Credo Asset Finance

Business & Personal Asset Finance in Norwich

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Electric Vehicle Q&A

3rd August 2020 by caf_admin

We spoke with Ryan Spillane from EO Charging to get his answers on some frequently asked questions.

Buy Electric?

  • When does it make sense to buy an Electric Vehicle (EV)?

The first thing to consider is your usual day to day journeys, on average most people will only travel 30 miles a day meaning an EV is more than suitable, if you have off-street parking having a home charger means never visiting a petrol station again. Then, on longer journeys, say visiting family across the UK it will just need a bit more planning. Rapid charging facilities are expanding across the UK all the time, so although the journey may take a little longer, they are dramatically cheaper and better for the environment.

  • Does an EV change the way you drive?  Can you still have Air Con/heating on without affecting a drop in the charge and a drop in the range?

Yes, there is a learning process to driving an EV, most EV’s have the facility to pre heat or cool the cabin, meaning you can get the temperature right before unplugging and using the energy in the battery. Then you can use the Air Con or heating intermittently to maintain the temperature and not affect the battery to badly.

  • Do you receive an electric charger when you purchase a new or old model?

Not always, some manufacturers include the charger. More often than not it is up to the customer to decide.

  • Do EV’s depreciate the same as their fossil fueled counterparts?

We are now starting to see deprecation at the same level if not slightly better than counterparts, this is due to the uncertainty around clean air zones and tax in the future.

  • Do you lose more range in colder conditions?

You can on older models, technology is advancing and this is quickly becoming less of a problem.

  • Do you need to protect EV’s from the elements in any way to protect the cells?

No treat it as you would any other car, just making sure you close the charger flap on the vehicle as you would a fuel cap.

  • Are EV’s more expensive to insure?

Marginally, but this gap is closing month on month.

  • How far can electric cars travel on a charge?

Depends on the vehicle, but anywhere from 80-300+, the smaller city cars will more often than not have the smaller range, with bigger vehicles like the Tesla having the larger ranges.

  • What is the lifespan of an electric car battery?

Most manufacturers offer an 5+ year warranty, but in all likeliness, with modern batteries, the seats will wear out before the batteries.

  • Are electric cars more reliable?

On average yes, less moving parts mean less things to go wrong. A drive train in an internal combustion engine vehicle typically have 2,000+ moving parts, whereas an EV contains around 20.

  • Do you still have to pay road tax if your car is electric?

Not at the moment, and will likely be like that for a good few years.

  • Range anxiety has been a concern for some people since EVs were launched – how much of a problem is this?

Not so much anymore, as long as you spend 15 mins planning longer journeys and identifying chargers on route you will be fine. Day to day, you are unlikely to use 25% of most batteries.

Electric Chargers

  • Are their different types of chargers depending on the vehicle?
  • Are there grants available to purchase these chargers?

Yes at home and at work you can get £350.00 off the cost of a home charger from OLEV (Office for Low Emission Vehicles)

  • Are there chargers that are transportable, that you can take in your car?

There are cables available that you can plug into a house plug and charger, or specific charger cables which you can take with you and plug into publicly accessible chargers.

  • Is there anything specific you need to do to make sure it is maintained?

EO recommend a once yearly check up to make sure the charger is running fine.

  • Do you have to get it installed or can you do this yourself?

It must be installed by a trained electrician, and if you wish to get the grant, it must be installed by an OLEV (Office for Low Emission Vehicles) approved

  • How long do you need to charge your car each day?

You might only need to charge your car once a week depending on your mileage and the vehicle you drive. With a 7kW charger, you will get roughly 25 miles of range every hour of charge. So even if you only use 50% of the battery during your usual daily routine, topping up overnight is really easy.

  • Can you overcharge an electric car?

No, once the vehicle is topped up, it will stop drawing power from the charger and the charger will turn off.

  • Will there be a warranty on the charger?

Yes, with OLEV you get a 3 year parts and labour warranty.

We’d like to thank Ryan Spillane from EO Charging for some advice from someone within the industry.

If you are considering switching to electric and would be looking for someone to help fund your purchase, talk to one of our team today on 01603 381955.

Filed Under: Eco News

BlueSky Tesla Case Study

3rd August 2020 by caf_admin

James posing with his new Tesla

We asked James Horne from BlueSky UAV Specialists who recently financed his Tesla through Credo a few questions including why he chose electric?

What was your motivation to buy an electric car?

“I have been considering an electric vehicle for some time as I do fairly high mileage and with this comes large fuel bills

The recent government change for company cars having zero benefit in kind for electric company cars has made it a far better financial option as a company vehicle“

What prompted you to buy a Tesla against other electric cars?

“Tesla have a very good track record in the production of electric cars and innovative products – The model S is also a very good looking car, unlike many electric cars!

The vehicle I purchased has 5 years of remaining manufacturers warranty on the batteries and motors – which would be very costly if they failed, so this gave me good peace of mind 

The battery range of Tesla’s is also very good – my vehicle has a range of over 300 miles and the network of chargers are increasing.

My vehicle also has free supercharging for life, which will save me further cost as the fuel will be free“

What other cars did you look at? Did you look at petrol or diesel or hybrids or did you know you wanted an electric car?

 “I did not look at hybrid cars as I wanted to go all electric, and hybrids would still require conventional fuel, and attract company car tax“

Did you have any concerns about buying an electric car, and if so how did you find the answers? Did you research from online or speak to the dealer?

“I generally researched on-line to understand about electric vehicles and potential issues, but as there is far less moving parts there is far less to go wrong“

What’s been your earliest experiences of owning an electric car, does it feel different from cars you have owned before?

“Apart from being environmentally friendly, and the obvious fuel and tax savings the vehicle is exceptionally fast as it has 762 BHP – achieving 0-60 in under 2.5 seconds – making it the second fastest accelerating road car in the world!

It is also very quiet and relaxing to drive, and packed full of technology.

And by having a good range and a growing charging network I do not have any concerns over running out of electricity – and it only takes 45 minutes to charge from empty which is not an issue.“

I know this is early days, but do you feel that in the future you may go back to buying petrol/diesel cars or is electric your choice for the future?

“From my initial experience, I am very pleased with all aspects of the vehicle so could not see myself changing it, and the electric concept seems the way forward environmentally“

We’d like to thank James for taking the time to provide us this case study.

If you’d like to investigate the possibility of getting your very own electric car, perhaps even a Tesla too, Credo can help you with this. Contact one of the team on 01603 381955.

Filed Under: Eco Case Studies

Credo’s Draw a Rainbow Competition

21st May 2020 by caf_admin

Young girl has painted a rainbow

Children have been creating rainbow pictures all over the country to thank the NHS for their hard work during the coronavirus crisis.

We all know the amazing job our NHS are doing to keep us safe and to care for those who need it in these worrying times.

We are very grateful to all the NHS heroes, but we also want to thank the children of these workers for staying strong while under huge pressure, worried about their parent going to work and catching the virus or being isolated from their family. We recognise how scary these times must feel for them.

So, let’s give them a reason to smile!

Credo have decided to launch a competition asking for children of parents of NHS or keyworkers to send us their rainbow picture.

The winner will receive a £50 gift voucher and their picture design will be displayed on our own Credo MINI for everyone to see!

There will also be a second and third prize of a £30 and £20 gift voucher, even more reason to enter!

So, if you or your partner works for the NHS or are a keyworker, please let your children know about this competition.

All entries will be displayed on our front windows of the office for everyone to see, so don’t forget to put your name and age on it!

Rules:

  • Only one picture per child can be submitted
  • Competition open to children aged 0-16
  • The picture can be e-mailed to fran@credoassetfinance.com or sent to Credo Capital Finance Ltd – Iceni Court, Delft Way, Norwich, Norfolk NR6 6BB
  • Please include your name, child’s name, address/contact number and age of child.
  • The winner will be decided on Monday 8th June 2020 and contacted that day.

Good luck!

Filed Under: News

Credo are local award finalists!

17th January 2020 by caf_admin

Credo Asset Finance are delighted to announce that we are a finalist in the Excellence in Financial Services and Insurance category in the Broadland and South Norfolk Business Awards.

Credo have been in the heart of the Broadland area for the past 12 years and its always really pleasing to be recognised locally for the work we do to help local businesses, as this is where our heart is.

The Award ceremony itself will be held on 26th March at The Open, Norwich which will be a black tie event. 

Filed Under: News

Our new home – ready and open for business!

17th January 2020 by caf_admin

Our new home in Iceni Court

It’s now been two weeks since we moved to Iceni Court near Norwich Airport and everyone is ready to help even more businesses with funding solutions that help their business to grow in 2020! Credo have achieved so much since 2005 when Simon Gray started the business from home, brokering deals amounting to £250k each year, and now the turnover is nearly £50 Million

This has been achieved by a focus on creating long lasting relationships over short-term gains; through working closely with our customers to ensure we provide solutions for the funding of assets of thousands of local businesses, winning many awards along the way.

We may have moved to bigger premises, but thats the only thing that will change – we will continue to pride ourselves in always doing what we say we are going to do, making sure we listen to our customers and doing the best we can to save them money and earn their trust.

Our success couldn’t have been achieved without the support from our customers, dealers and suppliers that continue to use us time and time again, so we thank you all.

So here’s to 2020! Come and see us and talk to us about your plans for this year..

Photos professionally taken by James Bussey – Native Origin

Filed Under: News

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About Credo Asset Finance

Registered Office
Credo Capital Finance Ltd
Capital House
Unit I-J Iceni Court
Delft Way
Norwich
Norfolk
NR6 6BB

Phone
01603 381955

Email
sales@credoassetfinance.com

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Monday—Friday: 9:00AM–5:00PM

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