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If you win, we'll pay off the finance on your car. It's that simple! Your car becomes completely yours, free and clear.

This amazing offer is open to anyone who has secured car finance with us throughout 2023, including Decemeber 2023!

This means that there's still time to enter, get your finance in December, and you're automatically in!

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Car Finance for Young Drivers: 3 things you need to know

Are you a young driver looking for car finance? Before you start your search, check out these three things you need to know

Written by Verity Hogan
Written by Verity Hogan
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So you’ve just passed your test and you’re ready to hit the open road. No more begging for lifts from your parents and no more worrying about getting the last bus home!

The only thing holding you back? Getting your own set of wheels.

Unfortunately, securing car finance as a young driver isn’t always easy. Here are a few things it’s good to keep in mind before you start looking for your dream car.


You need to be over 18

While you can pass your test and legally start driving at 17, you’ll need to wait a little longer before you can get car finance. You must be over 18 to sign a credit agreement. If you can’t wait to get behind the wheel, you might need to dip into your savings (if you can). In the meantime, you can make a start on your dream car wish-list and look into your insurance options.


It’s never too early to start building your credit score

As long as you’re over 18, it’s never too early to start building your credit score. One of the biggest things stopping young drivers from getting car finance is their lack of credit history. If you’ve never borrowed money, lenders can find it difficult to know how risky it could be to lend to you and whether you’ll be good at paying off your debts. You should never create more debt than you need, but taking steps to demonstrate that you’re a responsible borrower could help you start to build a credit profile.


Consider a guarantor loan

Young drivers can find that their age and lack of a regular income or credit history can count against them when looking for car finance. One option that could help is a guarantor loan. With this type of loan, you’ll need to find a friend or relative that’s willing to vouch for you and, most importantly, make your payments if you can’t. They usually have to be over 21 and have a strong credit history, while some lenders also ask that they’re a homeowner too.

Ready to find out more?

We work with a panel of lenders to find a car finance option that works for you. This means we can look to find loan options for young people with a variety of credit histories, from excellent to bad credit car finance.

Get a quote now to find out more. Rates from 7.9% APR. Representative APR 21.9%.

Written by Verity Hogan
Verity Hogan

* The UK's largest online car finance broker by unique users to the website. Based on Similar Web data – 1,137,647 to CarFinance 247 vs. 753,819 for nearest competitor. January to June 2023.

CarFinance 247 is a trading name of CarFinance 247 Limited. Registered office: Universal Square, Devonshire Street North, Manchester, M12 6JH. Registered in England. (Registration Number 06035525).

CarFinance 247 is authorised and regulated by the Financial Conduct Authority for insurance distribution and credit broking (Firm Reference Number: 653019). CarFinance 247 is registered with the ICO (Registration Number Z1897658).

Finance is subject to status and is only available to UK residents aged 18 and over. Written quotations are available on request.

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