Rates from 8.9% APR. Representative Example: Borrow £12,000 over 5 years with a £0 deposit. Representative 19.5% APR fixed rate. Monthly payment: £304.38. Option to purchase fee £10 payable. Total cost of credit: £6,272.80. Total amount repayable: £18,272.80.
Car Finance 247 Limited is a credit broker, not a lender.
Looking for second-hand car finance? We’re here to help.
Buying a used car shouldn’t be complicated. That’s why we’ve shaken up the system; with us, you can get your car finance sorted first and then choose a car with confidence.
The best bit is, we’ll do all the heavy lifting too. We’ll find you the best deal from our panel of lenders and pair you with a dedicated account manager to guide you through the process and take care of all the admin.
Yes! Finding finance for a used car is very similar to financing a new car and allows you to spread the cost of your car into affordable monthly repayments. Get a quote and you could be driving away in your new wheels within days!
Depending on your individual circumstances, using finance to buy a used car could be the right choice for you:
Find out more about whether buying a car outright or on finance is right for you over on the blog
For illustration purposes only. The rate and payment you may be offered will be based on your individual circumstances.
Here at CarFinance 247, we work with a panel of lenders who offer a range of different finance options. Even so, there are two main types of car finance: Hire Purchase (HP) and Personal Contract Purchase (PCP).
Hire Purchase
With Hire Purchase (HP) you’ll essentially hire the car from the lender during your agreement and won’t own it outright until you’ve finished making all your repayments (including the Option to Purchase fee).
As you’ll own the car at the end of your agreement, monthly payments can be higher than with other options but there are typically no mileage restrictions and you can choose to pay a deposit upfront, which could reduce the amount you pay each month.
Personal Contract Purchase
A Personal Contract Purchase (PCP) deal differs from HP because it gives you options. At the end of your PCP agreement, you can choose to hand the car back, use any positive equity as a deposit in a new deal, or buy the car by paying the balloon payment.
Unlike HP, you may also be subject to restrictions. You’ll need to agree a set mileage and you might face additional charges if you exceed this annual limit or end up with any bumps or scrapes on the car.
Used car finance options also include:
Personal loan
Whilst we don't currently work with lenders who can provide personal car loans, here is some information about them.
With a personal car loan, you can borrow money for a fixed time period, and you’ll own the car as soon as you pay the dealer. If the loan is unsecured, you’ll be able to do whatever you like with the car – modify it, sell it, or take an epic road trip! Double-check the terms of your agreement though and make sure you continue to make payments, even if you do decide to sell.
Guarantor loan
This could be an option if you have a poor credit rating or no credit history.
This type of loan requires a third party – usually a close friend or family member – to act as your guarantor. If you fail to make a payment, the guarantor will have to pay it on your behalf.
While guarantor loans can help people with bad credit get car finance, they can also come with a higher APR and your guarantor will be responsible for your debt, if you fall behind on payments. Credit is subject to status.
No deposit, we could help! We work with a panel of lenders and several of them can offer used car finance with no deposit. Depending on your individual circumstances, you could be driving away in your new car without putting any money down upfront.
“Used car finance is a fantastic way of securing a car without breaking the bank. With flexible payment options and lower upfront costs compared to new cars, it can provide you with the perfect balance of affordability and choice.”
Our car search is home to over 100,000 used cars from verified dealers. And if you’re buying a car from one of our Marketplace sellers, you can trust that they meet our rigorous standards. You’ll find a star rating – generated from real customer reviews – on every listing from a Marketplace seller, so you can make an informed decision on your used car.
Buying a used car is very different to buying a brand-new vehicle. Depending on the age of your second-hand car, some wear and tear is to be expected and you might not have the comfort of an extended warranty to fall back on. That’s why it’s important to carry out checks when you visit the dealership or receive your car.
Here are a few things to double-check when buying a used car:
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 will be paid a commission for providing our services and this commission may be a fixed amount or a percentage of the amount borrowed. The interest rate you pay is directly linked to the amount you are borrowing and your individual credit status.
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