Today I am going to write a review of Car Finance 247. I have used them twice now to finance a car. This is a review of my latest experience with them.
This might be a long review of Car Finance 247 but it does cover the whole application from start to finish.
I went to the Car Finance 247 website as usual and completed the short application form. At this point I should let you know I have bad credit. My credit was not as good as the first time I applied so I wasn’t too sure if I would be approved.
About three minutes after applying I was informed by text message that I was approved – although I find that slightly misleading. It should really read approved in principal as you will find out about later.
A couple of hours after applying I received a phone call from an adviser who introduced themselves and explained the process to me.
Essentially I needed to go pick a car and provide the registration number to Car Finance 247. The car had to be less than 10 years old and less than 100,000 miles on the clock. I assume that they would then pass this information through to the lender who would complete some further checks. This is why I think they should put approved in principal rather than just approved.
I was also told someone would call me to do an ID check. This involved me providing my debit card details to them over the phone. They did something that must check my address. This went through fine and no money was taken from my account. I got this call about an hour later.
Picking a Car
I could use any dealer so long as they had a Consumer Credit Licence if I remember correctly. I chose the Car People as they had the car I wanted.
Next I entered the registration number into the Website. I received a phone call from Car Finance 247 shortly after doing this. They asked me to confirm the price and the mileage of the Vehicle. I provided this information.
Progressing the Application
About two hours after providing the car details I received a Credit Agreement from my Lender, Advantage Finance.
I was asked to provide Identification. I provided my driving licence which I had to take a picture of with the licence next to my head.
I also provided a recent wage slip. I also had to sign the credit agreement and complete the direct debit mandate. All normal stuff.
Advantage Finance also wanted to connect to my bank account. I assume this was a clever way of assessing my affordability. I had already done something similar with a company called SafetyNet credit so wasn’t too concerned about doing this.
Car Finance 247 asked me to go and see the car in person and put a deposit down on it. At this point I asked them to confirm I was approved, I was assured I was. The reason I asked was because I read a number of reviews where customers were approved but declined at the last minute. I didn’t want to be one of them.
I put a deposit down on the car and made the dealer aware Car Finance 247 would be in touch about payment. It was late in the evening at this point.
The Next Day
The next morning I received a call from Advantage Finance. They asked me a number of questions about my Credit Report. Again I think this was to make sure I was who I said I was. They then passed the application to their underwriter for final checks. (This again reinforces my point that it should say approved in principal).
In the afternoon I received a text message from Advantage Finance asking me when I was going to collect the car. I replied back with the date.
Later on in the afternoon I got confirmation my application was approved. Car Finance 247 called me to ask if I was happy for the loan amount to be transferred to The Car People. I said yes and payment was made at 17:00.
Completing the Sale
All went well and I picked my Car up Four Days after applying. It took just two days to get the finance sorted so I was very impressed to be honest. The rate of interest I got whilst not cheap, was better than I thought it was going to be.
After the Sale
I received numerous calls asking me to buy GAP insurance. The advisers were pretty rude to be honest and soured what should have been a positive experience. When I declined GAP insurance I jokingly said ‘I hope I never need it’ to which the adviser said I would probably end up eating my own words. Nice.
Concluding my Car Finance 247 Review
In all the process was very efficient, only let down by the hard selling of GAP Insurance at the end. If you have bad credit they may be worth a try. If you are thinking of applying then take a look at my post talking about what you should do before applying for bad credit car finance. Thanks!