Affordability Policy

We understand that getting a new car is exciting, but it’s important to us that employees are making an informed financial decision when signing up to our scheme.  

We therefore ask each employee participating in our scheme to confirm at sign-up that they are able to afford the monthly payments for their chosen hire car (as outlined in their proposed payment profile) and that such payments won’t create undue financial hardship. 

Wondering if hiring a car through our scheme is affordable?  

We recommend an employee checks that the proposed monthly car payments can be comfortably covered by their monthly disposable income after accounting for all of their typical outgoings. In general, it is sensible to ensure no employee allocates more than one third of their disposable income to car payments.

An employee can calculate their monthly disposable income by subtracting their current fixed monthly commitments (e.g. rent / mortgage, health and insurance, utilities, groceries and shopping, education costs and repayments, direct debits and other general outgoings) from their monthly take-home pay. 

We have found the information and budgeting tools available from Money Helper quite helpful — you can find them here.

Please note, The Electric Car Scheme does not provide financial advice. You should consult your own financial advisors should you require advice.

Contact us

If a company or an employee has any questions or concerns about the affordability of our scheme, we can be contacted at info@electriccarscheme.com.