Car Finance 247

Car Finance 247, vehicle finance broker in the UK

Car Finance 247 Limited operates as a credit broker, not a lender, and presents itself as a digital car finance platform. Its activity consists of comparing finance products from a broad panel of lenders so that the customer can find an option suited to their budget. The firm states that it compares over 275 car finance products and offers no-obligation quotes.

Finance products by vehicle type

The company's range covers different types of credit for vehicle purchases. Among the options explained on its website are Hire Purchase (HP) and PCP (Personal Contract Purchase), as well as refinancing a vehicle already owned. Finance is segmented by vehicle type:

• Used cars
• Electric cars
• Hybrid cars
• Vans
• Motorbikes
• Motorhomes
• Caravans

It also has specific business finance lines, including business van finance, and a no deposit car finance option.

Profiles with poor credit history

The company targets part of its offering at customers with credit difficulties. It has sections dedicated to car, motorbike and van finance for people with bad credit, and guides on specific cases such as applications with an IVA, with a CCJ (county court judgment for non-payment) or with a registered default. Its approach, according to the website, is to consider all the applicant's circumstances.

Stated financial terms

The published information indicates rates from 8.9% APR, with a representative APR of 19.5%. The representative example on the site sets out a £12,000 loan over five years with no deposit, a monthly payment of £304.38, an option to purchase fee of £10, a total cost of credit of £6,272.80 and a total amount repayable of £18,272.80.

Requirements and application process

To apply for finance, the company lists a series of requirements common among lenders on its panel: being at least 18 years old, having lived in the UK for the last three years or more, holding a UK provisional or full driving licence and, in some cases, providing proof of income through payslips or benefit statements. The initial enquiry is carried out via a soft search which, according to the company, does not affect the credit score; only if the applicant decides to proceed is a hard search carried out, which may affect it.

The website offers car finance, refinance, motorbike and van finance calculators to estimate the monthly payment based on the amount, term and credit profile. It also includes a tool to value the customer's vehicle.

Background and scale

The company was founded in Manchester by Reg and Louis Rix, who have been involved in the motor industry since childhood through their father's dealership. It describes itself as the UK's leading digital car finance platform and claims to have served more than 500,000 customers. Its website shows a rating of 4.9 out of 5 on Trustpilot from 58,022 reviews, and mentions service locations in London, Birmingham, Glasgow, Manchester, Nottingham and Leeds.