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Is There an Age Limit for Car Finance?

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

At CarFinance 247, we are pleased to say that age really is just a number. While you do need to be at least 18 years of age before applying for car finance, we are often able to help young people to secure a loan – even those with bad credit.

Don’t worry if you’re an older driver either. Perhaps you’re retired or a pensioner – we can typically help people with circumstances like yours too.

We work with a number of specialist lenders who will consider car finance even if your age has hindered any application for credit in the past.

Regardless of your age, when assessing any finance application our lenders will look at your driving licence status (whether this is a full or provisional licence), your income and your credit history.

If you are a younger driver it helps if you establish a credit history, as this is always going to be something that a lender will examine. You might start to build up credit by opening your own bank account or arranging some other form of credit, such as a store card or a contract for a mobile phone, should you not have any of these already. Another recommendation is to make sure you are on the electoral roll too (registered to vote).

Don’t worry if you haven’t got much credit – our large panel of lenders means that we do have specialist finance options available for those with minimal credit history, as well as for those with bad credit.

In the absence of any appreciable credit history, you could apply for a guarantor loan. This is someone (such as a parent) who has already established a good financial standing and who guarantees to make the credit repayments if you default on them for any reason. The maximum age for a guarantor that we can accept is 80.

Even if you no longer work, this is not an obstacle to you getting approved for car loan, as long as you have some proof of income.

We consider all circumstances and can finance cars, vans, motorbikes, caravans and motorhomes from any reputable UK dealership, so why not use our car finance calculator to see how much you could borrow?

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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