Car Loan First

Car Loan First, car finance broker in the UK

Car Loan First operates as a car finance broker in the UK, not as a lender. Its activity focuses on connecting applicants with a network of lenders to obtain finance terms for vehicle purchases. The company states that it works with all types of credit profiles and that the application can be completed entirely online, with no impact on your credit score at the initial stage.

The website allows you to request a quote, compare monthly payments and use a finance calculator that estimates the monthly payment by adjusting variables such as the deposit or the loan term. The company notes that rates start from 9% APR, with a representative APR of 18%.

Finance products

Car Loan First structures its offering into several vehicle finance options:

• Hire Purchase (HP): finance with fixed monthly payments and no large final payment. The company states that many of its HP agreements are available with no deposit.
• Personal Contract Purchase (PCP): an option with lower monthly payments and choices at the end of the contract: return the vehicle, keep it with a final balloon payment, or part-exchange it for another model. It includes mileage limits.
• Bad credit car finance: aimed at applicants who may have been declined by mainstream lenders, including cases of bankruptcy or CCJs (county court judgments for debts in the UK).
• No deposit car finance: an option available on certain agreements.
• Refinance my car: a service to refinance a vehicle you already own.
• Low APR, excellent credit car finance: options with reduced interest rates for applicants with an excellent credit score.

Types of vehicles financed

The company finances various vehicle categories: new cars, vans, motorbikes, electric cars, hybrid cars and caravans or motorhomes. It also offers finance for self-employed workers.

Geographic coverage

Car Loan First presents itself as a specialist in car finance in the UK and organises its coverage by region: North West England, South West England, North East England, Yorkshire & the Humber, East Midlands, South East England, West Midlands, East of England, Scotland and Wales.

Application process

The process is structured in three steps. First, the applicant completes an online application that takes about two minutes; the company then searches its lender network for the most competitive terms without affecting your credit score. Once finance is approved, the customer chooses the vehicle from the thousands available at partner dealerships, or the company helps to locate one. Finally, the documents are signed electronically and Car Loan First manages communication with the dealership; the vehicle is then ready for collection.

Requirements and conditions

According to the information published, to apply for a car loan you usually need: a full and valid UK driving licence, proof of income and employment, a reasonable credit score (which varies by lender), a residential address history (usually three years) and, where applicable, a deposit. The company warns that this list is not exhaustive and that requirements may vary on a case-by-case basis.

The company states that it works with lenders who offer options for people with imperfect credit, although rates and terms vary according to credit history. It also notes that approval can be same-day in many cases, compared with the several days a traditional application might take.

Information resources

The website includes guides and current articles on car finance, such as information on car insurance write-offs, tips for buying a car with car finance in the UK, or the rise of sustainable used car finance. It also publishes a weekly consumer finance roundup.