Electric cars helping tackle financial exclusion

Our MD Shelaine was asked to speak at an event at GRIDSERVE‘s new electric forecourt in Gatwick this week. As someone that used to work in the car finance sector, she picked up a piece of information that most people there would not have noticed as most of the people there were established in their careers with a good income, so not worried about poor credit ratings or expensive car insurance.

The piece of information we are talking about is that companies which set up a salary sacrifice scheme to allow their staff to purchase an electric vehicle are able to offer something really important that will make a real difference to some people’s lives, especially those in financial exclusion.

The important thing about this type of scheme is that the member of staff is not credit checked and the insurance is included in the cost. Imagine what this will mean to any young person with a less than perfect credit rating and astronomical insurance? It could be a game changer. We all make mistakes when we’re young and the fact that this kind of arrangement exists can only be a good thing for companies who want to treat their staff well and help young people and people with a poor credit rating get a leg up financially in a system that can sometimes make it hard for them.