At Car Finance 247, the car finance process starts with a quick, no obligation quote. As soon as we’ve received your online application, we’ll aim to find you the best deal from our panel of lenders. If we’re able to find you an approval in principle, your account manager will give you a call to discuss the next steps. They’ll guide you through the process, take care of all the admin, and even liaise with the dealer on your behalf.

You can choose a car from any verified dealer or check out our car search – home to over 95,000 used vehicles. We’ll then carry out all the checks, chase the lender, and make sure the dealership is kept in the loop so you can just sign on the dotted line and drive away.

There are many types of car finance to choose from but the most common are Hire Purchase (HP) and Personal Contract Purchase (PCP). 

Hire Purchase: The loan is secured against the car and you won’t own it until you’ve made all of your monthly payments and paid the ‘Option to Purchase’ fee. You may 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 similarly secured against the vehicle, but you don’t automatically own the car when the loan term ends. 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 could be lower than with HP car finance, but you may have to agree to annual mileage limits. 

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

With a Hire Purchase (HP) loan, 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.

A Personal Contract Purchase (PCP) loan could offer the lowest monthly repayments, but you may have to agree to mileage restrictions, and you won’t automatically own the car at the end of the term. At the end of the agreement you can decide whether you want to return the car, or pay the final balloon payment to keep the car.

No matter which loan option you choose, at Car Finance 247, we’ll always look to try and find you the best deal from our panel of lenders.