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Can an 18 year old get car finance?

Hello, i'm wanting to finance a car of a value of around £17,000! I have about £1,500 as a deposit. I am only 18, but in full time employment and have been for the past 6 months.

I earn £1300 a month and have a guaranteed contract of at least 18 months. Do i stand a chance?

Asked by Antony

Hi Antony, thank you for your question.

As you are employed with a good income and due to the fact that you have a decent sized deposit i'm confident we can get you accepted on your own for car finance even though you are 18.

The issue is the amount you want. If you had a deposit of say £5000 and you earned over £2500 per month we may stand a chance but from what you've said unfortunately the answer would be a no.

With you age and income etc you'd do well to get a maximum of £7000 to £8000 unfortunately. Please apply if this is acceptable and once approved we provide a no obligation quote and you can buy a car from any dealer. Kind Regards, Rachel

Tim Carpenter
Answered by Tim Carpenter Car Finance Expert Edited on

Liked by 141 People

£
5 Years
Total cost of credit £ XXX.XX
Total repayment £ XX,XX.XX
48 monthly
payments of
£ 245 98

Rates from 6.9%: 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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