I'm 19 and Looking for Car Finance. What are my Chances of Getting Accepted?
Hi, I am 18 nearly 19 (will be when applying), and am currently looking into car finance but do not know if I'd get approved. I am registered on the electoral role and had a phone contract out on a month to month contract for about 4 months previously. I have never gone into overdraft, nor do I have a credit card. I will have a deposit of around £3000, and am looking at cars with a value of around £5500. I would like to be able to get finance over a 12 months and have the car paid off within this time. I have worked full time for over 2 years, and earn just over £1200 a month after tax. Would this sort of finance be possible without a guarantor?
October 2, 2015
Hi Claire, thank you for your question.
The fact that you are on the electoral roll, and have a phone contract that you pay on time is a really good step in establishing your credit history. You have a solid regular income, and a good deposit, all of which will help in your application.
It would benefit you to have a guarantor due to the fact that your phone contract is the only credit that you have really established. This is not to say however, that you can't apply on your own merit, because we do have a large panel of lenders, some of which have helped people in a similar situation to yourself in the past.
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