Information On Our Finance Service
1. The Financial Conduct Authority (FCA)
The FCA is the independent watchdog that regulates financial services. Please use this information to decide if our services are right for you.
2. Whose products do we offer?
Carzam Limited is a Credit Broker not a Lender and can introduce you to a limited number of lenders and finance products to assist with your vehicle purchase. Occasionally, we may need to use the services of a credit broker to secure you a finance offer. Please ask us for a list of our finance providers.We are not an independent financial advisor and do not make recommendation, however, our website and our customer support team can provide you with information on products available which may suit your requirements, to assist you in making an informed decision on your purchase. If you need any further information or have questions, our support team is available to assist you.
We will introduce you to our insurance partner AutoProtect to provide you with the opportunity to benefit from Free GAP &RTI Insurance for 1 month. We do not provide any advice or recommendation relating to this optional offer, you will receive an SMS with a link which will provide all the information you require without any obligation.
IMPORTANT: Unless you advise us of any existing poor credit experience, we will always forward your finance proposal to a lender at the prevailing headline rate on our website. The approval of your finance proposal is subject to status and credit check.
If your proposal is declined by the first lender, Carzam will automatically forward your proposal to another of our partners in order to secure a finance offer for you. Please be aware that each lender will register a hard search when they request a credit check, Too many hard credit checks over a short period of time can affect your credit score and may reduce your ability to get approved for finance in the future. No more than 3 hard searches will be registered. If you are concerned about an affect to your credit score, please contact our customer support team before progressing.
If the lender requires any change to the payment figures, Carzam will ensure that you are fully informed and able to make an informed decision to progress. Carzam do not have any influence on the interest rate, this is set by the lender.
3. Which service will we provide you with?
We will provide you with information to assist with your funding decision related to the following Credit Agreements
- Personal Contract Purchase (PCP)
- Hire Purchase (HP)
4. What will you have to pay us for our Finance Services?
No fee. You will have access to a quotation which will tell you a
bout the costs of each of the products and any other fees relating to any particular credit agreement or insurance policy.
We may receive a fixed fee or fixed % of commission from a lender for introducing you to them, calculated by reference to the vehicle model, product or amount you borrow. Different lenders may pay different commissions for such introductions, However, any such amount a lender pays us will not affect the interest rate you pay under your finance agreement, all of which are set by the lender concerned.
5. Who regulates us?
Carzam Limited is an Appointed Representative of Bapchild Motoring World (Kent) Limited which is authorised and regulated by the Financial Conduct Authority, registration number 686118. You can check this on the FCA Register by visiting https://register.fca.org.uk/. Our permitted activity is to act as a Credit Broker not a Lender. Carzam Limited is an Introducer Appointed Representative of AutoProtect (MBI) Ltd for the purpose detailed above.
6. What to do if you have a complaint
If you wish to register a complaint, please contact us:
in writing: Carzam ltd, Customer Services, Morely Way, Peterborough, PE2 7BW
Email / Phone : customersupport@carzam.co.uk
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service www.financial-ombudsman.org.uk
Carzam Limited. Samson House Celta Road, Morley Way, Peterborough, England, PE2 7BW | Company No. 12209537
Making the right funding decision
Once you have made a decision on the vehicle you wish to purchase, it is important to make the right decision on the finance option that suits your circumstances now and for the period of the funding agreement.
Our website provides full details on the finance products available along with ‘frequently asked questions’ which may assist your understanding. Carzam specialists are also available to you at any point of your purchase journey and can assist you in understanding the funding options available to you. The funding of your vehicle is an important decision to make, please don’t hesitate to seek clarity or ask any questions. Below is a summary of the funding options, explaining the potential benefits and limitations of each, please ensure that you understand the agreement you decide to enter in to.
| HP | PCP | |
|---|---|---|
| New and used vehicles | * | |
| Minimum finance advance | £2000 | £2000 |
| Length of agreement | From 1-5 years | From 1-4 years |
| Deposit/initial rental required | £0 deposit may be available | £0 deposit may be available |
| Fixed monthly payments | ||
| Optional final repayment | ||
| The maximum permitted age of the car at agreement end | Typically 14 years | Typically 8 years |
| Ownership option at agreement end | After optional final repayment is paid | |
| End of contract goods return option | Return conditions apply | |
| Mileage and condition restrictions/charges (If you exceed agreed mileage or the vehicle is not in good condition upon return) | Charges apply if you return the vehicle | |
| Ability to amend annual mileage in life | N/A as there are no mileage limits | No |
| Voluntary termination (HP/PCP) | Return conditions apply | Return conditions apply |
| Early settlement option | ||
| Fully comprehensive insurance required | ||
| Ability to amend monthly payment due date | Ability to defer the monthly payment due date by up to 30 days once in any 12 month period | Ability to defer the monthly payment due date by up to the 30 days once during agreement |
| Optional maintenance packages available |