Car Finance

Car Loans | CarFinance 247
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No impact on your credit score
Rates from 7.9% APR. Representative APR 21.9%
Car Loans | CarFinance 247
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Rates from 7.9% APR: the exact rate you will be offered will be based on your circumstances, subject to status.

Representative example: borrowing £6,500 over 5 years with a representative APR of 21.9%, an annual interest rate of 21.9% (Fixed) and a deposit of £0.00, the amount payable would be £172.09 per month, with a total cost of credit of £3,825.54 and a total amount payable of £10,325.54.

We look to find the best rate from our panel of lenders and will offer you the best deal that you’re eligible for. We don’t charge a fee for our service, but we do earn a commission. This does not influence the interest rate you’re offered in any way.

Used car finance made easy

Looking for second-hand car finance? We’re here to help.

We believe that buying a used car should be stress-free and fun. That’s why we do car financing differently.

The best bit is, we’ll do all the heavy lifting too. We’ll look to find a car finance option to suit you and your budget, connect you to a dedicated account manager, and do all the background checks so you can buy with complete confidence. Perfect!

Can you finance a used car?

Yes! Getting finance for buying a used car is very similar to getting finance for a new car. It can also be a flexible and manageable way to get your new wheels pronto.

Why should I use finance for buying a used car?

Depending on your circumstances, you might find there are advantages to using finance to buy a used car:

  • You can spread the cost into manageable payments over a time-period that suits you.
  • You might not have to pay any lump sums for a deposit up-front
  • If you choose to apply with us, you can sit back and relax while we do all the hard work for you

Find out more about whether buying a car outright or on finance could be right for you on the blog.

What types of used car finance are available?

The two main types of used car financing available through us at CarFinance 247 are Hire Purchase (HP) and Personal Contract Purchase (PCP).

Hire Purchase

Hire Purchase (HP) means you’re essentially hiring the car from the lender and won’t own it out-right until you’ve made all your repayments (including the Option to Purchase fee).

You can choose to pay a deposit upfront when you take out a hire purchase agreement, which could reduce how much you pay monthly and for how long.

Find out more about Hire Purchase

Personal contract purchase

A Personal Contract Purchase (PCP) also gives you the option to pay a deposit and reduce the cost of your monthly payments.

The big difference between a PCP and a HP finance deal is that, at the end of the fixed term, you’ll either hand the car back, use any positive equity as a deposit for your next vehicle, or buy it by paying the balloon payment.

There might also be a clause in your PCP agreement that means you may incur extra charges from your lender if you exceed an agreed maximum annual mileage or end up with any bumps and scrapes on the car.

Find out more about Personal Contract Purchases

Other used car financing options include:                

Personal loans

With a personal loan you can borrow an amount of money over a fixed time and you will own the car as soon as the dealer receives the money for it.

The loan may be unsecured, which means you may be able to sell the car at any time. Double-check the terms of your agreement and make sure you continue your repayments, even if you do decide to sell.

Guarantor loan

While we don’t currently work with lenders that provide these loans, a guarantor loan could be an option if you have a poor credit rating or no credit rating at all.

This type of loan involves a third party, such as a willing friend or relative, to act as your guarantor. If you fail to meet a payment, the guarantor will need to make the payment on your behalf.

While a guarantor loan can help people with poor credit or no credit history get used car finance, they do usually come with a higher APR and your guarantor will be responsible for making repayments if you can’t, which is worth considering when looking at your options.

Why come to us for used car finance?

For us, used car finance is all about helping people improve their everyday lives.

Whether it’s sorting out the school run, getting that big boot for the big shop, or just a car you’re proud to park outside the office, we work to get the right deal for you.

With our panel of lenders, we can look to find loans for people with good credit, bad credit, and somewhere-in-between credit.

Plus, you’ll have a dedicated account manager on hand to help you through the process.

What’s next? How to apply for used car finance

Whether you’re looking for a used Peugeot on PCP, a Hyundai on HP, or a personal loan for a Lexus, we could help!

It starts with a quote. If you’re approved in principle, your account manager will give you a call to talk through your options. No strings attached. They can answer any questions you have and grant you access to our car search – a treasure trove of over 130,000 used cars ready and waiting to find a home. Found a car somewhere else? We can still help – just let your account manager know.

Ready to start?

Applying with us only takes a couple of minutes and won't affect your credit score

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* The UK's number one online car finance broker by unique users to the website. Based on Hitwise data – 1,746,657 to CarFinance 247 vs. 666,020 for nearest competitor. January to December 2019.

96% of our customers recommend us: † Based on feedback left on independent review site Reviewcentre. May 2019.

CarFinance 247 is a trading name of CarFinance 247 Limited. Registered office: Universal Square, Devonshire Street North, Manchester, M12 6JH. Registered in England. (Registration Number 06035525).

CarFinance 247 is authorised and regulated by the Financial Conduct Authority for insurance distribution and credit broking (Firm Reference Number: 653019). CarFinance 247 is registered with the ICO (Registration Number Z1897658).

Finance is subject to status and is only available to UK residents aged 18 and over. Written quotations are available on request.

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