Used EVs to qualify for Scottish Transport Loan
Starting on 28 September, the Scottish Low Carbon Transport Loan will be extended to include coverage for used electric vehicles. So far, the programme has provided over £85 million in funding to to help locals switch to ultra-low emission and electric vehicles.
While the programme has shown success so far, the newly added dimension is clearly aimed not at helping companies with electrification, but instead at the population and alleviating the environment. The additional savings of opting for a used electric vehicle are then further bolstered with a loan of up to £20,000, interest free, over five years. This is accessible for both individuals as well as businesses.
“Expanding our Low Carbon Transport Loan will make it easier for more people to access the benefits of modern ultra-low emission vehicles,” says Cabinet Secretary for Transport, Infrastructure and Connectivity Michael Matheson, adding: “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.”
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