How Does Car Finance 247 Work?

If you’re here wanting to know how Car Finance 247 work, then this is exactly what you need. Car Finance 247 has and continues to help thousands of customers finance their cars and by knowing how it works, you can also finance that car you so desires. So read along as I explain to you how Car Finance 247 work in the subsequent paragraphs.

Borrowing money to purchase your desired car, whether new or used is very common in the UK and other parts of the world. However, a little wrong move in terms of how you finance your car can put you in an uncomfortable situation that will make you regret ever financing your car in the first place.

That is why it is important that you really understand how car financing works in order to avoid such troubles. To help avoid any mistakes and to make auto financing easy for borrowers, there are companies such as Car Finance 247 to help make your car financing experience a good one.

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About Car Finance 247

CarFinance 247 is a top online car finance broker in the United Kingdom established by two brothers namely Reg and Louis Rix and today is regarded as the number one online car finance broker in the UK.

They specialize in linking borrowers to the right lenders and dealers without charging borrowers anything.

Car Finance 247 has its headquarters in Manchester which has over 500 carefully recruited staff that is continuously helping to make the company better day by day. It has helped thousands of persons to finance their cars without much stress.

It is duly authorised and regulated by the Financial Conduct Authority for insurance distribution and credit broking and also registered with ICO. So you don’t have to worry about their credibility.

Now let’s look at how Car Finance 247 work.

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How Car Finance 247 Works

Car Finance 247 has simplified the entire car finance process for customers. With Car Finance 247, you can trust that they have your interest at heart and in five less complicated steps, you can also be driving home your new car.

They are not lenders themselves but rather brokers who will help you get the best deal from any of their authorised lenders. All you have to do is to talk to them about your situation and they can help you secure financing within the shortest possible time. Once you’ve spoken to them about your situation or applied for financing, they handle the rest by comparing offers and doing all the necessary background checks to ensure that you get a good deal.

Here is basically what the process is like when financing at Car Finance 247:

  • Conveniently apply online to find out how much you qualify for without having any impact on your credit score because they only do a soft credit check at this point. You should get a response within a matter of minutes after applying. Good thing is that, they also do not focus on the credit score of borrowers hence you can apply even with a bad credit and they’ll definitely hell you find the best deal possible.
  • Once your application is approved in principle, your personal account manger at Car Finance 247 will do a bit of comparison of offers from their partnered lenders to find the best deal for you.
  • You can now go ahead and choose your desired car from Car Finance 247’s car search which has over 130,000 cars on display from well trusted dealers or choose from any other reputable dealer.
  • Car Finance 247 will then check whether the car is good enough and any other checks they deem necessary without charging you a dime.
  • All that is left for you to do at this point is to read and sign the necessary papers and you’re good to go home with your new car.

Documents Required 

Each lender may require specific documents. However these three documents generally run through:

  • Driving Licence
  • Proof of income (bank statement, payslips, etc)
  • Proof of address (copy of your recent electricity or water bill, tax statement, etc.)

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Frequently Asked Questions (FAQ) 

Q1. Who can apply for a car loan with Car Finance 247?

Generally, in order to apply for a car loan with Car Finance, you must be 18 years and above and must have stayed in the UK for at least three years.

Q2. How long does it take to receive approval after applying? 

You should get a response to your application in matter of minutes after applying. A dedicated account manager will contact you to confirm your details if you get approval in principle.

Q3. Can I payoff my loan? 

Yes! you can decide to payoff your loan early. But to do so, you must first get a payoff quote from your lender.

Q4. What type of car finance is best?

Car Finance 247 offers two types of finance, ie. Hire Purchase and Personal Contract Plan which are both okay to finance your car. However, the issue of which one is best depends on your situation.

Q5. What is the minimum credit score for Car Finance 247?

Car Finance 247 does not have a minimum credit score. Although it may be harder getting financing with a poor credit, you can Car Finance 247 can still help you to find a lender that is willing to offer you a deal thats best for you.

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