Infinity Finance
Good:
You are allocated one employee to your application so you are not talking to lots of different staff
Bad:
£30 extra charge for same day bank transfer directly to the car dealership
Verdict:
A highly regarded company if you are looking for car finance, only slightly more expensive than other providers (they accept bad credit applications too)
Infinity finance offer finance for car, motorbike and van purchases. You can borrow anything from £2,500-£20,000 and the finance is secured against the car. Infinity also aim to help people with poor credit ratings which is great if you have been in a bad situation in the past and need to rebuild your credit.
The things that make this company stand out over others offering similar products is the fact you don't have to go to a designated showroom of theirs. You can apply online or over the phone and once they have assessed your situation, they will tell you the maximum credit they can offer you. It is then simply a case of going to any recognised, reputable dealer in the UK, agreeing a deal on a car and then Infinity will pay out the finance to the dealer. They will email the documents to the dealer, making it really easy because all you have to do is sign them whilst you're there. Also, unlike other vehicle finance companies, you don't have to pay a deposit and they run a FREE HPI check on the car so you know it's safe to purchase.
If you have a relatively good credit rating (i.e. no late payments, CCJs or defaults) and you could get a loan from a bank or other lenders with a lower APR, then you should. Two reasons for this, firstly the typical APR for infinity is over 20% which is a lot more than some banks or high street lenders and secondly, if you miss payments with Infinity they have the right to repossess the car. If you have a loan with a different type of lender then it will not be secured on the vehicle. Infinity also offer optional gap, warranty and payment protection - do not be obliged to take this out with them as you may be able to find it cheaper elsewhere.
Loan Calculator (Representative 23.9%APR)
Loan Amount £
Loan Term months
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fill in the online form told me i got the deal which they told me it was 183 pcm get in happy... rang up told them i found a car got things sorted with all the red tape asked how much the payments 217 give or take 20 pound hmmmmm ok... next thing i know im passed of to a different lender and the payments are now 265 ???????????????????????????????? lies all lies
This company was suggested to me from the salesman at the dealer selling the car. He said he couldn't help me on the car loan, but a customer who bought from them earlier in the week had used Infinity and he still had their number. I called them and they took an application over the telephone and told me I was OK for the car and they would speak to the dealer and sort it out. Later in the day I received a phone call and went through the payments, they werent pushy at all. After this the salesman called and I went down to the dealership and signed up for the car. All in all I was very pleased with this company. No pushy sales people, nobody telling me to take out insurance and I guess if the salesman at the dealership recommends them, they have to be ok. Definitely worth a try if your unsure of who to use.
What I really liked was that they allocate one person to deal with you. So, when you call in to ask a question, you don't have someone you have never spoken to trying to find stuff out. When I found my car, they sorted everything out with the dealer and did a free HPI check on the car. They even called me after I picked up the car to make sure everything was OK.
My car had failed its MOT and I needed a new car quickly. I filled out their application form online and they called me and I went out that day and purchased a car from a dealership. I can't believe it was all done the same day. These people are amazing.
I applied online with Infinity and I got a call and a text within 20-30 minutes telling me I had been approved. I called them and it was like a breath of fresh air. They answered all my questions and were really helpful. They told me they would call the garage and sort it out with the dealer. The salesman then called me and told me the paperwork was already and I could come sign for it!
Loans £2,500 - £15,000 up to 4 years
- You need to have a bank account with direct debit facilities
- You do not need to have a good credit history
- You must be 22 years of age or over
- You must be in full-time, part-time or self-employment earning £950 per month
- You need: full UK driving licence and proof of income (e.g. pay slips)
- You must have been a UK resident for the last year
- Charge for processing an unpaid cheque or direct debit - £12.00
- Charge for processing a credit card or debit card payment - £1.50
- Monthly management charge for overdue accounts - £12.00
- Administration charge if they end the agreement because you have failed to keep to it - £50.00
