Paragon Motor Finance (PMF) has commenced lending on electric vehicles (EVs) with a new package that’s designed to incentivise consumers to move away from Internal Combustion Engine (ICE) vehicles.
Finance is offered for cars only, on hire purchase and lease purchase agreements with terms of 24-60 months. Loans are available to both consumers and business through intermediaries.
Timed to coincide with the COP26 climate change conference, the launch follows the introduction of Paragon’s BEV policy, which was developed considering feedback sought from brokers and dealers. The policy complements the environmental sustainability programme adopted by Paragon Banking Group, of which PMF is a part.
Julian Rance, Paragon Motor Finance director, said: “This year, Alternative Fuel Vehicles (AFVs) have represented a substantial proportion of new car registrations. With the Government announcing that they are bringing forward the date for ending the sale of new petrol and diesel cars by 10 years to 2030, this only looks set to increase.
“Listening to the market, brokers and dealers have highlighted that to support this anticipated growth, there is a need for finance offered on terms that can compete with that available on ICE vehicles.
“We feel that our proposition does that so we’re looking forward to working with our industry partners to support motorists and help to increase the proportion of zero emission vehicles on UK roads.”