CarFinanced

CarFinanced, car finance broker in the UK

CarFinanced operates as a credit intermediary, not a lender, and focuses on financing cars and vans in the UK market. The firm presents itself as a route to obtaining finance with any credit profile, including applicants with a poor credit history or who have been refused previously, and offers the possibility of arranging finance with no deposit. According to its own communications, it works with a panel of selected lenders and claims to have served more than 10,000 customers.

The company is authorised and regulated by the Financial Conduct Authority (FCA) under reference number 1014460, and holds SAF approval. CarFinanced Limited is the legal name under which it operates, with company number 13109658 and VAT registration number GB479628529. It is registered with the Information Commissioner's Office (ICO) under number ZA847951.

Finance products

CarFinanced's range is built around several types of credit for vehicle purchase:

• Hire Purchase (HP): the vehicle serves as security for the finance, with fixed monthly payments and ownership transferring once the final payment is made.
• Personal Contract Purchase (PCP): lower monthly payments and flexibility at the end of the agreement, with the option to return the car, part-exchange it, or pay the final balloon payment to keep it.
• Bad credit car finance: aimed at people with an adverse credit history, even if they have been refused finance previously.
• No deposit car finance: agreements with little or no upfront payment.
• Business car finance: allows the cost of a vehicle to be spread while maintaining cash flow, with flexible terms and possible tax advantages.

Application process and requirements

The process is structured in three steps: obtaining a personalised quote by entering personal details and finance requirements; choosing a plan from the available options, comparing monthly payments, terms and total cost; and completing the application after approval to collect the vehicle. The company states that the finance decision is made in 60 seconds and that the average transaction is completed in under 24 hours.

To request a quote, applicants must be over 18, hold a driving licence and have a minimum income of £1,000 per month. Applications are accepted with a provisional licence provided it is less than three years old. The eligibility check does not affect the applicant's credit score, as a soft search is carried out. The finance term ranges from 12 to 72 months, depending on the age of the vehicle and the lender. The amount financed ranges from £3,000 to £50,000.

Financial terms

Advertised rates start from 8.9% APR. The representative example on the website describes a loan of £5,500 over four years, with a flat rate of 10.4% and a representative APR of 19.8%, with no deposit, a monthly payment of £162, a total cost of credit of £2,282 and a total amount payable of £7,782. Finance is subject to status and available to over-18s only.

The company notes that it may charge a separate administration fee of £299 depending on the supply route of the vehicle, and that it receives a commission from its panel of lenders when an agreement is arranged, either as a fixed fee or as a percentage of the amount borrowed, without this influencing the interest rate offered.

FAQs and complementary services

The firm clarifies that it is possible to part-exchange the current car as part of the deposit and that, with the customer's authorisation, it can pass their details to insurance companies offering the policy. It also explains that, if another person is to drive the vehicle, they can be added as a named driver on the insurance policy. The company does not provide insurance directly, but acts as an intermediary for its arrangement.

Registered office and contact

CarFinanced Limited has its registered office at The Charter Building, Charter Place, Uxbridge, UB8 1JG, England. Telephone and email support is organised around that address, with specific channels for customers, dealerships and sales.

Location and contact

The Charter Building, Charter Place, Uxbridge, UB8 1JG, England · Phone: 020 3917 4707 · Email: info@carfinanced.co.uk · Hours: Monday to Friday: 9:00-19:00; Saturday: 9:00-18:00; Sunday: 10:00-17:00