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Paragon Motor Finance to lend on BEVs

Paragon Motor Finance (PMF) has announced that it has commenced lending on Battery Electric Vehicles (BEVs)

Finance is offered for cars only, on hire purchase and lease purchase agreements. Loans are available to both consumers and business through intermediaries.

With the requirement for all new vehicles to have significant zero emissions capability by 2030, before becoming fully emission-free from 2035, PMF is entering into the BEV market with lending criteria that aims to support and incentivise consumers to move away from Internal Combustion Engine (ICE) vehicles.

Timed to coincide with the COP26 climate change conference, the launch comes following 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.

Finance applications are subject to the following headline parameters:

  • Hire Purchase and Lease Purchase
  • Advances up to £125k 
  • Maximum age of vehicle at start is 3 years 
  • Maximum age of vehicle at term end is 8 years 
  • 24-60 months loan terms available

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.”