Promised by Emmanuel Macron last year, the zero-rate loan for the purchase of an electric car is a bit out of the question. In fact, banks have turned down applications from several eligible motorists. This is “normal”, and we explain why.
The government is very committed to the development of the electric car in France, while the sales of thermal models should be prohibited in Europe in 2035. Except that between the promises and the results, there is a whole world. We saw it with the goal of 100,000 terminals announced by the end of 2021, which has not yet been achieved. But that’s not the only disappointment with our government.
The latter had also promised the establishment of a social leasing with electric cars at 100 euros per month. This should finally see the light of day by the end of the year, while the government seemed to have forgotten about it a bit. The same is true of the tariff shield at charging stations, finally implemented a few weeks ago. But the government had also announced in May 2022 the arrival of a somewhat special zero-rate loan.
East ofa maximum amount of 30,000 euros, aims to help the most modest motorists to buy a new electric or hybrid car. The beneficiaries will have seven years to repay this credit, no interest to pay to the bank. On paper, this all obviously sounds very tempting. But unfortunately, the reality is quite different and some motorists are paying the price.
This is particularly the case for a Frandroid (William) reader, who wants to buy a new electric car and who you meet all the criteria that make you eligible for this PTZ (loan at zero rate). As specified in an email exchange that we were able to consult, his workplace is located in a ZFE and he earns less than 14,000 euros a year, conditions mentioned by the Climate and Resilience Law approved in August 2021.
However, no bank among all those who consulted did not agree to take charge of his file and apply the mechanism. And William is not an isolated case, since another motorist also eligible on paper, Flavio claims to be ” he passed the question to his bank where no one knew about this offer as he explains to journalists from caradisiac.
Why such a mess?
But how do you do this, when the experimentation around this zero-rate loan should have started on January 1? First of all, if the decree no. 2022-615 of April 22, 2022 fits well to this measure, does not in any way oblige banks to grant this credit, as is the case of a real estate purchase for example. The bank can thus hide behind bank secrecy and evaluates under its responsibility the solvency of the borrowers and the repayment guarantees they present we can read in the decree.
For this loan to be possible, the banks must have signed an agreement with the State. However, this has not yet been done. On the other hand, the Minister of Economy confirms it, stating that ” This agreement is currently the subject of consultation with credit and financial institutions in order to allow the commercialization of the product in the near future.« . The problem could be resolved at the beginning of the next school year., in September, but nothing has been confirmed yet by the government. But there is another limitation to take into account.
To qualify for this loan, it is also necessary not to exceed 35% of the indebtedness after the subscription of the latter. However, a driver who earns less than 14,000 euros a year, or approximately 1,166 euros a month, will have very little chance of having his file accepted if he has already taken out a mortgage or consumer loan. Which complicates things even more.
At first glance, not all EPZs are affected. It appears that only the following ZFEs are eligible for this zero-rate loan: Métropole du Grand Paris, Lyon, Aix-Marseille, and Rouen. We should know more when the executive order is published.
This is added to the criteria regarding the price of the chosen vehicle. why alone cars for less than 45,000 euros and vans of less than 60,000 euros can benefit from this scheme. They must also limit their maximum gross vehicle weight (PTAC) to 2.6 tons and exhibit CO2 emissions of less than 50 grams per kilometer. Therefore, city cars such as the Peugeot e-208 and other Dacia Springs should be among the only eligible cars, as well as the future electric Renault 5.
It remains to be seen if the government will not one day reserve this loan for vehicles produced in Europe, as it already plans to do with the ecological bonus. Thus, the low-cost urban car would be excluded from this device, like the MG4.
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