Help & Advice

Car Finance On Jobseekers Allowance

I am 18 years old, on Jobseekers Allowance and have recently passed my driving test. Can you advise me if there any options for car finance?

I am on the electroral list, have a bank account, but I don't have any loans, or store cards.

Mark


Answer

Hi Mark, thank you for your question.

As you're 18, on the electoral roll and have some credit history (UK bank account) there is a possibility that we can help as we have lenders on our panel that approve people who are on JSA. However, due to your age and lack of credit history we may struggle a little. To give ourselves a better chance of obtaining an approval would you have a guarantor to add to the application at all (friend or family member)?

Either way 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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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.

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More related questions

Hi Rachel, my mum and dad wouldn't be an option as they both have poor credit ratings. The only option would be my brother. He is 21, in employment, has a bank account and currently has a loan that has he has maintained payments on. I wouldn't be looking to take out anything more than £3000, but as I am unemployed I don't have a deposit.

Answer

Hi Mark, purely based on his age.

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Hi Rachel Can I ask why?

Answer

Hi Mark, purely based on his age.

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Hi Rachel, I am looking to borrow around £3000 and have around £500 available for a deposit. I do not have a job, I haven't been in employment for approximately a year, I receive JSA, I have been on the electoral roll for over 3 years and had my bank account for over 5 years.

I'm 22 with no credit agreements other than telephone and broadband bills and really need to buy a car to help me get in to employment. My father receives Pension Credit if that helps in terms of a guarantor. What are the chances of me getting approved and approximately how much would I be looking to pay monthly over the longest possible period on offer? Thanks

Answer

Hi Billy, thanks for your question.

As you have a deposit, are on the electoral roll, have a UK bank account and can use your father as a guarantor we do have a chance of getting you approved for £3000.

Please make a joint application and once 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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Rachel Wilson, Underwriting manager

Asset 1 Just get in touch,

we'll try to help Asset 2

Rachel Wilson, Underwriting Manager

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