Used electric vehicle loan for business

If you’re considering a used electric or hydrogen vehicle for your business and you operate in Scotland, we offer an interest-free loan for businesses, repayable over five years.  

The used electric vehicle loan for business is funded by Transport Scotland and can support the purchase of the following used vehicles:  

• electric cars and vans (must cost less than £30,000) 
• electric mopeds and motorcycles (must cost less than £5,000) 

• electric utility vehicles (must cost less than £10,000) 
• hydrogen vehicles (must cost less than £30,000) 

Our cost caps include VAT. 

The loan amount available varies depending on how your business is registered:  

• For limited companies, you can borrow up to £90,000.  

• For sole traders or partnerships, you can borrow up to £75,000. 

This means you can make multiple applications (subject to availability of funds), but you cannot owe us more than the total funding available at any time. 

Whichever used vehicle you choose to purchase with the loan, it must be purchased from an acceptable dealership. The dealership must be either: 

If you would like to your interest in the the used electric vehicle loan for business should funding reopen next year, please fill out the form below.      

Business register of interest form

It’s important that you read the loan eligibility criteria. This document describes what the loan can cover and who is eligible to apply. Please note that our eligibility is subject to change year-on-year.

You’ll need the following information when you apply:  

• if you’re applying as a sole trader or partnership, your most recent tax documents (SA103/SA100, SA800). 
• if you’re requesting £75,000 or more of funding, your most recent full year of financial accounts. 
• your confirmation that you won’t purchase the vehicle(s) before receiving a loan offer. If you do, we won’t be able to accept your application. 

Here is a quick outline of your application journey:

• You submit your application
• We aim to provide you with a response within 10 working days. This could be a request for further information, which can delay your next steps
• You have a loan offer and accept this within 14 days
• You submit all claim documents. Any missing information will be queried, which can delay you receiving payment
• We aim to process your claim documents, within 15 working days
• You’ll receive your funding within 3-5 working days