Do I need anything specific before starting my application?
You should have an idea of how much money you would like to borrow and be able to provide an overview of your monthly finances, such as income and outgoings, which will be used to assess your ability to afford loan repayments.
Required documents:
- A bank statement from within the last three months.
- Utility bill at registered business address (mobile phone is not accepted).
- Tax document SA103/SA100 (if you are applying as a sole trader).
- Tax document SA800 (if you are applying as a partnership).
- Vehicle quote (if you are applying for a new vehicle).
When should I start looking for a vehicle?
We recommend that you begin searching for a vehicle only after receiving a loan offer. Loan offers remain valid for up to four months, which gives you plenty of time to find the right vehicle.
Our aim is to process all applications within 10 working days of receiving a complete submission. This approach helps minimise delays between choosing and purchasing a vehicle, so there’s no pressure to finalise a purchase before securing your loan offer.
For a smooth application process, please follow the steps below:
- Submit your application along with all required supporting documents.
- We process your application within the agreed timeframe and issue a loan offer.
- You accept the loan offer within 14 days.
- You source your vehicle from an eligible dealership during the loan offer period.
- You upload the invoice and any other claim documents to your online portal within the loan offer period.
- We process your complete claim within 10 working days.
- The dealership verifies the invoice to confirm its authenticity.
- We process payment within an additional 3-5 working days.
When selecting a vehicle, inform your dealer that you are using loan funds administered by Energy Saving Trust and provided by Transport Scotland, an agency of the Scottish Government.
As part of our fraud prevention measures, we require dealerships to verify their invoices. Please ensure your dealership is aware of this requirement, as quick verification will speed up the payment process.
Finally, confirm with your dealership the timelines outlined above, and remind them that we can’t process claims until they verify the invoice.
Can I put down a deposit to secure the vehicle?
Yes, but before proceeding, please ensure the dealership meets our eligibility criteria. We recommend waiting until you have a loan offer in place before making any payments, as deposits cannot be reimbursed if your application is unsuccessful.
What about vehicle insurance?
We recommend checking vehicle insurance costs before purchasing, to make sure they align with your budget and expectations.
Can my vehicle cost over the maximum loan amount?
No. The vehicle cost cannot exceed the maximum loan amount. This includes any deductions you may receive from trading in a vehicle. Optional extras cannot be included in the vehicle cost.
Can I also buy a charge point with this loan?
No, but you may be eligible for funding to install a charge point at your home address through our domestic charge point grant fund. Visit our website for full eligibility criteria and more details on how to apply. Please note, the fund is subject to availability.
I’m a sole trader or individual. Is a credit check needed?
A hard check is required to submit the application. This enables the lender to determine your eligibility for credit.
What is a hard credit check?
This is a thorough review of your credit report which displays your entire credit history. Hard credit checks are recorded on your credit report and can affect your credit score.
I’m a business or limited company. Do I need to do a credit check?
Your application will be credit checked by our finance team, based on the information provided at application stage.
What if I fail the credit check?
If you fail the initial credit check, we’ll send you information on the appeals process. If you fail the appeal, you will not be offered any loan funding.
Can I still apply if I’m planning to use a finance agreement to help purchase the vehicle?
Yes, but you must ensure that your finance agreement meets the loan eligibility criteria. The loan can’t be used to pay off another finance agreement and you must be the owner of the vehicle after purchase.
