How Car Finance
Works in 5 Steps
Apply online and a member of the team compares lenders from our panel. You choose the car from any reputable dealership, and we handle the paperwork through to collection.
Apply online, we compare lenders, you choose the car.
A soft search at the quote stage, so your score is not affected.
From your application to collecting the car.
Five steps, in the order they happen. At the quote stage lenders use a soft search, so seeing what may be available leaves no mark on your credit score.
Apply online
Complete the online application form. It asks for a few details about you and the finance you are looking for.
We compare lenders
A member of the team compares lenders and handles the admin, so you are not filling in the same details over and over.
Choose your car
Pick your car from any reputable car dealership. We can help you look, part exchange your old car, and help with outstanding finance on it.
We complete the paperwork
We complete the paperwork and chase the lender, so the agreement keeps moving without you having to follow it up.
Sign, and collect the car
A signature, and the car is yours to collect. All finance is subject to status and income, and applicants must be 18 or over.
Who can apply, and what you need.
CarFinanced considers applications across all credit scores. There are three things every application needs: you must be 18 or over, hold a driving licence, and have an income of at least £1,000 a month.
A provisional licence is accepted if it is less than three years old. Alongside your credit history, a lender looks at your employment status, your age, your income and the amount you want to borrow. All finance is subject to status and income.
The minimum to apply
What happens after you apply.
The five steps above are the order things happen in. This is what is yours to decide, what we do not do, and how we are paid for it.
The agreement is yours to choose
Hire Purchase or PCP, over a term of 12 to 72 months. The range available depends on the age of the car and on the lender.
A deposit is optional
No deposit is needed, and a part exchange can be used as one. Anything you put down reduces the amount you finance.
We do not advise you
You will not receive advice or a recommendation from us. We compare lenders, and the decision about what to take stays with you.
Our commission
A commission is paid to us by the lender when an agreement is arranged. It may be a fixed fee or a percentage of the amount borrowed, and it does not influence the interest rate you are offered.
The team is available Monday to Friday 9am to 7pm, Saturday 9am to 6pm and Sunday 10am to 5pm. All finance is subject to status and income.
How it works, answered clearly.
Quick answers on the process, eligibility, deposits and what happens to the car you already have.
01 How does car finance with CarFinanced work?
There are five steps. You complete the online application form, a member of the team compares lenders, you choose your car from any reputable dealership, we complete the paperwork and chase the lender, and then a signature makes the car yours to collect.
02 Does checking my eligibility affect my credit score?
At the quote stage lenders use a soft search, so it leaves no mark on your credit score. You can see what may be available before taking anything further. Finance is subject to status and income, and applicants must be 18 or over.
03 Who can apply for car finance?
Every application needs three things: you must be 18 or over, hold a driving licence, and have an income of at least £1,000 a month. CarFinanced considers applications across all credit scores, and all finance is subject to status and income.
Bad credit car finance →04 Can I apply with a provisional licence?
Yes, a provisional licence is accepted if it is less than three years old. The other minimums still apply, so you need to be 18 or over with an income of at least £1,000 a month, and the application is subject to status.
05 Do I need a deposit?
No deposit is needed. If you would rather put something down, a part exchange can be used as one, and anything you contribute reduces the amount you finance. Agreements without a deposit may be available subject to status.
No deposit car finance →06 Can I part exchange a car that still has finance on it?
Yes. CarFinanced can part exchange your old car and can help with outstanding finance on it. What that looks like depends on the settlement figure your current finance company gives you, so ask them for it in writing before you decide.
07 Where do I get the car from?
You choose the car from any reputable car dealership. CarFinanced arranges the finance rather than selling you the vehicle, and can help you look if you have not settled on one yet. Hire Purchase and PCP are both available.
Hire Purchase explained →08 Is CarFinanced a lender, and how are you paid?
CarFinanced is a credit broker, not a lender, authorised and regulated by the Financial Conduct Authority under FRN 1014460. A commission is paid to us by the lender when an agreement is arranged. It does not influence the interest rate you are offered.
Ready to take the first step?
It starts with the online form and a soft search at the quote stage, so you can see what may be available before anything is decided.
