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CarFinance 247 Achieves FCA Authorisation

CarFinance 247, the UK’s fastest growing online motor finance broker, has been authorised by the Financial Conduct Authority (FCA) under its new regulatory scheme that came into force last year.

On 1 April 2014 the Financial Conduct Authority (FCA) became responsible for the regulation of consumer credit in the UK. It regulates firms and individuals that advise on, sell and arrange financial products and services. 

Firms must be authorised by the FCA to offer consumer credit and insurance products; when a firm is authorised it has permission to carry out certain regulated activities. Regulated firms are expected to meet the standards set out in the FCA’s Handbook of Rules and Guidance.
 
Louis Rix, director and co-owner of CarFinance 247, said: “Becoming FCA Authorised reinforces our high standards of service to consumers and lending partners alike. Our exceptional consumer review ratings and phenomenal growth this year already shows that we have very happy customers, who benefit from our trustworthy, reliable service, but this is another proof point that we’re exceeding the market in our standards and our commitment to compliance.” 
 
The approval comes on the back of the best year of trading for CarFinance  247, with a growth of 280% in its last financial year. The amount funded to consumers was £92.2m, an increase of 271% on the previous year.  The growth is the result of ongoing investment in customer service procedures and technology to deliver ground-breaking services; its digital advances in the market has seen the firm shortlisted for a number of high profile industry awards being announced in the coming weeks.
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These customers are real CarFinance 247 customers. They were invited to become a celebrity for a day, taking part in photoshoots and telling us all about their CarFinance 247 experience, and they were paid for doing so.

Best available rate
Total repayment
Total cost of credit

Best available rate

Total repayment

Total cost of credit

Representative example:

Borrowing £7,500 over 4 years with a representative APR of 25.4%, an annual interest rate of 25.4% (Fixed) and a deposit of £0.00, the amount payable would be £239.77 per month, with a total cost of credit of £4,008.96 and a total amount payable of £11,508.96.

Rates may differ as they are dependent on individual circumstances. Subject to status.

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