Electric Vehicle Finance FAQ

It can be fun transitioning to an electric vehicle, but you're likely to have some electric vehicle finance questions. Hall | MileOne Autogroup. Since Hall | MileOne Autogroup fields these daily, we're taking a moment to answer some frequently asked EV financing and lease questions. If we haven't answered yours here, contact us! 

Are EV Loans Different From Traditional Auto Loans? 

For the most part, EV loans are structured like traditional auto loans. You'll borrow a set amount from a lender to purchase the new electric vehicle and then make monthly payments over a fixed term, typically 36-72 months. Interest rates, credit checks, and down payment requirements apply similarly to EVs and ICE vehicles. However, EVs may qualify for specialized green auto loans with lower interest rates to promote environmentally friendly purchases.  

Are There Tax Benefits Or Incentives For Financing An EV? 

Some of our dealerships' new electric vehicles meet the updated requirements for federal EV tax credits, while others do not. However, limited incentives are available for leased or used EVs, so ask your dealer about those, too.  

How Does Leasing An EV Differ From Leasing A Gas-Powered Car? 

Leasing an EV often involves unique considerations compared to leasing an ICE vehicle. They tend to depreciate faster, but manufacturers often provide incentives to offset this. On the other hand, leasing an EV can be an excellent choice for drivers who don't cover high mileage annually. Since EVs have a slightly shorter range than ICE vehicles, leasing aligns well with shorter commutes. 

What Happens At The End Of An EV Lease? 

At the end of an EV lease, you can buy the car, trade it in, or return it. Given the rapid pace of EV innovation, many lessees prefer to return their vehicles and upgrade to a newer model with improved range and features. However, purchasing the car at the end of the lease may be appealing if the buyout price is reasonable and the vehicle still meets your needs. 

Are There Special Programs For Financing EV Charging Equipment? 

Yes! Many lenders and utility companies offer financing options or rebates for installing a Level 2 home charger. Some EV manufacturers also provide discounts or include the cost of a charger as part of a financing package. 

Test-Drive and Finance EV Models at Hall | MileOne Autogroup 

No matter your EV driving needs, you'll find the help and answers you deserve at Hall | MileOne Autogroup. We'll help you finance, test drive, and service your EV so that you can focus on your first EV adventure. Visit Hall | MileOne Autogroup to get started.