Financing your electric vehicle

If you’re exploring ways to finance your electric vehicle (EV), here’s a smart place to start.

Our electric vehicle financing solutions

There are three ways to finance your new EV. When you've decided which option is right for you, it takes just minutes to apply online and doesn't require complex paperwork. They include:

  • Personal contract plan (PCP)

  • Hire purchase (HP)

  • Green car loan

Get finance pre-approval through our EV Marketplace

If you choose PCP or HP, you can get your finance pre-approved through our EV Marketplace to speed up the process. This means you can visit your local dealership knowing your finance is sorted in advance. All you have to do is choose a car that suits you.

What is a personal contract plan (PCP)?

A PCP lets you pay for a vehicle in affordable monthly installments over a fixed term, usually 2 to 4 years. At the end of the term, you have three options:

  1. Pay the final payment to own the car (sometimes called a Guaranteed Minimum Future Value (GMFV) payment)

  2. Trade it in for a new one

  3. Return your vehicle back to the original dealership (subject to kilometre limits and condition of the vehicle)

How does it work?

  1. Decide your deposit amount - Decide how much you’d like to pay upfront (you can trade in your current car towards your deposit). This amount is taken off the price of the car.

  2. Set your annual mileage - Estimate how many kilometers you’ll drive each year. This helps us calculate your plan accurately.

  3. Guaranteed Minimum Future Value (GMFV) - We guarantee what your car will be worth at the end of the agreement. This protects you from depreciation and negative equity.

  4. Get your monthly repayment amount - Your monthly repayments are based on the car’s price minus your deposit and the GMFV. You’ll only need to repay what’s left over.

  5. End of agreement - When your fixed-term ends, you can pay the GMFV to own the car, return it with nothing more to pay (subject to terms), or trade it in for a new model.

Get pre-approval for PCP through our EV Marketplace or ask your local dealership to arrange PCP finance for you through Bank of Ireland.

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What is hire purchase (HP)?

HP lets you pay for a vehicle in fixed monthly installments over an agreed term, usually 2 to 5 years. Once you make the final payment, you own the car outright, with no large balloon payment at the end like with PCP. The interest rate is fixed, and you pay a deposit to reduce the loan size.

How does it work?

  1. Decide your deposit amount - Decide how much you’d like to pay upfront (you can trade in your current car towards your deposit). This amount is taken off the price of the car.

  2. Choose your loan term - Choose over how many years you want to pay your car off. Your monthly repayments will stay the same for the duration of your HP agreement.

  3. Keep your car - Once you’ve made all of the monthly repayments, the car is yours to keep.

Lending criteria and conditions apply (Over 18s only). This is a Consumer Hire Purchase agreement provided by Bank of Ireland Finance. Ownership remains with Bank of Ireland until the optional final payment is made. Bank of Ireland trading as Bank of Ireland Finance is regulated by the Central Bank of Ireland.

What is a green car loan?

A green car loan is a low rate loan we offer to anyone planning to buy a battery-powered electric or a plug-in hybrid vehicle. Borrow from €2,000 to €75,000 over 1 to 7 years. Our variable rate for this loan is 6.5% Annual Percentage Rate (APR).

If you're applying for a green car loan, you’ll need:

  • A detailed quote/invoice from the seller

This should outline whether the car is a battery-powered electric vehicle or a plug-in hybrid vehicle. The quote must be dated within the past 6 months and the name of the seller and your full name and address (as it appears on 365 online) must be clearly visible on the document.

Lending criteria, terms and conditions apply. Over 18s only.

Representative example 1: €20,000

The repayments on a green car loan of €20,000 over 5 years with 60 monthly instalments are €389.15 per month at a variable interest rate of 6.3% (Annual Percentage Rate (APR) 6.5%). The total cost of credit is €3,349.00. The total repayment is €23,349.00. Variable rates are correct as of 5 February 2025 and are subject to change.

Representative example 2: €40,000

The repayments on a green car loan of €40,000 over 5 years with 60 monthly instalments are €778.29 per month at a variable interest rate of 6.3% (Annual Percentage Rate (APR) 6.5%). The total cost of credit is €6,697.40. The total repayment is €46,697.40. Variable rates are correct as of 5 February 2025 and are subject to change.

Representative example 3: €60,000

The repayments on a green car loan of €60,000 over 5 years with 60 monthly instalments are €1,167.44 per month at a variable interest rate of 6.3% (Annual Percentage Rate (APR) 6.5%). The total cost of credit is €10,046.40. The total repayment is €70,046.40. Variable rates are correct as of 5 February 2025 and are subject to change.