Electric car, financing and savings

Discover all the advantages of green cars and how to finance their purchase.

Although the presence of electric cars in Spanish society is still relatively low compared to other European countries, sales and registrations of these types of vehicles have seen an exponential increase in recent years. 

While it is true that an increased environmental awareness is one of the main factors that has led to the emergence of this new trend, the reality is that electric cars have many other advantages that users have already started to become aware of, including long-term savings and easier financing. If you still don't know what the benefits of choosing a green car are, or how to get financing for your electric car, we'll tell you about it in this article.

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Long-term savings

Unlike other consumer products, the expenses associated with purchasing a vehicle are not limited to its retail price, but extend throughout the entire period of use of the vehicle. When choosing a vehicle, it is essential to calculate the real cost of using it in the long term by taking into account variables such as gasoline consumption, maintenance and insurance. Accordingly, and although their sale price is usually above that of conventional vehicles, the use of electric cars tends to generate considerable long-term savings for their owners. 

First, the operation of electric cars does not require the use of any type of fuel; rather, it relies on the charge in a battery integrated into the vehicle's engine. Driving these green cars means doing entirely away with gasoline costs. 

In contrast, electric vehicles have a much simpler mechanical system than conventional cars, dispensing with not only the gearbox, but with the oil and cooling systems as well. As a result, the need for maintenance and to replace parts and, by extension, the expenses associated with them, are much lower. 

Finally, purchasing this type of car brings with it certain tax advantages. Since the special tax on certain means of transport, known as the registration tax, is calculated based on the CO2 emissions generated by the vehicle, most electric cars have very small registration fees, or may even have no registration fee at all.

Financing methods for electric cars

Future buyers can go to the bank of their choice to find the financing they need to purchase an electric car. The way the financing process works is exactly the same as for any other type of loan: once the amount is granted, the recipient has to repay it, together with the corresponding interest, over a repayment period, the duration of which is specified in the loan contract. 
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Aside from these general loans, intended for purchasing cars of any type, many banking institutions have begun offering products specially designed to finance the purchase of electric vehicles. Generally, this type of loan tends to offer much more advantageous conditions than for traditional vehicles, especially with regard to interest rates: since these instruments favor the purchase of environmentally friendly and sustainable products, the nominal interest rate applied tends to be significantly lower. 

If you're looking for financing to buy a car, but you don't know where to start, at BBVA we have the solution. Visit bbva.es and discover the advantages of our Environmentally Friendly Car Loan. At BBVA, we have developed a product specially designed to finance your electric car. Start enjoying the benefits of a green car with BBVA.

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