• Car Finance

Car Finance

Finance your car the Carzam way

When it comes to buying with Carzam, we aim to deliver the most enjoyable car buying experience possible without leaving the house. Naturally, there is a lot to consider when choosing your next car and arguably, finding a car that suits your budget is right at the top of your priority list.

We appreciate that buying a car is a big deal and more often than not, the second-largest purchase made after your home. The benefit of used car finance means that you are able to spread the cost of your car over manageable monthly payments. 

At Carzam, we don’t like to complicate things. We've worked hard to bring you a financial solution that delivers on ease and simplicity. You can configure your finance and get an instant decision online - no hassle, no fuss. 

When buying a Carzam car, you are in total control. You have the ability to configure the duration of the finance term, initial deposit and mileage. Typically there will be two main finance products available to you, these are; Hire Purchase (HP) and Personal Contract Purchase (PCP). Find out more below. To apply for either PCP or HP finance options you must have a full UK/EU driving licence. We’re unable to offer finance if you apply with a provisional licence. Doing so would result in your application being declined and a credit check being undertaken, which could affect your credit score.

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Frequently Asked Questions

  • I've found a car. How can I apply for finance?

    Once you've found the right car then click the 'Buy Now' button on the vehicle details page and follow the simple steps to complete your purchase entirely online. During the process, you can include a part-exchange vehicle and decide the right payment option for you, either a finance package or debit card payment.  If you select the finance option then you will be asked to fill out the online application form and submit it. Please be aware that to apply for finance you must have a full UK/EU driving licence.  In most cases, we can give you an instant finance decision.  However, in some circumstances it may take longer, depending on additional information required from the lender. Once a lender approves the funding for your car, you'll be required to pay your deposit within 24 hours of your approval. If you miss the deadline to pay the deposit, the vehicle you applied for will automatically become available for sale on our website. After you've paid your deposit, you'll be prompted to sign your finance documents before we deliver your car.

  • What's the difference between Personal Contract Purchase (PCP) and Hire Purchase (HP)?

    It's important that you have all the information required to make the right choice for you based on your personal circumstances.  To help, we've created a handy guide for you.

  • How do I know I'm getting a good finance deal with Carzam?

    By working with the biggest lenders we are confident that our rates are very competitive.  We endeavour to provide you with all the information so that you can make an informed choice and get the right package for you.

  • How long does it take for a finance decision?

    In most cases, we can give you an instant finance decision.  However, in some circumstances it may take longer, depending on additional information required from the lender. Whatever the situation, it's our job to keep you updated on the progress of your application.

  • What information is required for finance application?

    To get a financing decision from the lenders, we will need the following information during the application to conduct a credit check:

    * Personal details
    * Employment details
    * Address history
    * Bank account details
    * A copy of your photo driver's licence (this must be a full UK/EU licence, we’re unable to accept a provisional licence)
    * Proof of address (utility bill)

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  • Hire Purchase (HP)
    Hire Purchase (HP)

    Hire Purchase (HP) is a finance plan that allows you to spread the cost of the car by making monthly payments over an agreed term. You make higher monthly payments when compared to a Personal Contract Purchase (PCP) agreement, so that when you come to the end of the agreement and made all the repayments including any interest, you’ll own the car.

  • Personal Contract Purchase (PCP)
    Personal Contract Purchase (PCP)

    Personal Contract Purchase (PCP) can help you to buy a car with lower monthly repayments than a typical hire purchase product as a large proportion of the amount you repay is deferred into an optional final repayment. You will pay more interest on a PCP agreement than a HP agreement for the same loan amount, term and APR as your balance reduces more slowly due to the optional final repayment. You will decide an initial deposit, term and how many miles you'll travel each year. Monthly repayments will then be calculated along with the optional final repayment amount, based on the anticipated value of the vehicle at the end of the agreement. At the end of the agreement, you can part exchange the vehicle (subject to affordability), return the vehicle (return conditions apply) or pay the optional final repayment and own the vehicle.