Under the hood with loveelectric
Who we are
loveelectric is a trading name of Love Electric Financial Services Limited, a company registered in Scotland (Company Number SC374952, ICO reference number ZB075747). Our registered office and trading address is 5 South Charlotte Street, Edinburgh, EH2 4AN.
Love Electric Financial Services Limited is a member of the British Vehicle Rental & Leasing Association (BVRLA)(member number 10549) and is authorised and regulated by the Financial Conduct Authority (FCA) under firm reference number 743264.
Love Electric Financial Services is a credit broker, not a lender, finance provider, or insurer. We offer a ‘non-advised’level of service.
What we do
loveelectric provides services as a salary sacrifice administrator, credit broker, and introducer. We work with companies across the UK to provide our Electric Vehicle (EV) salary sacrifice scheme.
- We support companies in managing their salary sacrifice scheme and arranging funding from our panel of lenders for their employees' EV leases.
- We assist employees in finding the best-priced EVs and provide additional services like chargers and energy add-ons through our partnerships with like-minded businesses.
- While we highlight key information about salary sacrifice and BCH leases, we do not provide tax or financial advice. Employees should consider all options before entering an agreement.
- We encourage individuals to read all important information and seek professional tax advice regarding salary sacrifice implications.
What we offer
In the UK, there are multiple ways to finance a vehicle. The best option depends on individual needs, so it is important to evaluate all available options before making a decision.
loveelectric specialises in arranging EV salary sacrifice, which is ideal for those who prefer paying a fixed monthly amount (the Rental) to use a new or used EV over a set period.
- We work with a panel of specialist lenders offering tailored products for the salary sacrifice market.
- We only offer salary sacrifice schemes and do not have access to the entire lending market.
- Salary sacrifice is only available through participating employers. Employees whose companies have not yet signed up can recommend our services via our website.
- Once a company partners with loveelectric, we act as a credit broker, introducing the company to lenders who provide a credit line for eligible employees' EVs, subject to employer status.
How we charge for our services
Employer partnership
Companies partnering with us must sign a Supplier Agreement, which defines the responsibilities of both parties.
Employee participation
Employees ordering a vehicle must complete an Order Form, which, along with the Driver Handbook, forms the Employee Agreement. This document outlines the employee’s legal obligations and vehicle maintenance guidance.
EV salary sacrifice fees
Our salary sacrifice scheme is free to set up for companies. We earn fees in two ways:
- Service Fee – Paid monthly by the employer for each employee lease. This fee is covered by the employer’s NIC savings, keeping the scheme cost-neutral.
- Broker Fee – Paid by the leasing company to loveelectric, included in the total rental payments over the lease term. Employees are notified of this fee before entering a lease agreement.
loveelectric may also earn commissions from commercial partners (e.g., insurance and charging providers), which do not impact employees' monthly deductions or employer service fees.
For details on our finance company collaborations and partnerships, contact us at hello@loveelectric.cars.
Other useful information
Credit reference agencies
Since our services involve finance agreements, all company applications to loveelectric are subject to credit checks.
- A credit check will likely be required for a company’s credit status and its Directors’ identities.
- By submitting an application, companies consent to our finance partners conducting a credit check on the company and a soft credit check on the directors.
- Soft credit checks do not impact a director’s credit score or future applications.
If financing is approved, the company may proceed. If declined, loveelectric may appeal the decision but cannot guarantee approval.
Cancellation fees for employees
Employees may cancel an EV order at any time. loveelectric does not charge cancellation fees, but financial partners may charge a fee.
- If a financial partner charges a fee, it is based on the ordered car, lease price, and stock availability.
- If an employee cancels a new EV order after dealership acceptance, the dealership may impose a cancellation fee, which the employee would be liable for.
- For used EV orders, cancellation fees are determined by the finance partner on a case-by-case basis. Currently, no cancellation fee applies to used EVs, but the Driver Handbook grants finance partners the right to impose one if necessary.
Cancellation fees apply only if:
- The company’s credit application has been received and accepted by the leasing company.
- The employee has ordered a vehicle and signed the Order Form and Driver Handbook.
Early termination
If an employee lease is terminated early, the leasing company may charge an early termination fee to the employer.
- Fees depend on the reason for termination and the lease duration completed.
- In some cases (e.g., if an employee loses their licence), no charge applies.
- Our Early Termination Protection supports employers when a fee is payable.
- Employers may charge the fee to employees, so employees should choose a lease term that suits their circumstances.
- Some employers opt for Zero Risk Guarantee, an enhanced protection service during the early lease stages.
Making a complaint
We strive to offer the best customer service. However, if an issue arises, customers can follow our complaints handling procedure for resolution.
For details, visit: Complaints Procedure
For additional queries, contact us at hello@loveelectric.cars.