Scottish Government to offer loans of up to £20,000 for second-hand EVs

The extension of the Low Carbon Transport Loan will enable an individual to obtain an interest-free loan over five years

Scottish Government has announced an extension to a low carbon transport scheme that will offer up to £20,000 loans for purchases of used electric vehicles (EVs).

The initiative, which aims to stimulate the EV market in Scotland and encourage more drivers to make the switch to greener travel with the uptake of more EVs, will enable an individual or business to obtain this interest-free loan over five years.

Drivers will be able to apply for the loan on the website of Energy Saving Trust, and for those who prefer two wheels, support will be also available for e-bikes including e-cargo bikes.

To date, around £85 million has been provided to help people make the switch to ultra-low emission cars and EVs.

Cabinet Secretary for Transport, Infrastructure and Connectivity Michael Matheson said: “The global shift towards EVs 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.”

Scotland has set out a bold ambition to phase out new petrol and diesel cars and vans by 2032.

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