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Can I Apply for Car Finance with Low Income?

Tim Carpenter, Dedicated car finance expert
Written by Tim Carpenter
Edited on

As your income is going to be used to repay any car finance you are approved for, the lender will always want to know what kind and amount of income you will be relying on to do just that.

There is no absolute minimum amount of income making you eligible for car finance, since different lenders take into account a whole range of factors when deciding whether or not to advance you a loan. Some of our lenders will need to see bank statements or payslips, while others will not.

A declaration of income, supported by documentary evidence of its regularity and amount, is typically required by any lender advancing the finance for you to buy a car – or van or motorcycle for that matter.

That income does not have to come from full-time employment alone, and could be from your own business if you are self-employed, from your pension if you are retired or even from your benefits.

With a large panel of lenders on board, we can even consider car finance applications if you are in receipt of benefits such as tax credits, child benefits, jobseekers allowance, disability living allowance (DLA) etc, if you do not have a bank account or if you have a student overdraft.

Regardless of whether your income is high or low, we have finance options available to suit all financial and credit circumstances – and, in most cases, we don’t require a deposit.

If you have good credit, you may be eligible for some of our lowest rates. We have great finance options for those with less than perfect credit histories too, including for those with CCJs, defaults or ex-bankrupts.

At CarFinance 247, you can choose a vehicle from any reputable dealership in the UK. This doesn’t have to be a car either, as we can offer finance deals on vans, motorbikes, motorhomes and taxis too!

Get a quote No impact on your credit score

Rates from 6.9% APR. Representative APR 27.4%

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Tim Carpenter, Dedicated car finance expert
Tim Carpenter Car Finance Expert
5 Years
Total cost of credit £ XXX.XX
Total repayment £ XX,XX.XX
48 monthly
payments of
£ 245 98

Rates from 6.9% APR: the exact rate you will be offered will be based on your circumstances

Representative example: borrowing £6,500 over 5 years with a representative APR of 27.4%, an annual interest rate of 27.4% (Fixed) and a deposit of £0.00, the amount payable would be £188.74 per month, with a total cost of credit of £4,824.37 and a total amount payable of £11,324.37

Rates may differ as they are dependent on individual circumstances. Subject to status.

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