Scotland: Energy Saving Trust loan limit is dropping

[DenkiJidousha]

If anyone else in Scotland has been watching the 2021 model refresh news and itching to buy a new Tesla with the EST loan, you might want to hurry up and do it now:

I finally made up my mind to go for a Tesla Model 3 (been on order for a while but I delayed it), and set the ball rolling on my EST loan earlier this week - you have to telephone first and then they email you the online application form link (they are not doing paper versions at the moment).

Interest free loan to help you buy an electric car - Energy Saving Trust

They emailed me today as I was in the process of applying, and essentially told me to hurry up, because the limit is about to drop from £35k to £28k for a new car loan, as of Tuesday 27 October 2020. Just as well I had almost all my electronic paperwork ready for the online application... if you are dithering over stretching for a Tesla Model 3 etc, might be time to make your mind up and get it done first thing Monday.

Frustratingly this isn't on their website yet (or I can't find it), nor on their Twitter feed. Guess we'll get public confirmation soon enough...

 

[thelegalbeagle]

Good heads up to those swithering just now. Got my application in on 19/10. I suspected that this would be one of the first casualties of governmental belts tightening, and thought that it would be better to munch on the carrot than get hit by the stick

 

[Alistairuk]

Also be aware that it’ll take them up-to 4 weeks to make you a loan offer assuming all is well and then a further 4-6 weeks to pay you the cash...

This originally messed up my initial car Tesla tried to give me end of Q2 (I ordered start of June and submitted the application same day).... your not allowed to pay anything but the initial £100 deposit until they make and you accept the loan offer...

However as you can’t claim the cash until you have an invoice from Tesla it would of made me miss Q3 if I hadn’t used savings to buy the car while waiting weeks on the loan to be paid into my account.

So basically I’m saying if you need the loan cash to pay off the balance of the Tesla (and don’t have the options of temporarily using savings) prepare for some stress.

 

[DenkiJidousha]

Tesla Edinburgh seem understand the EST system, so I guess if this doesn't work out in time for the current boat load (they told me my car was expected late November / early December which may be tight), I could be matched to the next boat load.

And yes, if you have the means, as long as EST have agreed the loan, it sounds like folk have paid Tesla while waiting for the EST money to arrive. Nail biting.

 

[rasp]

Thanks for the heads up - had been dithering for a while, that's given me the impetus to order.

Had already started the process - telephone; email; wrong loan type set up - bike instead of car; emailed again to get that corrected; and finally the right loan set up. Let's see how long the rest takes

I see they have added a trade-in option as well, that may make things easier for us.

 

[DenkiJidousha]

EST website updated with the new £28k limit.

 

[thelegalbeagle]

For those with active applications, I phoned up this morning to check if my application (put in about 10 days ago) would be at the old level. Looks like that is the case

 

[DenkiJidousha]

Yes, told me that long as got it in before Tuesday morning, the old limit of £35k applied.

 

[Avendit]

For my loan ( over a year ago now!) They were quite happy with me giving my self a 'bridging loan' when Tesla sorted me a car at short notice (quarter end, what a surprise). It was all agreed, just the cash wasn't going to hit my account for a few days so I just got a manager to send an email saying it was ok.

It was a bit chancy, but I didn't want them to come and claw it back after the fact for not telling them. The car, Oleg and Scottish £300 charger allowances all went quite well. Getting a loan for a heat pump was a total ball ache, up to and including explaining how my heat pump wasn't going to need a gas approved fitter.

The home energy assessment team however are awesome if you want advice on anything.

 

[M3-Newbie]

I nearly had to 'bridge' mine for a week and I called and asked the drawdown team about this as it does clearly state everywhere in their docs you can't pay ANYTHING except that £100 which was stressful for me! but he said as long as loan is approved and just waiting the 5 working days plus a bit for covid for the money to come, it would be fine for me to pay for it myself as long as I could show proof of purchase and my funds leaving my account.

it worked out i got the money before tesla were ready but only just! I also was able to pay on my amex using the new amex bank transfer scheme and the 50k points arrived the other day which was a nice extra bonus, to get 50k points towards a flight/holiday (whenever they are allowed again!)

 

[Avendit]

it worked out i got the money before tesla were ready but only just! I also was able to pay on my amex using the new amex bank transfer scheme and the 50k points arrived the other day which was a nice extra bonus, to get 50k points towards a flight/holiday (whenever they are allowed again!)

AMEX in useful shocker! 50k of points must be pretty significant tho!

 

[rasp]

Ordered on the 24th October, just got the loan paperwork through today. Lots of printing, signing & scanning done.

Now hit the point Alistairuk mentioned:
(1) I need the formal invoice to complete my EST loan application
(2) the invoice will only be available from Tesla a couple of weeks before car ready for delivery.
(3) I am then at the mercy of EST's processing times...

Called Tesla to see if they had any insight as to delivery date - they reckon December for mine.

 

[DenkiJidousha]

Sounds like we're at about the same point - EST loan approved and next pile of electronic paperwork sent back today (loan agreement, direct debit mandate, proof of ID). Need the formal invoice still.

With the current Scotland COVD-19 restrictions and personal circumstances making collection difficult, after speaking to Tesla I've been unmatched from my late November collection, to be rematched on the next boat load - told this will hopefully mid December.

 

[Avendit]

Sounds like we're at about the same point - EST loan approved and next pile of electronic paperwork sent back today (loan agreement, direct debit mandate, proof of ID). Need the formal invoice still.

With the current Scotland COVD-19 restrictions and personal circumstances making collection difficult, after speaking to Tesla I've been unmatched from my late November collection, to be rematched on the next boat load - told this will hopefully mid December.

Holding out for that heatpump and thicker windows ;-).

 

[itzKris]

Wish we had the same scheme here in the U.K., I don’t suppose there’s anyway for someone in England to utilise anything of the sort ay?

 

[Avendit]

Wish we had the same scheme here in the U.K., I don’t suppose there’s anyway for someone in England to utilise anything of the sort ay?

Easy. Move north. Apply for your Scottish flag to wave, gain access to all the extra space, ev grants and extra +1% tax rate!

 

[itzKris]

Easy. Move north. Apply for your Scottish flag to wave, gain access to all the extra space, ev grants and extra +1% tax rate!

I wish it was that simple haha - I hold a HK passport so need Boris let me stick around without a visa.

 

[Avendit]

Visa rules aren't devolved (Im pretty sure), so still welcome here on whatever rules you are under just now.

 

[MrBadger]

Wish we had the same scheme here in the U.K.,

I thought Scotland was in the UK - for now...

 

[frm00029]

Had mine approved today. Now just a waiting game for the car