Brocar Finance

Brocar Finance, car finance brokerage in the UK

Brocar Finance is a British company that acts as a credit intermediary, not as a lender, and specialises in vehicle finance for UK consumers. It operates under the company name Brocar Ltd, registered in England and Wales with number 13157992, and is authorised and regulated by the Financial Conduct Authority (register 944254). Its head office is in Newport Pagnell, in the county of Buckinghamshire.

The company explains that its origins lie in fifteen years of experience working for prestige car dealerships, where they found that dealerships tend to dominate the sale of the vehicle but not necessarily its finance. Based on that observation, Brocar Finance positions itself as the provider of the finance package while the dealership simply supplies the car.

Brokerage model and lender panel

Brocar Finance works with some of the leading lenders in the sector and presents itself as an alternative to finance offered by the dealership itself or by the buyer's bank. The firm states that it is not independent and that it can only offer products from a limited number of lenders on its panel. It does not charge the customer a fee for its services: it receives a commission from the lender when the agreement is signed, usually a fixed amount or a percentage of the amount financed, which may vary depending on the lender and the product. Under its policy, the customer is informed of the amount of that commission before signing and must give their consent.

The company states that it has built a panel of lenders suited to a range of circumstances, so that it covers both favourable and unfavourable credit profiles. Among the advantages it highlights of its approach are comparative market analysis to find a cheaper solution than the dealership's, the assignment of a dedicated account manager and the use of technology to streamline the buying and finance process.

Available finance products

The site lists the main automotive finance products it works with, aimed at different buying needs:

• Personal Contract Purchase (PCP)
• Hire Purchase (HP)
• Conditional Sale
• Refinance Your Car
• Lease Purchase

The company notes that automotive finance can be complex and that it helps the customer understand which option suits each case best, referring to a finance suitability questionnaire for further information.

Calculator and application process

The website includes a finance calculator. By completing it, the user consents to a soft credit search which, according to the company, does not affect their score or credit profile. If the application proceeds, the lender carries out a full credit search which may affect the score. The firm states that the application takes around sixty seconds, that there is no impact on the score from the initial search, that it accepts finance with a poor credit history, that it has a team of specialists and that applications can be approved within four hours.

The site shows a representative example: a loan of £14,000 over five years with a representative APR of 16.3%, a fixed annual interest rate of 8.5% and a deposit of £0.00 would give a monthly payment of £334.50, with a total cost of credit of £6,070 and a total amount payable of £20,070.00. The company warns that this is an example only, that lender fees may apply and that finance is subject to status. Advertised rates start from 8.9% APR.

Company details and regulatory compliance

In addition to authorisation from the Financial Conduct Authority, the company provides other identifiers: VAT number 432 6544 04 and Information Commissioner's Office (ICO) registration number ZB478526. The company warns that calls may be recorded for compliance and training purposes. Its head office is located at the iCentre on Howard Way, in Newport Pagnell, and it keeps opening hours of Monday to Friday 9:00 to 20:00 and Saturdays 10:00 to 17:00, remaining closed on Sundays.

Location and contact

iCentre, Howard Way, Newport Pagnell, MK16 9PY · Phone: 01908 103121 · Email: enquiries@brocarfinance.co.uk · Opening hours: Monday – Friday: 9am – 8pm; Saturday: 10am – 5pm; Sunday: Closed