Many have inquired about payment plans for our electric vehicles. At HMA (Hybrid Motors Africa) we would like to take a moment to explain how these plans typically work and provide some recommendations.

While, we may introduce payment plans in the future, at present HMA (Hybrid Motors Africa) does not offer payment plans for our electric vehicles. This is because the advanced technologies we offer require full payment before the vehicle is released to us for delivery.

Here’s what you should understand about payment plans:

The money paid upfront, before receiving the car, belongs to a lender—whether it’s a bank, the company, or the government. Allowing you to take the car under a payment plan is essentially like loaning you the money. As a result, interest is charged on this loan. For instance, the current commercial banks interest rate in Ghana is 29-30%, and in Uganda, it’s 19-20%.

There are some countries where governments work with vehicle companies to help citizens purchase electric vehicles (EVs). For example, in the US and China, governments offer Eletric Vehicle tax credits of up to $8,000, to encourage EV (Electric Vehicle) adoption. This approach is common in countries where EVs are manufactured locally to boost demand.

Another option could be government-backed financing. Governments may take out lower interest loans, like the 9.75% rate in Uganda or 30% in Ghana, and pass those savings on to buyers. However, government interventions are rare in countries that import rather than manufacture vehicles. They would rather concentrate on taxing the imported cars.

Our Recommendation:

While Hybrid Motors Africa plans to offer payment options in the future, we advise against taking on a high-interest loan to purchase a vehicle. Instead, we encourage you to commit to the project and save gradually until you can purchase your desired car outright. This way, you avoid additional costs and interest payments.

We look forward to serving you and helping you make the switch to electric vehicles in the most cost-effective way!

Thank you for your understanding.