5 Reasons Why Hybrid Car Finance Makes Sense

If you’re not yet ready to get a fully electric car, you may be considering making the switch to a hybrid car instead. With the 2030 petrol and diesel ban coming, where no new combustion engine vehicles will be sold in the UK, could now be the right time to invest in something a little eco-friendlier? Hybrid cars tend to be cheaper to purchase than full EVs but can also benefit from a number environmental and financial savings too. With this in mind, why should you choose to finance a hybrid car? The blog below looks at exactly that and helps you decide if a hybrid car would fit in with your lifestyle.

1. Spread The Cost

One of the main benefits of getting a car on finance is the ability to spread the cost into affordable monthly payments. Whilsthybrid cars are cheaper to buy than electric cars, they can be more expensive than a petrol or diesel cars and it can be worth doing your research first. Getting a hybrid car on finance can offer you flexible finance terms and payments to suit your monthly budget. When compared to buying with cash, this can usually mean that you can get a newer, better car for your money and pay for it in chunks rather than one lump sum.

2. Better For The Environment

One of the main benefits of getting a hybrid car is their less harmful impact on the environment. Petrol anddiesel cars use a combustion engine which releasesemissions into the air. This leads to poor air quality, damages human health, and speeds up the rate of climate change. Whilst hybrid cars aren’t 100% ‘green’ they do have better impact on environmental health than a traditional petrol or diesel car. Plug-in hybrid cars also have larger batteries which means if you travel within the electric range each day, you can benefit from all electric driving without the higher price tag of a full EV!

3. Options Available For Bad Credit

Whilst it can be harder to get approved for car finance with a low credit score, it’s not impossible. It can be hard to get a car on finance without doing a credit check as lenders use it to assess the level of risk. Hybrid cars can be offered on finance deals like hire purchase which can be suited to bad credit applicants. This is because it is a form of secured loan which means that if you fail to keep up the payments, the lender owns the car throughout the agreement and has the right to take the car away from you. Whilst this may seem extreme, it can increase the likelihood of approval as this reduces the risk to the lender. However, you should always remember that you should only take out a car finance deal that you know you can afford to pay back each month in full and on time.

4. Lower Running Costs

One of the other main benefits of hybrid cars is their lower running costs. If the higher purchase price is off-putting, many EV or hybrid drivers argue that the running costs are lower and could save you money in the long run. If you’re using the electric motor to get around, it costs considerably less to recharge an electric battery at home than it does to refuel your car with petrol or diesel. You will need to have an at-home electric charging point installed but there are government grants which can help with the cost.

5. Choose From New And Used

You may be surprised to know that the first hybrid car to be mass producedin the UK was the Toyota Auris Hybrid and it was all the way back in 2011. This is great news for second hand car enthusiast as you will find plenty of used hybrid’s cars around. Both new and used hybrids cars can be financed too, which means no matter what your monthly budget, there’s sure to be a hybrid car that’s right for you.