Used Electric Vehicle Finance FAQ

Auto financing comes with so many benefits. However, if you’re considering a pre-owned vehicle, especially an electric one, there are extra factors to consider. Casey Kia is answering frequently asked questions about used electric vehicle finance to give you the inside scoop.

Can You Finance a Used EV?

While it’s certainly possible, securing used car financing can be more difficult. This is because financing terms can last up to 84 months, and lenders get jittery with long loan terms, even on reliable vehicles. You may also qualify but find that your interest rates are slightly higher.

How is EV Financing Different?

On the flip side, there can be many perks to financing an electric vehicle (EV). You may even qualify for a green auto loan, which is exclusive to cars with an electrified powertrain. These loans often have lower interest rates and can have longer repayment terms to help incentivize eco-friendly car sales.

Is There a Used EV Tax Credit?

Yes, used EVs also qualify for a tax credit! The credit is equal to 30 percent of the sale price, up to a $4,000 maximum credit. However, there are parameters to the credit that we encourage you to discuss with our team and your accountant or tax preparer.

How Do I Apply?

Even though nearly everything about EVs is different, financing is much the same either way. You’ll have to answer a few quick questions about your income, housing info, and more. Then, we’ll submit your information to our network of lenders to find competitive offers for you.

Apply for Auto Financing in Newport News, VA

We proudly offer a streamlined auto financing process at Casey Kia. Our team can help you secure used car EV financing in no time at all. Stop in to get started today!