Paragon Motor Finance, a part of Paragon Banking Group, has expanded its battery electric vehicle (BEV) finance offerings to Light Commercial Vehicles (LCVs) .

The financing is offered on hire purchase and lease purchase agreements, with loans available to both consumers and businesses through intermediaries.

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According to the Society of Motor Manufacturers and Traders’ (SMMT) data, new LCV registrations in the first half of 2022 saw a 60% increase compared with the year-ago period.

Through the new offering, Paragon hopes to cater to the growing demand and encourage customers to move away from Internal Combustion Engine vehicles.

Paragon Motor Finance managing director Julian Rance said: “Our brokers, dealers and customers have highlighted the desire for an expanded electric vehicle offering that meets the needs and growth in this market. After our initial introduction of lending on BEVs in 2021, it was only natural to expand our product range into the LCV market, and also enhance our criteria for cars.

“We want to support the increase in the number of zero-emission vehicles on UK roads. We have been pleased with the reaction to our BEV offering and we look forward to working with the trade to satisfy the growing market for LCVs.”

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The launch comes after Paragon’s BEV finance for cars was launched at the end of last year. The lender has also enhanced its BEV offering for this segment of the market.

These include higher residual values up to 90%​​​​​​​ on cars from 85% on non-regulated agreements and no cap on the age of the vehicle at loan initiation.