Credo Asset Finance

Business & Personal Asset Finance in Norwich

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How much does it cost to run an electric car?

2nd December 2020 by Credo Asset Finance

We ask Andy Russell – motoring journalist the answer.

The answer is that it varies according to battery size and tariff. But, as most EVs are charged at home or at the business address, let’s look at those costs.

Working on domestic electricity averaging 14p per kilowatt, a 40kwh battery EV would cost under £6 to fully charge and it could be around £4 if you take advantage of cheaper rate overnight electricity.

Consider this – cost wise. would you want a petrol car that did nearly 200 miles per gallon?

With a wall charger all EVs will fully recharge overnight. You can even link solar panels to your home wall charger and store electricity to power your EV.

Compared to a petrol car doing 45mpg, the EV’s fuel costs will be about 25%. Public points tend to cost more for charging but it’s still cost-effective compared to fossil fuels.

More short videos to come…

Filed Under: Eco News, News

Are you considering going Electric?

19th November 2020 by Credo Asset Finance

Michael Seago (Credo) Andy Russell (Motoring Journalist) Fran Brown (Credo)

If you’ve started thinking about whether an electric car might be right for you, you probably have lots of questions. If you’ve never driven electric before, you might be wondering about the day-to-day practicalities of owning an electric car. And with the formal announcement expected soon to bring forward the ban on the sale of new petrol and diesel-fuelled cars to 2030 – five years earlier than previously planned, this is a subject that many are talking about right now.

So to help our customers make an informed decision we decided to put electric cars to the test and answer some of the most frequently asked questions with the help of Motoring journalist, Andy Russell.

Andy Russell has more than 30 years of experience as a motoring journalist, editor and content provider, for both print and online, and has driven around 2,000 new cars. He has seen huge changes in the automotive world and is particularly interested in new technology and excited about the advent of electric vehicles, having driven his first electrified car at the start of the new millennium. He is also a keen, and hardy, all-year motorbike rider and has passed both advanced car and motorcycle tests.

So, if you are thinking about going electric for your next car but not sure whether to take the plunge, then this video could give you the answers you need!

We cover a range of questions, including some of the main topics:

  • What is an electrified vehicle?
  • Why are pure electric vehicles becoming more popular?
  • How far can an electric vehicle travel on a single charge?
  • How long does it take to charge an electric vehicle?
  • How much does it cost to charge an electric vehicle?
  • How long do the batteries last?
  • Some electric vehicles are based on traditional petrol and diesel models. Do they differ apart from the power source?

If you would like further information or you would like us to help you with a finance quotation on an electric car then please get in touch on 01603 381955 or e-mail sales@credoassetfinance.com

Filed Under: Eco News, News

Driving a green future with specialist Credo Eco Finance

21st September 2020 by Credo Asset Finance

This year may have been dominated by the Covid-19 pandemic decimating the world, but on a more positive note for our environment, 2020 has also seen electric vehicle sales finally begin to take off. 

For the first eight months of this year, registrations of zero-emission EVs, powered purely by battery, were up 157% compared to the same period of 2019, plug-in hybrid electric vehicles (PHEVs) were up nearly 68%, whilst diesel car registrations down nearly 60% at 162,097 and petrol dropping nearly 45%. With the further boost for business users of by a 0% benefit-in-kind tax liability in 2020-21 for company drivers it’s likely this trend will continue, so this year the launch of Credo Eco Finance, our new specialist service, has been even more purposeful.

This new brand has been designed to take our experience of sourcing funding for environmentally friendly purchases for business and private individuals – including cars, vans and energy supply – to the next level.

Fran Brown, Marketing Manager, says it highlights Credo’s belief in the fast-growing eco evolution and its desire to be at the forefront of it by helping people and businesses to switch to a greener future.

“We see Credo as a one-stop shop for electric vehicles (EVs), working with motor dealerships to source cars. We can also organise wall chargers for your home or business, taking advantage of grants available. It’s all about the three ‘Cs’ – cars, chargers, convenience,” she explained.

“The upsurge in interest in EVs, and the experience we have financing them, encouraged us to launch Credo Eco Finance. We see it filling a gap in the market by using our specialist knowledge to help individuals and businesses which might be daunted by this latest transport technology.

Businesses are realising that being eco-friendly is also a major part of their brand image and they want to play their part in tackling climate change,” she added.

Our expertise means we offer a flexible approach to funding a wide variety of renewable energy infrastructure including biomass boilers, solar panels, wind power units and air source heat pumps. We have appointed Michael Seago as our Eco Finance specialist. He and our other specialist advisors are happy to offer no-obligation advice on options available and single-payment finance packages.

Contact us by calling 01603 381955 or email sales@credoassetfinance.com

Filed Under: Eco News, News

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

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

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01603 381955

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sales@credoassetfinance.com

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