and Connectivity, said: “Expanding our loan for low carbon transport will make it easier for more people to access the benefits. modern vehicles with very low emissions.
“The global shift to electric vehicles means that prices are dropping year on year, but the price of new vehicles remains high for many.
“We want to make change easier for people by providing interest-free financing options for used vehicles.
“We have set a bold ambition to phase out the need for new gasoline and diesel cars and vans by 2032.
Globally, it is clear that the switch to electric vehicles is becoming inevitable – but no one who needs a vehicle should be left behind in the benefits that these modern vehicles can bring, both in terms of cost. operation and environmental benefits. This is where we can help you. ‘