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Car Finance Freedom

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Rates from 8.9% APR. Representative APR 19.9%.
Car Finance 247 Limited is a credit broker, not a lender.
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0 reviews
ford fiesta

*A hard credit check will be conducted if you proceed with your quote; this could impact your credit score.

Rates from 8.9% APR. Representative 19.9% APR. Hire Purchase (HP) Example: Borrow £10,000 over 5 years with a £0 deposit. Representative APR 19.9% fixed rate. Monthly payment: £255.50. Total cost of credit: £5,329.80. Total amount repayable: £15,329.80. Car Finance 247 Limited is a credit broker not a lender.

Three steps to feel-good car finance

/dA/08e67e350c/Homepage HIW 01
Step 1Get approvedReceive your personalised car finance quote and approval in principle in minutes.
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Step 2Choose your carBuy from any dealership, or browse over 100,000 cars in our members area.
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Step 3Drive awayWe sort the paperwork with the dealer and lender. You just turn up and drive away.

Making car finance simple for 450,000+ customers

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It was stress-free, really helpful and I would definitely recommend
Hannah Bought a Fiat 500
Very good customer service, very quick and simple. Definitely would recommend using them, very happy
Molly
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It was a pleasant experience, I'd recommend them to anyone
Michael Bought an MG HS
It was so easy and hassle free, most of it done over WhatsApp which was really good for me with working long hours. And the staff were fantastic.
Overall very happy with the service
Jack
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Everything was clear and explained perfectly
Kudzai Bought a Ford Focus
My experience was really great with these guys. Easy quick and effective. Kept me in loop all the way and got me finance approved when everyone else couldnt. Highly recommend them.
Harjinder

Rated 'Excellent' by our customers

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Car finance for every situation

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Still searching for the perfect car?

Browse personalised quotes on over 100,000 cars in our exclusive members area.

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Found a car you love?

Seen it, love it, now quote it.

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Thinking of refinancing your car?

Love your current car? Try refinancing and see if you can lower your monthly payments.
Reg and Louis Rix

Proudly founded in Manchester by Reg and Louis Rix.

The motor trade has been interlinked with their lives for as long as they can remember. From working in their Dad’s dealership as kids to striking out as entrepreneurs in their own right, it’s always been the industry for them. Still is. They’re passionate about what we do and proud to be the UK’s leading digital car finance platform.

About us

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Frequently Asked Questions

  • How does car finance work?

    The way car finance works is that you borrow money from a lender to cover the cost of your new or used car and then pay it back in affordable monthly repayments. There are several types of loan available and car finance is the catch-all term used to describe them.

    You’ll need to know how much you want to borrow and how long you want to borrow it for (the loan term) to find the car finance deal that’s right for you. You can also put down a deposit to reduce the total loan amount. If your loan is approved, you’ll then pay it back in monthly instalments, plus interest, for the duration of the loan term, which typically lasts between one and five years. Depending on the deal you choose, your finance might be secured against the car.

  • Types of car finance

    There are several types of car finance to choose from but the most common are hire purchase (HP), personal contract purchase (PCP), and personal car loans.

    Hire Purchase the loan is secured against the car and you won’t own it until you’ve reached the end of your agreement and paid the ‘Option to Purchase’ fee. You might need to put down a deposit but it’s unlikely that you’ll have to agree to any mileage restrictions.

    Personal Contract Purchase loans are also secured against the vehicle, but you don’t automatically own the car when the loan term ends. Instead, you can choose to give it back, use any positive equity as a deposit in a new deal, or buy the car by paying the balloon payment. Monthly payments can be lower than with HP car finance, but you may have to agree to annual mileage limits.

    Personal Car Loan you typically receive the full amount in one go so that you can buy the car straightaway. You’ll then pay back the loan in fixed monthly instalments. Monthly payments can be higher than other forms of finance, but you won’t have to face any restrictions and can sell the car before the end of your loan term if you wish.

  • How do I choose the right car finance option?

    Deciding on the best car finance option for you will depend on your individual circumstances, the car you want to buy, and how you want to use it.

    With with HP finance, you’ll own the car at the end of your loan term, but your monthly repayments might be higher than other options and you won’t be able to sell or change the car during your agreement. If you opt for a personal loan, you can do whatever you like with your new car, but your monthly payments might be higher. PCP car finance often offers the lowest monthly repayments, but you could have to agree to mileage restrictions, and you won’t automatically own the car at the end of the loan term.

    No matter which financing option you choose, at CarFinance 247, we’ll always look to find you the best product from our panel of lenders.

  • What is the cheapest way to finance a car?

    The cheapest way to finance a car depends on a few factors including the type of loan you have, the loan length, and the APR. Keep in mind that the loan that offers the lowest monthly repayment might not be the cheapest deal as you could end up paying back more in interest over time.

    PCP car finance could be the cheapest finance option for you as, unlike with HP and personal loans, you don’t have to borrow the full amount your vehicle is worth. Instead, you’ll borrow the difference between the price now and the amount the lender thinks your car will be worth at the end of your agreement – the Guaranteed Minimum Future Value (GMFV). But remember, you won’t own the car at the end of your loan unless you choose to pay the balloon payment.

  • Will applying for finance affect my credit score?

    When you apply with CarFinance 247, we’ll run a soft credit check to find out if we can find you an approval from one of the lenders on our panel. This may be noted on your credit report, but it shouldn’t affect your score. It’s only if you choose to proceed with a finance option that a hard credit check, which can impact your credit score, will be completed.

  • Do you have a finance calculator?

    Yes! You can use the car finance calculator to get an estimate of your monthly repayments based on the amount you’d like to borrow, the loan term length, and your credit score boundary.

  • Who is eligible for a car loan?

    You can apply for a car loan with CarFinance 247 if you’re over 18 years old and have a minimum of three years’ address history in the UK.

  • How quickly can I get a car loan?

    With CarFinance 247, you can get a decision in minutes. Make an application, pop the kettle on, and you’ll have a decision by the time you’ve finished your tea. If we’ve found you an approval in principle, your dedicated account manager will give you a call to confirm your details and discuss the next steps.

  • How much does car finance cost?

    The cost of car finance is typically defined as the amount of money you borrow plus the interest and any other charges that you’ll need to pay on the loan over the repayment term.

    If you choose Hire Purchase (HP) car finance, your monthly repayments will cover a portion of the car finance and your interest payment. The interest rate that you’re offered depends on a few things including your credit score and improving your score could give you access to better rates.

  • What information is needed for a financing decision?

    If you know how much you’d like to borrow or have already found a car you’d like to buy, it’s time to apply. It all starts with a quote. Our online application form will ask you to enter some personal details, your current employment status, monthly income, and information about the vehicle you’re looking to buy so that we can get to work finding you an approval in principle from our panel of lenders.

  • I have a part exchange can I trade this in?

    Yes, we can accept part-exchanges.

    A part-exchange acts as a down payment towards your new car, in the same way that a deposit does. This would reduce your total loan amount, which means the amount you pay back each month is reduced too.

    Having a part-exchange can sometimes help when it comes to likelihood of approval as it means a smaller loan amount is requested, which might open more options up to you. If you wanted to put a cash deposit down, we can accept these too!

  • What if I’ve been refused elsewhere?

    We’re often able to help customers that have been refused elsewhere.

    If you’ve applied somewhere else (such as a bank, car dealership or even another car finance broker) and have not been successful, you might start to think that nobody can help. However, that doesn’t have to be the case. Some of the lenders we work with specialise in helping people with bad credit to get car finance, so we’ll try our best to find the right finance option for you.

  • I have fair credit, can you help?

    Working with a large panel of lenders means we can help customers with a range of credit histories to get car finance, and we’re frequently able to help people with fair credit. No two customers are alike, so we’d look at your application in more detail to make sure we tailor a quote to your needs. We’ve got several options that would be suitable for customers with fair credit, so we’d be hopeful of being able to help you to get a competitive finance deal in place.

  • Can I buy my car from any dealer?

    Yes, you can choose a car from any reputable UK dealership!

    To make finding the right car easier, we’ve got over 100,000 cars for you to view on our car search. Once you’ve found a car, you just need to share the details with your account manager, and they’ll do the rest.

    You don’t have to choose a car from our search and, if you need a hand finding the right car, your account manager will be happy to help - just let them know what you’re looking for.

  • What is a good down payment for a car?

    While no deposit car loans are available, having a good down payment upfront can reduce the amount you need to borrow. This could mean that you have lower monthly repayments or a shorter loan period. A good down payment is one that you can afford and still leaves you with funds to cover essentials like tax, insurance, and fuel. Typically, a car finance deposit of at least 10% of the total loan is considered good.

  • Can I repay my car loan early?

    Yes, you can repay a car loan early by paying the settlement figure. This is the amount you need to pay to end your finance agreement and typically includes any outstanding finance minus any future interest that you won’t need to pay. This could help you save money overall. Contact the lender to request a settlement figure and find out whether there are any early settlement fees to pay.

  • What is APR?

    APR stands for Annual Percentage Rate and it represents the total annual cost of borrowing money including interest, admin fees, and any arrangement charges. APRs are tailored to your individual circumstances and the one that you’re offered depends on several factors including your credit score.

  • Is getting a car on finance worth it?

    Getting a car on finance is worth it if it’s the best choice for you and your circumstances. If you have savings, buying a car outright could be the easiest and cheapest option if you plan to keep the same car for a long time and aren’t worried about depreciation over time. However, if you don’t have the money to pay for a car all in one go, would like to change the car regularly, or even hand it back after a few years then a car finance option like PCP could be the better choice for you.