Help & Advice

I'm a student - can i get a car loan?

Hello, I am a full time student. Can I get finance without a guarantor?

Billy


Answer

Hi Billy, thanks for using our Q&A.

Just a few initial questions that will help me guide you in the right direction: Are you on the electoral roll at your current address? Are you employed part time? Do you have a full UK licence & do you have a any current active credit agreements? If so, this will certainly help our case in getting you approved as our lenders will be able to see your track record in making repayments and will be able to trace your address history.

We can help students get car finance but they generally must have some form of income and a full or provisional UK licence. Adding a guarantor would obviously aid your chances of being approved, but we'll still try our best if you can't get one. Please apply when you're ready and once approved we provide a no obligation quote and you can buy a car from any dealer in the UK. Kind Regards, Rachel

Answer correct as of September 2016

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More related questions

Hi Rachel, I'm a part time student but i have a full time job - can you get me car finance?

Answer

Hi Natalie, yes - as long as you can prove your income (with payslips or bank statements) then we may be able to get you approved for a student car loan. How is your credit profile and how much are you looking to borrow? Kind Regards, Rachel

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I am a full time student am 26 yrs old i work part time but my wife works full time...would i be able to get finance?

Answer

Hi Grant, please make a joint application with your wife and we'll see if we can get you approved for student car finance. Can you prove your part time income with payslips etc as these may be required. How much are you looking to borrow and what car are you after? Kind Regards, Rachel

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I recently stopped working and I will be starting university on the 17 of sep and i'm 22 years old! As a student I will be receiving grants, will you be able to help me get a car on finance?

Answer

Hi Sinead, if you have a good credit history and have a 10% deposit we may be able to help. Is this the case? Also you'd have to have a part time job. to prove you have some income.

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My credit isn't that good at the moment however I have the money to put down as a deposit. Would I need a guarantor?

Answer

Hi Sinead, great news on the deposit front but if your credit isn't immaculate you would need a guarantor - yes. Rachel

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Hi, I have 2 children and have just turned 23. I had to sell my previous car due to an oil leak. I have money to put a deposit on a car and don't mind a used car in good working condition. I'm due to start university at the beginning of October and get more than enough to afford the payments on a monthly basis. I just don't have the money for a car out right. I don't think my credit is the greatest but also not the worse as i have barely got credit. Would I qualify for finance?

Answer

Hi Nakitta, will you be working at all even though you're at university? Part time job etc? I ask because you say you don't have the best credit and all lenders willing to help people in your situation need to see proof of income from employment (not student loans). How much deposit do you have and how much were you thinking of borrowing? Rachel

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I recently did a credit score report online and my score was 733. I am a student who is 20 years old earning over £1000 a month (£600 after rent and phone etc) and from next July after my paid placement my income will be over £500 a month (£450 after phone and car insurance). How much finance could I get and would I need a guarantor (which is an option as my parents have a really good credit rating)?

Answer

Hi Michael, there is a chance of obtaining you a car loan as you have a decent income and a fair credit profile. Having a guarantor would strengthen your chances though. Could you get permission from one of your parents before applying? If so, proceed to make an application on our site when you are ready and inform me of your reference number. I'll then be able to process the application myself and try and get you the best possible deal. Kind Regards, Rachel

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Hi, I'm a 19 year old full time student in university, I was wondering whether i would be able to get a car on finance because i receive grants from student finance every 3- 4 months, would I be able to get finance?

Answer

Hi Shaleen, potentially we can help as long as you're on the electoral roll at your current address and you have some active clean credit. Is this the case? Kind Regards, Rachel

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hi there I'm an 18 year old full time student looking for car financé. I'm looking for a £4000 car and I am willing to put a £700 deposit. I'm on the electoral roll and have always paid my phone bill on time and other direct debits. I'm wondering whether I would get approved?

Answer

Hi Jim, Thank you for using out Q&A. An approval is a possibility. However you may be limited to the amount any finance company will be willing to lend as due to your age and as you are a student.

I would put an application through and then we can have a closer look at your profile and before sending it to our lenders we will be able to tell you how much you would be likely to be approved for based on your credit profile. Alternatively if you have the option I would advise that you put a parent on the application (with their approval) as this may strengthen your chances of getting accepted. Thanks, Rachel

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Hi, I'm 20 years old and I'm due to start university on the 23rd September 2013. I've always paid my phone bills and my direct debits althought I am a full time student I have a part time job my wages vary from £203 at a minimum to £450 at a maximum every month I'm looking to borrow £5000 over 60 months at about £100 or less a month, do you think I could get a deal like this anywhere and do you think I would be approved when I got to uni I still get to keep my job to so I have that additional income every month on top of my grants etc.. What do you think??? Thanks!!

Answer

Hi Chelsea, It would be worth making an application as at this stage its hard to say if we could get you approved. The main issue is your employment. When filling out the application please state that you are part time employed. I hope this helps. Kind Regards, Rachel

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Hi, I'm a full time student 30 years old on electoral roll at my current address and I have a credit score of 835 but I only have a part time low income low profile job which I only had for a month or so and I only lived on my current address for less than a year. What are my chances to get a 3-4k for 4 year car finance? Thanks in advance!

Answer

Hi Archie, I would advise that you apply to us with your part time occupation. Whether we can get you approved really depends mostly on your credit profile, you seem to have a good credit score so I can't see a reason why we wouldn't be able to help. Obviously we can't guarantee an approval. Thanks Rachel

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Hi, I'm a full-time student living at home. I have a part-time job which pays around £150 - £300 a month and a full student loan/grant from which I receive about £6300 per year.

I could put down a £1000 deposit and would be looking to borrow about £3000. I have a 'fair' credit rating of 826, but would not be able to provide a guarantor with a good credit rating. Would I be able to get car finance?

Answer

Hi Amy, thank you for asking your question.

As you're employed part -time, have a large deposit, a stable residential history and a fair credit rating i am reasonably confident we can get you approved for the £3000 that you need possibly without a guarantor. We can't guarantee an approval at this stage obviously.

Please make an application when you can and once approved we provide a no obligation quote and you're free to choose a car from any dealer in the UK. Once the figures have been agreed and documents signed the funds get sent directly to the supplying dealership. Kind Regards, Rachel

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Hi, I'm a full time student aged 20 and would like to get car finance of £8,900 for a used car. I am willing to pay a £3,500 deposit and pay the rest over two years. I can afford to buy the car outright but would prefer to keep some money for a rainy day.

Also I have a part time job paying me £200 a month. I don't think I have much of a credit rating but I have always paid direct debits on time.

Answer

Hi Jack, thank you for your question.

By the sounds of it you pay all of your bills on time so your credit score must be healthy and as you have a large deposit and a small income that will go in your favour.

We can help students get car finance but as you have a job please place this on the employment part of the application. All in all i'm reasonably confident we can do something for you. As you can understand we can't guarantee an approval. Please apply when you get a moment. Kind Regards, Rachel

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Hi, I'm a 19 year old full time student. I have £2000 saved for a deposit and receive £2200 every three months in grants for university.

I'm on the electoral role at my current address and have a good credit rating, but I don't have a part time job right now. Could I get finance on a new car?

Answer

Hi Riley, apologies for the delayed response.

As long as you have a UK driving licence there may well be something that we can do for you as you have a large deposit and have a good credit history.

Please make an application and once approved you can choose a car from any dealer and we also provide a no obligation quote. Kind Regards, Rachel

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Hi, I'm 25 years of age; I am a full time student. I have a part time job bringing in roughly £180.pcm. I am looking at a car costing £7000 but willing to pay £3000 deposit, so I'm looking to lend £4000. What is the likelihood of this?

I have lived at my current address for over six months but have been on the electoral roll at my previous property of 2 years and I am on the electoral roll at my current address with a full UK driving licence. Thanks for any advice.

Answer

Hi Tom, thank you for your question,

The good news is that you have a large deposit, a full UK licence, electoral roll history and some form of income. My only concern is that the £180 per month income might not be enough to satisfy some of our lenders criteria on affordability to borrow the £4000 you'd like.

If this is the case could you find a co-hirer to add onto the agreement? Even by adding a co-hirer an approval won't be guaranteed as the decision will also be dependant upon your credit record.

Please make an application when you're ready and if approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

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Thank you for the quick response. I have never defaulted on payments. I always pay direct debits on time and the last time I checked my credit score it was "fair" a few points just under "Good".

I have a finance out for a sofa from DFS already under "Creation", it has two years left on it to pay. It's only £30pcm but could that go against me? And I could get my girlfriend to cosign it if it would make the application stronger. My car insurance is paid off annually also and I work additional hours over holiday periods. I also receive £2200 every 3 months in grants and student loans - is this counted as a students income? Thanks for the advice.

Answer

Hi Tom, apologies for the delayed response.

Student loan income unfortunately doesn't count as income. It's good news that your credit history is up to date and the fact you already have a loan for a sofa and is being paid on time is actually positive.

If your girlfriend is happy to co-sign then that would help but please get her permission first. The decision shouldn't be taken lightly. Have a great weekend. Rachel

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I'm 17 years old, a student at college, and work 20 hours a week at Sainsburys. Could I get a £5000 finance for a new car?

Answer

Hi Lauren,

Unfortunately we have a requirement that applicants must be 18 or over. If you would like to reconsider applying when you are 18 we can try our best to help then. If you are still earning the same income it is likely we would ask for a guarantor.

Kind Regards, Rachel

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Asset 1 Just get in touch,

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Rachel Wilson, Underwriting Manager

Set your budget

£
4 years

In this illustration your credit score is set to

Best available rate
Total repayment
Total cost of credit

Best available rate

Total repayment

Total cost of credit

We compare products from 18 of the UK's top lenders to get you the best deal.

Representative example. Excellent Credit

Borrowing £7,500 over 48 months with a representative APR of 16.8%, an annual interest rate of 16.8% and a deposit of £0.00, the amount payable would be: £211.25 a month, with a total cost of credit of £2,640 and a total amount payable of £10,140.

CarFinance 247 is a broker and not a lender