Keyless entry: 2023 Genesis GV60 introduces face recognition

Green Genesis GV60

Genesis looks set to usher in a new era, with the 2023 GV60 model offering the world’s first face recognition technology for keyless entry, alongside other updates.

Owned by the Hyundai Group, Genesis has been operating in the UK since 2021. It’s consistently proven itself as one of the more innovative motor companies in the electric and hybrid vehicle market.

That status will only be cemented with the introduction of face recognition technology to the company’s GV60 model, the brand’s first dedicated electric SUV. Read on to find out more …

What can you expect from the 2023 Genesis GV60?

The 2023 Genesis GV60 will include face recognition technology as standard, alongside a host of industry-leading updates.

First launched in September 2021, Genesis’s ‘Face Connect’ technology will now be rolled out as standard across the GV60 in both the UK and Europe.

This new face recognition technology will allow customers to unlock, drive and lock their vehicle without the need for a key. Through use of a face recognition sensor and biometric data, the GV60 will recognise the driver’s face and allow them access to the car – even if the key isn’t present.

Drivers will need to set this process up through use of the Genesis Connected Services app. All information is securely stored via encrypted software in the vehicle – it’s never uploaded and stored remotely.

Drivers will simply need to walk up to the GV60 and look into a camera on the B-pillar. The GV60 will recognise authorised drivers’ faces, unlocking the vehicle via fingerprint sensor.

The technology effectively resembles that used in smartphones worldwide, and aims to make the driving process as seamless and stress-free as possible for drivers. Genesis also emphasises the convenience for users who enjoy outdoor activities like running and swimming, as car keys will no longer be necessary for vehicular access.

Other updates for the 2023 Genesis GV60 include a Digital Key, which unlocks the car via smartphone or a smart watch. Up to three additional drivers can have access to the vehicle via the Digital Key.

Other features include the Ergo Motion driver seat – which features a massage function as well as heated seats in both front and rear. This includes an electric, adjustable heated steering wheel. All-electric GV60s will also have a new Air Purification System, which detects the cabin’s air quality and adjusts according to dust concentration.

In the UK, the Genesis GV60 with face recognition technology will be available in Premium, Sport or Sport Plus versions. Customers can choose from a variety of colour and trim options as well as upgrade packages.

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Electric car parking fines – what are they and how can you avoid them?

Charging black car

Staying abreast of changes to road rules and regulations is the most sensible way of ensuring that you avoid any unwelcome penalties or fines.

Electric vehicles are a comparatively new vehicle, and charging infrastructure continues to be rolled out UK-wide in order to meet the rising number of EVs used, as well as the government’s own Net Zero Strategy.

However, these promises are not yet being met, leading to a strain on nationwide EV charging infrastructure. In an attempt to manage this, some chargepoint operators have introduced electric car parking fines.

What kind of electric car parking fines might drivers face?

If a driver keeps their EV connected to a chargepoint long after the vehicle reaches full charge, they may now face a fine.

The introduction of a fine for drivers staying too long at an EV charging point is not entirely unprecedented. Tesla has an ‘idle fee’ for its worldwide Supercharger network, which results in users being charged for every additional minute the vehicle remains connected to the Supercharger after reaching full charge.

A similar approach is now being taken at certain other chargepoints across the UK. In Aberdeen, for example, a £30 fine will be charged to EV drivers who overstay for an hour or more at any chargepoint.

Companies like ESB Energy and Geniepoint have also introduced electric car parking fines across their chargepoints. There are concerns that these moves will put consumers off purchasing new EVs.

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Tesla Announces Brand-New Electric Car Platform 

Inside a Tesla

In early March 2023, Tesla held its Investor Day event, where CEO Elon Musk and other Tesla managers provided updates around the company’s future developments.

During his speech, which detailed the company’s ‘Masterplan 3’, Musk hinted at the creation of a new electric car platform designed to improve efficiency across the company’s factories and vehicles. The implementation of this electric car platform promises changes that, as company execs advised, would allow for an estimated 40% reduction in factory footprint, create cost savings for the company of up to 50%, and ultimately reduce the risk of production line delays. Overall, estimates from Tesla suggest the new platform will cut down construction costs per vehicle by around $1000 – that’s equivalent to around £830.

A number of developments were also announced, including advances in electric motor technology through to new car construction processes.

An affordable, entry-level Tesla electric vehicle – which would sit beneath the company’s Tesla Model 3 and Model Y in both size and cost – has long been teased. This model would serve as Tesla’s competitor to popular models like Volkwagen’s ID3. However, investors hoping for the company to shed greater light on this car’s development were left frustrated – any such updates were promised to come ‘at a later date’.

Similar frustrations circulated around the lack of information regarding Tesla’s much-anticipated and long-delayed Cybertruck, which has been positioned as an electric pickup truck. Tesla also provided no clear update on the second-generation Tesla Roadster.

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Nissan Plans to Create More Electric Vehicles by 2030 

Red Nissan car

In November of 2021, Nissan announced their ‘Ambition 2030’ scheme, which promised the introduction of 23 electrified models, including 15 fully electric vehicles by 2030.

Nissan was an industry leader when it came to introducing electric vehicles – the Nissan Leaf was first announced in 2011, and the company has continued its pursuit of pioneering electric vehicles as accessible for all. However, as the automobile industry increasingly made the switch, Nissan found itself on something of a back foot. Enter Ambition 2030, designed to return the company to the forefront of the field – and Nissan’s ambitions have only intensified.

What’s new for Nissan Ambition 2030?

Ambition 2030 started off with big goals, including the achievement of carbon neutrality by 2050, and increasing consumer access to electric vehicles and necessary infrastructure. Another goal was the introduction of 23 all-new electric models, of which 15 were fully EV, by the decade’s end.

However, these figures have since changed. Nissan is now promising a total of 27 all-new electric models, of which 19 are promised to be fully electric vehicles. This takes the percentage of total EV or hybrid models across both Nissan and Infiniti’s global suite up to 44% by 2026 and 55% by 2030, which marks a rise from the previously announced figure of 50%.

The company is also predicting a rise in the sale of electric vehicles across a number of key markets. Sales in Europe are anticipated to rise from 75% to 98%, whilst a rise to 58% (from 55%) is predicted in Japan.

Nissan is also partnering with governments, energy providers and other stakeholders to develop and build the necessary EV charging infrastructure. This would support wider consumer use of electric vehicles, as well as smart grid systems and renewable energy sources. The company has stressed the importance of a circular economy for its electric vehicles, committing to ensuring the sustainability of vehicle batteries by way of improved repurposing and recycling strategies.

Further innovation is promised to improve the ‘accessibility’ and ‘mobility’ of Nissan’s electric vehicles. These include advanced autonomous vehicle technologies, alongside an ‘All-Solid-State Battery’ (ASSB). These batteries are positioned by Nissan as a ‘revolutionary technology’ designed to make EVs safer, more efficient, and affordable. Smaller in size than the current batteries, they enable more sophisticated and flexible design options for electric vehicles, as well as a reduced charging time and more affordable price point for the vehicles themselves.

This latter benefit has particular appeal, given the financial inaccessibility of electric vehicles, which have a higher entry price than their gasoline counterparts. This can often put consumers off the transition from combustion engines to electric vehicles.

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Is Apple Making a Car?

Glass apple logo in city

Apple has long set its sights on the motoring industry. As far back as 2008, rumours circulated that an Apple car was in the works, but progress has stalled on a number of occasions.


So, is Apple making a car, and if so, when will it hit the market?

What is known about the Apple car?

Perhaps unsurprisingly, the road to the Apple car has been full of twists, turns and abandoned negotiations. In 2014, ‘Project Titan’ began – the Wall Street Journal reported that Apple was hiring a range of automobile experts and engineers with the aim of launching a fully autonomous electric vehicle. In May 2018, the tech giant was reported to be in communication with Volkswagen – a partnership that literally crashed and burned as a result of test crashes and employee leaks.

In 2016, rumours suggested that ‘Project Titan’ had been shelved, but by 2020, the Apple car project was back on track. However, 2021 brought reports that negotiations between Apple and Hyundai, and its subsidiary company Kia, had broken down. By April of the same year, Apple CEO Tim Cook equivocated around Apple’s work on developing a car, but hinted that it was a project the company was invested in moving forward.

Is Apple making a car?

Currently, the Apple car is green lit – but it won’t be a fully autonomous vehicle, as the company had initially hoped. The Apple car will be partially autonomous, with a traditional driving seat, steering wheel and pedals (all of which had been removed for the initial autonomous prototype).

At the close of 2022, Bloomberg reported that Apple planned to launch a consumer model of the car by 2026, with a price point of $100,000. As such, the Apple car will be competition for the likes of the Tesla Model S and the top-end BMW i7. Further reports by Bloomberg suggest that the Apple car’s stats and features will be finalised by the end of 2024, with testing commencing in 2025 and production from 2026.

There is significant speculation about the Apple car’s design and technology, with the exact details remaining broadly unknown. Full iOS integration is expected, and a number of pending patents have been noted for vehicular features. These include patents for ‘movable sensors’, ‘smart headlights’ and ‘adjustable tinted windows’, amongst others.

Apple’s AI lead John Giannandrea is reported to be overseeing the Apple car project, with input from Kevin Lynch, a software developer who worked on the Apple Watch. As Apple itself has no experience in the automobile industry, they will need partners – at the time of writing, these are unconfirmed. Whether Apple achieves the goal of manufacturing a car after all these years remains to be seen.

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Electric Car Sales in the UK Overtake Diesel

Electric car being charged at a charge point

Earlier this month, the Society of Motor Manufacturers and Traders (SMMT) released their report on the UK car market. Amongst the most significant findings is the news that battery electric vehicles (BEVs) overtook diesel vehicles to secure their best ever monthly market share in December 2022.

With 32.9% of the market and a total of 16.6% for new car registrations, BEVs have surpassed diesel for the first time ever, and are now second only to petrol vehicles. In combination with the figures on HEVs (hybrid electric vehicles) and plug-in hybrids (PHEVs), this means that average new car CO2 (carbon dioxide) fell by 6.9% to 111.4g/km – the lowest in UK history.

SMMT Report – the overview

Whilst December 2022 was the biggest month in the UK market for battery electric car sales, plug-in hybrids saw a reduction in their annual market share to 6.3%. Hybrid electric vehicles also saw growth, and now make up 11.6% of the market. Diesel sales, meanwhile, plummeted by 38.9%.

The success of electric car sales in the UK is overwhelmingly down to fleets and business buyers. Although private buyers account for over half of all total vehicle registrations, they fall shy of the numbers of fleets and business buyers, who accounted for around 75% of all BEV registrations.

The best-selling electric car in the UK was the Tesla Model Y, followed by the Tesla Model 3 and Kia e-Niro. The Tesla Model Y also ranked as the third best-selling car overall, only after the Nissan Qashqai and Vauxhall Corsa (both of which also have electric models).

Why do private buyers account for so little of UK electric car sales?

Although there’s a concerted effort to ‘green’ Britain’s roads, this report from the SMMT demonstrates an overall reticence amongst private buyers to move to electric vehicles. Quite why private buyers are proving slower to transition to greener vehicles is explainable in a number of ways.

Grants

In 2021, the government announced a series of reductions to electric vehicle subsidy schemes. For example, in December of 2021, the Department for Transport laid out a reduction of £1,000 for buyers making use of financial incentives to fund the upfront cost of a new electric vehicle.

A concurrent reduction was also made to vehicular models eligible for government support, with a maximum limit of £32,000 set down from £35,000. For many private drivers, the initial purchase fee of EVs is prohibitive, which is why government grants and incentives have such a significant place in swaying consumer behaviour. Securing a car loan quote and car finance suited to individual driver needs provides a further way for motorists to invest in electric vehicles.

Charging infrastructure

There are also concerns over public charging infrastructure. According to the SMMT’s report, the government’s EV Infrastructure Strategy forecasts a need for 300,000 to 720,000 charge points in the UK by 2030. To hit 300,000 public chargers by that date, current installation should average at 100 new chargers installed every day, but the current figure is 23.

Supply shortages

Supply chains remain inconsistent – a fact which was also noted by the SMMT as impacting the UK’s overall car market – as a result of semiconductor chip shortages due to disruption caused both by the pandemic and the Russian invasion of Ukraine. This disruption is expected to stabilise as 2023 unfolds.

The result…

Consumers are unlikely to make the switch to electric unless they can be certain that the necessary infrastructure is available, and anxieties about the current cost of electricity also impact overall EV private sales. Given the expensive initial price of EVs, concerns over the provision of public infrastructure, and fears over cost of living, the anxieties of private buyers regarding the move to EVs seem unlikely to be alleviated.

This certainly seems to be the position of Mike Hawes, Chief Executive at the SMTT, who urged the government to encourage the move towards EVs by continuing to invest in nationwide charging infrastructure. As the UK approaches the 2030 petrol ban, after which the sale of new petrol and diesel cars will be banned, the need to invest in UK-wide EV charging infrastructure will become ever more pressing.

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Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

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Types of Tesla Models: Which Car is Right for Me?

Tesla on street parking

With sleek silhouettes, luxurious interiors, next-gen technology and a sultry electric purr, there’s no mistaking a Tesla. While there are many different types of Tesla models on British roads, all share the same prestige and eco-friendly reputation.

The company made global headlines in 2009 with the launch of the all-electric Roadster sports car powered by a lithium-ion battery. It was followed by the more family-friendly Model S sedan in 2012, which received widespread praise for its impressive range and acceleration power. Next came the spacious Model X SUV in 2015, a futuristic crossover that pushed the boundaries of EV design and performance.

Today, Tesla drivers are spoiled for choice. British motorists can buy new or second-hand, which significantly expands the types of Tesla models available. To help you decide, we’ve put together a roundup of the latest models, as well as some not yet launched models to keep an eye on.

A quick intro to Tesla

If you’re in the market for a Tesla, you probably already know quite a bit about the company. But just in case, let’s take a moment to get up to speed. The company is based in California and manufacturers electric vehicles (EVs). Elon Musk is founder and CEO of the company and is no stranger to publicity. The eccentric entrepreneur doesn’t just dabble in EVs. He’s also the architect behind SpaceX, an aerospace manufacturer attempting to revolutionise the sector and make commercial space travel a reality. Musk has made waves for his support of cryptocurrency Dogecoin and his unusual baby name choices.

Controversies aside, there’s no denying Musk has earned enormous respect in the EV sector. Teslas are coveted around the world and the UK is no exception.

Teslas on British roads

Tesla enjoyed record sales in the UK in 2021 and played a pivotal role in helping the country meet an EV market share milestone. The latest new car registration data from the Society of Motor Manufacturers and Traders (SMMT) reveals that for the first time, EVs accounted for 10% of sales in 2021. This represents an impressive jump from the 6.6% recorded in 2020.

Tesla was a major contributor, with the Model 3 topping the chart as the best-selling EV in Britain in 2021. According to the SMMT, 34,783 of the vehicles were sold. The model drastically outsold the Kia e-Niro, which was the second most popular EV purchased in 2021. Just over 12,000 units were delivered.

It’s not just the EV market the Model 3 is dominating. The wildly popular Tesla model was also the second most purchased vehicle in the UK overall in 2021. It was trumped only by the Vauxhall Corsa, which was purchased by almost 41,000 motorists.

Types of Tesla models: Which is right for me?

Currently, British motorists can choose from four different types of Tesla models. We take a closer look at each below:

Tesla Model S

Range: 396 miles

0-60 mph: 1.99 seconds

Top speed: 200mph

Peak power: 1020hp

Starting price: £91,980 

If you’re looking for speed, the Model S boasts the fastest acceleration of any vehicle in the Tesla family. The latest Plaid version is equipped with tri-motor propulsion technology and offers incredible performance. The model brings state-of-the-art battery architecture to the table, as well as all-wheel drive (AWD) handling. The silhouette is clean and low lying, taking cues from luxury sports cars like Jaguars. Overall, this is definitely one of the most luxurious types of Tesla models. 

Tesla Model 3

Range: 374 miles

0-60 mph: 3.1 seconds

Starting price: £45,990

In a nutshell, the Tesla Model 3 is an affordable and toned-down version of the Model S. The accessible price point, combined with the practical four-door sedan design, has helped to establish it as one of the most popular types of Tesla models. The model is equipped with Autopilot, Tesla’s signature driver assistance software, designed to enhance safety. For a cost, you can upgrade to self-driving technology.

Tesla Model X

Range: 329 miles

0-60 mph: 3.8 seconds

Starting price: £98,980

Tesla answered calls for an SUV with the Model X. With space for seven passengers, it’s one of the largest types of Tesla models. It combines the generous dimensions of an SUV with the luxurious features of the Model S. Think an enormous interior touchscreen, futuristic Falcon Wing doors and, of course, Autopilot functionality.

Tesla Model Y

Range: 318 miles

0-60mph: 4.8 seconds

Starting price: £54,990

Looking for a Tesla that toes the line between the Model 3 and Model X? The Model Y steps up with a clever compact SUV and an affordable price tag. With loads of space and great range and performance, it’s no surprise this is one of the best types of Tesla models for families.

Cybertruck

The Cybertruck hasn’t been launched yet but like all Tesla models, there’s plenty of hype surrounding the newest member of the family. The model is the company’s foray into the pick-up truck market, which will undoubtedly make waves in the US. With a solid stainless-steel body, sharp angular lines and armoured glass windows, it’s not for the faint of heart. The first models are expected to hit US roads in late 2023, with the UK launch subject to demand. Basically, you’ll need to sit tight if you want to get your hands on one of these types of Tesla models.

Roadster

After huge success with other models, Tesla has refocussed its attention back to the Roadster. The goal is to launch the fastest EV in the world, and if the rumours of 0-60mph acceleration in 1.9 seconds and a top speed of more than 250mph are true, the company is on track.

Car financing for your Tesla

Whether you’re in the market for a second-hand Model S or a gleaming new Model X with all the bells and whistles, we can help you get behind the wheel of your dream Tesla.

Use our finance calculator to get a car loan quote and join the Tesla family. Or, if you’d like to learn more about what we offer, send us an email or speak to our friendly team on 01246 458 810.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

My Credit Rating

Excellent

  • You are a home owner
  • You have been on the electoral role for a long period of time
  • You have current credit arrangements and mortgage with no defaults
  • You have no CCJs, credit arrears or missed payments
  • You rarely apply for credit
  • You are employed or self-employed

Good

  • You are on the electoral role
  • You are a home owner or long standing tenant
  • You have a stable employment history
  • You have current credit arrangements with occasional missed payments
  • You have no CCJs

Fair

  • You are or have recently been on the electoral role
  • You may have recently changed address
  • You may have occasional missed payments
  • You may have an old CCJ
  • You may have regularly applied for credit

Poor

  • You may have had frequent changes in address
  • You may not be traceable on the voters roll
  • You may have exceeded credit card limits
  • You may have missed payments on current agreements
  • You may have had a CCJ in the past

Bad

  • You may not be traceable on the voters roll
  • Your credit cards are over their limits
  • You have recent CCJs
  • You may have been refused credit elsewhere
  • You may be in a debt management plan
£

X monthly repayments of
£X

Typical rate

Loan amount

Total payable

X% APR*

£X

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

Electric Car: Lease vs Buy – Which is Best?

Electric car at a charging point

An increasing number of Brits are embracing the EV revolution, with some choosing to lease and others opting to buy. Both options come with a unique set of pros and cons, which we explore in more detail below. But first, let’s dive a little deeper into the EV uptake in the UK.

EVs gaining popularity across the UK

The uptake of EVs is on the rise in the UK, with the latest statistics from the Department for Transport (DfT) confirming sales of battery-powered cars hit record highs in 2021. In the North, EV registration numbers jumped to almost 75,000 last year. This represents a leap of more than 50% compared to the previous year. Nationwide, the DfT estimates there are more than a quarter of a million EVs driven by British motorists.

To cope with demand, the government has pledged to install 300,000 public EV charge points across the country. This is almost five times more than the number of fuel pumps currently available to motorists. Transport Secretary Grant Shapps says it’s part of a plan to establish the UK as a global leader in EV uptake. He says supporting EVs will not only help motorists save money on fuel but will play a critical role in helping the country meet its net-zero targets.

Now we know more about how much momentum EVs have gained in the UK, let’s take a closer look at some different ways to get behind the wheel of these eco-friendly vehicles. Which is best – an electric car lease vs buying an EV? Or is there another option that combines the best of both?

The pros of leasing an EV

  • Maintenance and servicing costs are included in your monthly repayments.
  • Depreciation isn’t a concern, as you never take on ownership of the vehicle.
  • Similarly, you won’t need to worry about selling the car when you’re ready to upgrade.
  • At the end of the lease, you’re free to upgrade to a newer model. This makes leasing an appealing option for many motorists. If you love the butter-soft feel of new leather seats or enjoy the latest tech, sound systems and driver assist features, leasing can be a great solution.
  • If you use your EV for business, leasing can offer some tax write-offs.

The cons of leasing an EV

  • Mileage is generally restricted, which means you’ll need to keep tabs on how far you drive. If you’re planning to use your EV for road trips, long daily commutes or as a full-time business car, leasing can be restrictive.
  • Leasing agreements can also be restrictive when it comes to wear and tear. If you use your car to transport kids, pets or anything else that can make a mess, leasing may not be the best option.
  • You may still be liable to cover serious damage to the vehicle, which means leasing isn’t a 100% risk-free option.
  • You never acquire ownership of the EV, which restricts how you can use the vehicle. For example, you may not be allowed to take the car out of the country, which rules out a weekend away in France or a ferry to Ireland.
  • Charges may be applicable if you want to end the lease before the agreed term. This can make leasing a more expensive option in the long run.

The pros of buying an EV outright

  • You acquire full ownership of the vehicle the moment the transaction is approved. This gives you complete freedom over mileage, wear and tear, international destinations and other factors that can be restricted with leasing.
  • Buying an EV outright is the cheapest option as you don’t take on debt. This eliminates extra costs like interest, as well as fees and charges.

The cons of buying an EV outright

  • You’ll need to cover the total cost of the vehicle outright. In the UK, the cheapest electric cars like the Smart EQ Fortwo Coupe will set you back at least £17,000. Bestsellers like the Kia Niro EV are priced at almost £35,000 for new models, while the wildly popular Tesla Model 3 will set you back almost £45,000. Most Brits simply don’t have the cash to purchase a new EV outright.

EV Finance – The Best of Both Worlds

As we’ve explored, there are pros and cons to both leasing an EV and purchasing outright. This is where financing can be a clever option. Purchasing an EV on finance balances the two options and offers the best of both worlds – you take on full ownership of the car, with the freedom to spread the payment over a longer period.

Depending on the type of financing agreement you choose, there may still be limits and restrictions. However, in general you’ll enjoy far more freedom than on a lease contract. EV technology has improved in leaps and bounds over the past few years, with models like the Tesla Model S offering incredible range of more than 400 miles on a single charge. For family-friendly EV models like the Hyundai IONIQ 5, expect a top driving range of 315 miles.

These are impressive stats and have reimagined the functionality of EVs. Want to skip the forecourt, slash your carbon footprint and cover serious distance? Use our quick and easy calculator to get a car finance quote and unlock a budget for your EV purchase. 

Finance for Second-Hand EVs

If you’re thinking about purchasing a second-hand EV, financing can help stretch your budget further and minimise the financial stress of buying a car. Unlike leasing agreements, which are generally reserved for only the newest models, car finance can be used to purchase a pre-loved EV. This can be a great way to get behind the wheel of an EV while keeping your monthly repayments as low as possible.

Join the EV revolution

Thinking of financing an EV? You’re not alone. The latest data from the Finance & Leasing Association confirms more than 90% of new vehicles are financed. In the UK, a personal contract purchase (PCP) is the most popular car finance option. Contracts generally span for three to five years and come with attractive interest rates when you shop around for the right provider.

PCP usually starts with an initial deposit, with the remaining cost spread over monthly repayments. At the end of the loan, you’ll have the option to purchase the car outright with a balloon payment. This payment tops up the total amount you’ve already paid to match the Guaranteed Minimum Future Value (GMFV) of the EV, which was agreed on at the start of the loan.

Give us a call today on 01246 458 810 or email us at enquiries@mycarcredit.co.uk to find out more about PCP loans and other car finance options. 

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

My Credit Rating

Excellent

  • You are a home owner
  • You have been on the electoral role for a long period of time
  • You have current credit arrangements and mortgage with no defaults
  • You have no CCJs, credit arrears or missed payments
  • You rarely apply for credit
  • You are employed or self-employed

Good

  • You are on the electoral role
  • You are a home owner or long standing tenant
  • You have a stable employment history
  • You have current credit arrangements with occasional missed payments
  • You have no CCJs

Fair

  • You are or have recently been on the electoral role
  • You may have recently changed address
  • You may have occasional missed payments
  • You may have an old CCJ
  • You may have regularly applied for credit

Poor

  • You may have had frequent changes in address
  • You may not be traceable on the voters roll
  • You may have exceeded credit card limits
  • You may have missed payments on current agreements
  • You may have had a CCJ in the past

Bad

  • You may not be traceable on the voters roll
  • Your credit cards are over their limits
  • You have recent CCJs
  • You may have been refused credit elsewhere
  • You may be in a debt management plan
£

X monthly repayments of
£X

Typical rate

Loan amount

Total payable

X% APR*

£X

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

A Beginner’s Guide to Electric Car Insurance

Tesla driving through a forest

Electric cars are growing in popularity. As of May 2022, around 77,000 new EVs have been registered in the UK this year, of which about 39,000 were in March alone.

It may be that you’re looking to upgrade to an EV (electric vehicle) for your next car, in which case, you’re going to need to wise up on the still relatively new electric car insurance. This article is here to address any questions that you may have.

Do insurers cover electric cars?

Most significant insurance companies – think Aviva, Direct Line, and Admiral – do cover electric cars. However, if you find that your go-to insurer doesn’t offer premiums on EVs, then you may be able to research specialist electric car insurance companies instead.

Be aware that insurance for electric cars may be more expensive than that for non-EVs. This is because electric cars have greater specialist components and servicing costs.

However, with the coming 2030 petrol ban, as well as the rising number of EV buyers, insurance for electric cars is falling – and is only likely to fall further.

Why can an electric car be more expensive to insure?

There are a number of reasons why EVs may be more expensive to insure than conventional vehicles. EVs have specialist parts and expensive batteries. As such, they need to be serviced by specialist mechanics, all of which drives the cost up.

However, it’s important to remember that you will benefit from gas and tax incentives with an EV, and could even take advantage of government grants that reduce the total cost of eligible vehicles by £1,500.

What extras can you secure on an electric car insurance policy?

Car insurance for EVs will offer standard coverage for incidents like accidents or breakdowns, but you may also want to see if your policy can cover items like batteries and charging cables.

EV insurance that covers batteries and portable charging cables and/or adaptors will typically safeguard them against accidental damage, fire and theft while in the car, in use at a garage or at home. If you lease your battery on a separate contract from that of the vehicle, you need to advise your insurance provider too, as this may impact any claim you might open.

You may also want to investigate what kind of legal coverage your policy offers, for example, in case someone trips over your charging cable whilst it’s in use and injures themselves. These issues are complicated, but it’s best to establish your liability cover in advance, so that you know what you’re covered for.

Affordable car finance with My Car Credit

If you’re looking to secure an electric car but don’t want to break the bank, contact My Car Credit today. We’ll check your car finance eligibility and help you plot your path toward affordable EV ownership.

Want to learn more about our services? Get in touch with our friendly team today on 01246 458 810 or enquiries@mycarcredit.co.uk.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

My Credit Rating

Excellent

  • You are a home owner
  • You have been on the electoral role for a long period of time
  • You have current credit arrangements and mortgage with no defaults
  • You have no CCJs, credit arrears or missed payments
  • You rarely apply for credit
  • You are employed or self-employed

Good

  • You are on the electoral role
  • You are a home owner or long standing tenant
  • You have a stable employment history
  • You have current credit arrangements with occasional missed payments
  • You have no CCJs

Fair

  • You are or have recently been on the electoral role
  • You may have recently changed address
  • You may have occasional missed payments
  • You may have an old CCJ
  • You may have regularly applied for credit

Poor

  • You may have had frequent changes in address
  • You may not be traceable on the voters roll
  • You may have exceeded credit card limits
  • You may have missed payments on current agreements
  • You may have had a CCJ in the past

Bad

  • You may not be traceable on the voters roll
  • Your credit cards are over their limits
  • You have recent CCJs
  • You may have been refused credit elsewhere
  • You may be in a debt management plan
£

X monthly repayments of
£X

Typical rate

Loan amount

Total payable

X% APR*

£X

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

8 Benefits of Getting an Electric Car on Finance

Man using the console on his electric car

More and more people are choosing an electric car on finance. With good reason too. The choice combines the benefits of electric cars on their own with the flexibility and convenience of ever-popular car finance.

In this post, we’ll dig a little deeper into the trend with 8 benefits of buying an electric car on finance.

1.   Fuel costs

Firstly, there are the benefits of electric cars compared to getting a petrol or diesel vehicle on finance. Now more than ever, people are looking to get away from the unpredictable (and generally sky-high) fuel prices. Electric vehicles are the best alternative.

According to EDF Energy, it costs around £7 for 100 miles of range from a rapid charge point. Even in a relatively efficient 50mpg car, that would require around 9 litres of fuel – costing at least £14 with today’s fuel prices.

2.   Running costs

When you choose an electric car on finance, you also benefit from lower running costs. Aside from fuel, electric cars require less maintenance than those with internal combustion engines because they have fewer moving parts. At present, fully electric vehicles are also completely exempt from road tax. Not to mention the money you’ll save on inner-city emissions charges, with lots of cities looking to follow suit after London.

3.   Spread the cost

Now onto the benefits of an electric car on finance specifically. Despite the cost advantages above, there’s no denying that electric vehicles come at a premium. At the moment, that’s because they’re produced in smaller numbers and use newer technology. But that doesn’t mean you have to wait until they become more commonplace to make the switch.

Car finance allows you to spread the cost of your electric car over two, three, four or even more years. Over 48 monthly payments, a £3,000 difference between a petrol and electric car becomes just over £60 a month, plus a little interest depending on the rate you’re offered.

4.   Get the latest model

When electric cars were in their adolescence, range was one of the biggest stumbling blocks. Drivers were put off by cars that could only achieve 100 miles or so before they needed charging. Now, those worries have been swept aside with a standard electric car easily achieving upwards of 200 miles from a single charge.

That said, if you want the widest range, you’re best going for a newer model. Without car finance, you may have to settle for an older model and frequent recharging. By opting for an electric car on finance, you can enjoy the freedom of better range – not to mention all the other state-of-the-art features you’ll get with a newer model.

5.   And carry on doing so

Enjoyed driving one of the latest electric cars? You can continue to do so with the right car finance on your side. Personal contract purchase (PCP) deals, for example, come with an optional balloon payment at the end of your deal. In simple terms, you make monthly payments towards the cost of the car, then choose whether you want to make one final, bigger payment to own it outright when your term ends.

If you want to stay up to date and swap your electric car for a newer model, you can do exactly that. Give the car back, sidestep the balloon payment, then take your pick from whatever the car world has to offer in a few years’ time. With the current pace of electric vehicle developments, there could be some pretty impressive cars to choose from.

6.   Stay ahead of the curve

Because finance makes it easier to switch to an electric car, it allows you to do so right now. That means you won’t spend the next three, four, five or even more years wanting to make the switch – but putting it off.

Here’s why that’s such a boon – the sale of new petrol and diesel cars will end in 2030. The closer we get to that date, the more demand there is for electric cars and the infrastructure that supports them. We’re talking about home chargers, above all else.

By getting an electric car on finance, you can make the switch before most other drivers. You can get to grips with driving an electric car, kit out your home with a nice charger and then sit back while everyone rushes around in a few years’ time.

7.   Don’t forget the environment

Have we really listed six points before getting to the environment? Apparently so. Because there’s no combustion to generate power, electric cars don’t emit harmful gases as they drive around. That’s not to say they’re completely eco-friendly at present.

According to the UK Government’s energy brief, just over 40% of electricity is generated by burning fossil fuels. That means that electricity and electric cars still impact the environment to some extent. However, it’s undeniably far less than the impact of petrol and diesel cars. As time goes on, that 40% share will only decrease, making electric cars even better for the environment.

8.   Improve your credit score

Some people looking for an electric car on finance worry that their credit score isn’t up to scratch. Over time, that can also affect applications for loans, mortgages and even tenancy agreements. Thankfully, car finance is one of the areas where there’s a bit more leeway.

It’s absolutely possible to find car finance for poor credit. n doing so, as long as you keep up with repayments, you may also improve your credit score over time. That means your electric car on finance could well be the reason you get accepted for tenancies, mortgages or loan applications in the future.

Start your electric car journey today

If you want to make the switch to electric without the big upfront costs, My Car Credit can help. Using our large network of trusted lenders, we aim to find a deal that’s great for all kinds of drivers. Contact us today on enquiries@mycarcredit.co.uk if you have any more questions about getting an electric car on finance.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

My Credit Rating

Excellent

  • You are a home owner
  • You have been on the electoral role for a long period of time
  • You have current credit arrangements and mortgage with no defaults
  • You have no CCJs, credit arrears or missed payments
  • You rarely apply for credit
  • You are employed or self-employed

Good

  • You are on the electoral role
  • You are a home owner or long standing tenant
  • You have a stable employment history
  • You have current credit arrangements with occasional missed payments
  • You have no CCJs

Fair

  • You are or have recently been on the electoral role
  • You may have recently changed address
  • You may have occasional missed payments
  • You may have an old CCJ
  • You may have regularly applied for credit

Poor

  • You may have had frequent changes in address
  • You may not be traceable on the voters roll
  • You may have exceeded credit card limits
  • You may have missed payments on current agreements
  • You may have had a CCJ in the past

Bad

  • You may not be traceable on the voters roll
  • Your credit cards are over their limits
  • You have recent CCJs
  • You may have been refused credit elsewhere
  • You may be in a debt management plan
£

X monthly repayments of
£X

Typical rate

Loan amount

Total payable

X% APR*

£X

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!