Help & Advice

Student Car Finance

I am a student - can I get car finance? I also have a car to part exchange.

Charlotte Newby


Answer

Hi Charoltte, thanks for using the Q&A.

To answer your question we can help students secure car finance. It does help though if you have some active credit history (bank account, contract mobile phone etc), are on the electoral roll at your current address and you are employed part time. Obviously having a full UK licence too.

The good news is that you seem to have a deposit in your part exchange so our lenders will look favourably on this. Please make an application and once approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

Answer correct as of September 2016

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More related questions

Hi,I am looking into car finance. I am 25 and I am postgraduate student studying for a PhD. I recieve a maintenance stripend from the university of about £1100 a month and it is tax free. I would like to borrow between £2500 - £3000. I live with my partner and I am on the electoral roll and have good credit history. Is it possible to get car finance, or likely that it would be approved? Thanks.

Answer

Hi Louise, no problem at all. As long as you have a full UK driving licence we should be able to get you passed for student car finance as you say you've got a good crediti history. Please make an application asap. Kind Regards, Rachel

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Hi, i'm a second year University Student living with my fiance who works full time. I also work part time earning about £350 a month term time and £500 in holidays in a stable company i've worked for for over two years, my students loans and grants etc also give me an extra £400 a month to play with. I live in my fiance's grandad's house which we pay very little rent for and i'm wondering if being a student means i can't get finance? I do have a staff card which is credit, a contract phone, a store card i rarely use but which have all been paid on time. and various direct debits that are always paid off on time. I also have a student credit card with a small limit but i have been late with payments accidentally once or twice i think. I know my bank wouldn't let me open a student account because i have all this existing credit and i am a student, so i just wondered. Any advice would be great. I am very close to doing my driving test but would like to get one before i pass is possible.

Answer

Hi Devon, thank you for you detailed question. If the car finance was to be in your name only then you would need to pass your driving test first. This is because all of the lenders we work with need proof of your driving licence. Secondly you need to be earning £750 per month or more to get past all the checks and you need to prove your income with pay slips. Is there any way that your fiancée would put the finance in her name? Does she work / have a full uk driving licence? Kind Regards, Rachel

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Hello, I'm a student for only 3 more weeks as my last exam is in may. I have a part time job at the moment earning £300 a month but will be doing lots of overtime after my last exam as i'll be free as a bird. I also have a full time job at the university as a sabbatical officer and it begins in the middle of July (in 3 months time) and i will be earning £1100 a month after tax (£16,500 a year before tax) but i will need a car for the job. Is there any likelihood of me getting accepted? My student loan of which i have one more payment due gives me £2000 a term which works out at around £650 per month added on to my wages from my job and i also get a bursary at the start of june of £450. thanks, Derek

Answer

Hi Derek, there is a possibility of us obtaining car finance for you as long as you have some clean credit on your profile. Do you have any other small loans or credit cards that have shown a good payment history? Also are you on the electoral roll at your current address? Regards, Rachel

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Hi there, I'm a full time student with a permanent part time job. I have a phone contract and I just got accepted for finance with apple. But i have also just been refused for car finance. I also checked my credit score with Experian (credit plus), and my credit score is 893 (good). Do you think that the problem is me being a student to why I'm not getting finance on a car?

Answer

Hi Nick, thank you for your question. Did you apply for finance with Credit Plus or not? You may have been declined for a number of reasons - your age, your employment status, the amount you wish to finance, lack of credit history and whether you're on the electoral roll or not. As you can see there are quite a few things lenders will look at (plus more than the above) when applying for car finance. You seem to have a good credit score but do you have any other finance in place other than your mobile phone? Also are you on the electoral roll at your current address, do you have a full UK driving licence, do you have a deposit and finally, how much finance do you wish to apply for? Sorry for all the questions. Kind Regards, Rachel

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Hi there, Just wondering if you could offer me some advice! I'm a 20 year old student living at home. I need a car to commute to Uni. I have a fair-good credit rating on Experian and my household including myself have never been declined for finance before. I myself have 2 credit cards which are paid off each month and I also have my student overdraft as well as working nearly full time hours, earning roughly £1000 per month. I went to my bank, Natwest, and they did a precheck on my account for a £9000 loan and it came back as 'highly likely to fail', due to age and account type. This was not an actual credit search so should not affect my credit but I am now a bit anxious as to whether or not I will pass for any car finance or loans for the amount of £9000. I wanted to know if you could offer any advice or recommendations as to whether I would be able to obtain finance or not, as I need to get a car pretty much ASAP! Sorry for the lengthy email! Many thanks

Answer

Hi John, than you for your in-depth question. Don't worry about the length - the more information the better it is for me to advise you. Right, £9000 is a large amount of money for a lender to be giving a 20 year old (sorry to sound condescending). The only way you'd get this amount is with a large deposit of say £1500. Is this a possibility? It sounds like your credit profile is in good shape and i'm confident in the fact that we'd be able to help you out especially if you could add one of your parents as a guarantor. The one thing i would say is that when you apply for the loan do not put down "Student" as your occupation as this will send the lenders running. Please place down "Employed Full Time" and the details of where you work and what your monthly income actually is. Lastly, just to clear up - do you have a full driving licence and are you on the electoral roll? Kind Regards, Rachel

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Hi, i'm a 21 year old university student about to start my third year and need a new car for October. I have been looking for a Ford Fiesta, a VW Polo or something along them lines and have been driving for two years now. My old Punto broke down some months ago so i've been driving my dads old car. I have a good credit rating and have been paying for my phone bill for 3 years and never missed a payment. I have been paying my car insurance for two years too ranging from £250 my first year and £170 this year. I also have other bills i pay for. I have a job now but it's part time as i'm at uni so only earning £300 a month. Because i have a student account and have a big overdraft of which i use i'm not sure i'll be accepted! Is there anything you could advise me on? I have £2000 saved already so that could be used for the deposit and with my student loan and job would be able to pay off a £8000 car within a year or less.

Answer

Hi Sophie, thank you for your question. As you have a good credit history, a part time job and a £2000 deposit we should be able to help you with no problems at all. Once approved finding a Polo or Fiesta won't be a problem. Just one last thing - are you on the electoral roll at your current address and is all your credit registered to the same address? Regards, Rachel :-)

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Hi, I'm 42 and a full time student, I don't have a job yet. Would I be able to get car finance?

Answer

Hi Nina, do you have a good, fair or poor credit history?

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Hello, I am currently a full time student in receipt of of a student loan. I also work part time, I am on the electoral roll for a previous address which I am in the process of changing. I have a £2000 deposit and I would like to borrow £4k-£5k. Is this possible?

Answer

Hi Cherelle, if you have a good credit history we'll be able to get you the £4000 - £5000 that you need as you have a large deposit. If this is the case and you make an application on our site please place your part time job details on the application. Kind Regards, Rachel

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I am a full time student looking for car finance. I have a £2000 deposit and the car i want is around £5,500, i also work part time, and my partner works full time. Would a loan go off household income or just mine solely? Thanks

Answer

Hi James, income would be calculated on your wages alone and not the household income (unless you made a joint application with your partner). Do you have a good/fair/poor credit history? The good news is that you have a large deposit which always goes down well. Are you also on the electoral roll at your current address? Rachel

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Hi, I am looking into buying a Citroen C2 for around £3,500. I am a student getting around £7k a year from student finance and £5k from a part time job. My credit rating is listed as 'poor' because I haven't had any credit before and i've been turned down for finance from black horse. My Mother only has a provisional licence and my Father is currently unemployed with a full licence, so I don't know how they can help. Do you have any advice? Thanks, Georgia

Answer

Hi Georgia, as you have no credit i'd advise you to add one of your parents to the application to give yourself a better chance of being approved. Who has the better credit history - your Mum or Dad? It won't matter that your Mum has a provisional if she's acting as a guarantor. I take it you have a full UK licence? When you apply place your part time job in the employment section and after the application is complete come back to me with the unique reference number so that i can guide you through the process. Kind Regards, Rachel

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Hey there, i'm 20 years old with a full UK license and wondering if it would be possible to get about £5,500 loan. I'm a uni student with about £200 loan coming in each month, already have about £1000 for a deposit and have a part time job of which i earn about £500 sometimes £600 with overtime but have no credit history. Would i be able to get a car on hire purchase?

Answer

Hi Laura, apologies for the delayed response. If you have no credit history then it will be tough to get you approved even though you have £1000 deposit and a decent income from your part time job. Would you be able to get a parent to act as a guarantor? Kind Regards, Rachel

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Hi, i am a full time student and looking to get my first car on finance. I am only 19 years old and have 2 addresses to my name. My current one where i have been for 12 years in december. I also have a UK licence and Royal bank of scotland bank account. My credit score is sitting at fair 785 and i have a monthly payment of student loan and bursary coming through is this possible?

Answer

Hi Laura, apologies for the delayed response. If you have no credit history then it will be tough to get you approved even though you have £1000 deposit and a decent income from your part time job. Would you be able to get a parent to act as a guarantor? Kind Regards, Rachel

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Hi, As a student from 05-09 I took out too much credit as overdrafts and defaulted on two accounts to the value of £900 and £1600. Since graduating, i have secured a job in government and have all paid off in full and satisfied the accounts. Would I be in a position to secure a finance package on a used vehicle at around £5-6k?

Answer

Hi Guy, as you have settled your old debts and have a good secure job now we should be able to secure you the finance you need to re-build your credit history. Please apply when you get 3 minutes on our site and we'll aim to have you approved when the office is back open tomorrow (Sunday today). Rachel

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Hello, I recently graduated from university and have got a full time job. I am interested in purchasing a car with a small amount of finance - around £3,999. I have a graduate account and am slightly in my overdraft, would this affect my chances of being able to get the finance? I have previously always paid everything on time like car insurance etc. Thanks

Answer

Hi Holly, as you have now graduated and got yourself a full time job i'm confident that we could help as you're only after a small amount. I wouldn't worry too much about your overdraft to be honest. Are you on the electoral roll at your current address as lenders do look for traceability. Kind Regards, Rachel

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Hi, I am a full time student with bad credit history. I have an income of £1400 per month with not a lot of out goings. I have a guarantor who has excellent credit and wish to have a small car loan under £5000. I have a deposit of £1000 max also. Would I be accepted or should I not waste my time?

Answer

Hi Sinead, it all depends upon how bad your credit is to be honest. As you have a deposit, a good income and a guarantor with a good credit history i'd say you have a decent chance! Are you on the electoral roll? Kind Regards, Rachel

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No I am not on the electoral roll. Would this help my chances?

Answer

Hi Sinead, i'd advise to place yourself on the electoral roll at the address wherever all your credit (bank account etc) is registered too. This would help.

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Hi, I'm a full time student with no proof of income (not working at all) but I have a car to part exchange and I do have a few bills in my name if that helps in terms of credit rating; but I know for sure my credit rating is in good condition. (no debts, etc.). I am able to get a guarantor. Plus can put a deposit of £3000 down if needed. So is it possible?

Answer

Hi Samuel, as you have a good credit history and a large deposit proof of income won't be an issue as prime lenders don't need to see this. Please make an application when you get 2-3 minutes and we'll get you approved within the hour. Have a good day. Rachel

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How much will the lenders be able to give me (max) based on that information?

Answer

Hi Samuel, potentially £10,000 +. How much do you require and what monthly budget can you afford?

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Well I haven't got the exact figures I'm looking for as it all depends on the car I plan to go for. Plus the car has to be from a trader (dealership) and not privately bought, right? Monthly budget: £150-£200 or lower if possible.

Answer

Hi Samuel, with that monthly budget you'd be able to borrow £8000 to £9000 over 60 months (5 years). And yes - the car has to be purchased from a reputable dealership. Rachel

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Ok that's fine. To be exact I'm looking to borrow around £7000 - £7500, with a deposit of £3000. Thanks for the help and I shall begin to application process soon.

Answer

Hi Samuel, there is an option for student in the employment section. Please enter that.

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Hi, when applying it asks me to fill in employment history so what do I put for that section? (as I said before I have no proof income).

Answer

Hi Samuel, there is an option for student in the employment section. Please enter that.

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My daughter is a student and she has had a job for 8 months earning in total £650.00 per month. I am willing to be her guarantor and earn approx 50K a year. We both have excellent credit ratings - could I help her get a loan?

Answer

Hi Morgan, yes we'd be able to help no problem. If you make a joint application on our website today we should have you approved within the hour. As you both have good credit and good incomes i don't envisage any issues at all. Kind Regards, Rachel

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Thanks. The car I found is from the 'Car Giant' dealership. Is that ok or do you have a specific list of dealerships?

Answer

Hi Samuel, Car Giant are a dealership that we deal with so that's not a problem. Regards, Rachel

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I am a full time student nurse and I was wondering is it possible to get finance in my name? Even though i'm a University student.

Answer

Hi Kirsty, thanks for your question. Are you employed in any capacity at all as depending upon what lender we get you approved with they may ask for proof of income - even if it's part time it'll help. Please let me know. We can help students but they need some current active credit - is this the case? 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