Can I get finance whilst I have a student overdraft?

Hi, I'm 20 and looking to get a car in finance, ideally an Audi A1. I am currently a student and in my student overdraft of £1500 and struggling to get out of this at the moment. I have no idea what my credit rating would be but I am wondering if I would be able to apply for a car on finance whilst being in my overdraft? All of my direct debits are paid on time each month to my knowledge.

Asked by Abigail M
August 18, 2015

Dear Abigail, thank you for your question.

As far as I’m aware, with most banks a student overdraft doesn’t affect your credit rating. Usually you have a few years to pay this off post graduation before it impacts upon anything, so on that front you may be ok. When you say you pay all of your direct debits on time, does this include a mobile phone contract? Do you have a bank account? Also, are you on the electoral roll? If so these things will help us to find you an approval.

If you are concerned, or do not fit the criteria outlined above, you could always apply with a guarantor. This is likely to increase your chances of approval. The guarantor must have lived in the UK for 3+ years, be a home owner, and have excellent credit.

Please make an application when you're ready and if approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

My monthly budget is

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Rates from 8.9% APR. Representative APR 19.9%

My monthly budget is

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Rates from 8.9%: the exact rate you will be offered will be based on your circumstances, subject to status.

Representative example: borrowing £10,000 over 5 years with a representative APR of 19.9%, an annual interest rate of 19.9% (Fixed) and a deposit of £0.00, the amount payable would be £255.50 per month, with a total cost of credit of £5,329.80 and a total amount payable of £15,030.

We look to find the best rate from our panel of lenders and offer you the best deal that you're eligible for. We earn a commission for providing our services, but this does not influence the interest rate you’re offered in any way.

Amount to borrow

To pay over

5 years

Assuming your credit profile is:

Total cost of credit	£ 2000
Total repayment	£ 2000

48 monthly
payments of

£ 245 98

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Rates from 9.9%: the exact rate you will be offered will be based on your circumstances, subject to status.

Representative example: borrowing £25,000 over 48 months, £3,750.00 deposit, on PCP, with annual mileage of 8,000pa, and a representative APR of 11.9%, an annual interest rate of 11.9% (Fixed), the amount payable would be £394.51 per month, an optional final payment of £7,194.33, with a total cost of credit of £9,912.36 and a total amount payable of £28,444.33.

We look to find the best product from our panel of lenders and will offer you the best deal that you’re eligible for. We earn a commission for providing our services, but this does not influence the interest rate you’re offered in any way.

Income related questions

Hi, I currently have poor credit as I went through a rough patch in last couple years. But I am now in full-time employment with a £70K salary but I have built a deposit. I wanted to know what my options were to get credit for a car loan? I appreciate any

Asked by Archie
August 18, 2015

Hi Archie, thank you for your question. As you are now employed, have a deposit and a large income, I'm pretty confident that we can help as we have many lenders that approve people with past credit problems. Please make an application and if approved you can choose a car from any reputable dealer. Kind Regards, Rachel

I earn 6 figures but I take a minimum wage and dividends. I have a CCJ satisfied in 2011, 3 defaulted accounts which are also satisfied in 2011. I went through a bad patch. I am on electoral roll and have an accountant. I have a BMW 525 to P/X (bought 200

Asked by Felix
August 18, 2015

Hi Felix, apologies for the delayed response. We do have lenders that can help those with poor credit histories with finance, so we would be hopeful that we could help. In regards to the rate that you will receive if approved, this will be determined by the lender we can get you accepted with. What is your part ex worth (approx) and how much are you looking to finance? As you take dividends we'd need your accountant to write a letter to confirm your earnings. You are on the electoral roll which will help too. Please make an application and if approved, you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

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.

Asked by Mark
August 18, 2015

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

Hi Rachel Can I ask why?

Asked by Mark
August 18, 2015

Hi Mark, purely based on his age.

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 acco

Asked by Billy
August 18, 2015

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

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 lookin

Asked by Mark
August 18, 2015

Hi Mark, purely based on his age.

Hi, i'm on income support and i am 20 years old. I hold no licence. Would i be able to apply but have a friend as the named driver of the vechicle but i'll be the one on the financing the agreement?

Asked by Sam
August 18, 2015

Hi Sam, unfortunately not as you'd need a driving licence.

I am on income support, i have a drivers licence, but i'm only 18 so, i don't exactly have a proper credit rating as i haven't had chance to build it up. Would there still be a possibility of me getting a car on finance?

Asked by Netalia Nottingham
August 18, 2015

Hi Netalia, thank you for your question.

We do have lenders on our panel who help people on income support and those with little credit history. As long as you have a UK bank account there is a chance we can help. If you had someone to apply alongside too that'd help our chances.

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

I'm on income support and have a full license can i get finance?

Asked by Angie
August 18, 2015

Hi Angie, if you have a good credit history we could help - is this the case?

Hi there, Is it possible to get a car on finance if you are on income support?

Asked by elaine
August 18, 2015

Hi Elaine, thank you for your question.

Yes you can get car finance if you're on income support as we have lenders who take benefits into account when approving car finance.

You may need to prove your income with bank statements and it may improve your chances of you have someone else to apply alongside although this isn't mandatory. I take it you have a full UK licence and UK bank account?

Please make a single or joint application here 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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