Can A 21 Year Old Get Car Finance?

Hi, I'm 21 but work abroad. I rent a house (shared) in the UK but i'm not on the electoral register, I earn a good wage but have it paid into a Dutch account, so my English account doesn't look too good because there is no funds going into it on a regular basis. I have a credit card and catalogue that are paid on-time each month and a mobile phone contract which gets paid but not always on-time. I'm wanting to finance a new car valued at around £14,000 and I have a deposit of £2,000. I have been refused finance already and do not have a guarantor. What are my chances of getting finance with your company? Also what APR will it be? Many thanks
Asked by Stef
September 17, 2011
Hi Stef, being on the electoral roll isn't a deciding factor - it does help but if you're not registered don't worry. We can indeed help 21 year olds get car finance.

Anyway, how often do you come to the UK and will the car remain in the UK? The good news is that you have a UK bank account and a little bit of credit. It's also good news that you have a deposit as that shows commitment from the lenders perspective. However, i can't tell you what the APR will be until we get you approved as all our lenders that we deal with offer different APR's and we haven't seen your credit history in full yet. There is a good chance we can help though so please make an application and once approved we provide a no obligation quote and you can choose a car from any dealer in the UK. Kind Regards, Rachel
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 87 People

5 years
Total cost of credit £ 2000
Total repayment £ 2000
48 monthly
payments of
£ 245 98

Rates from 7.9%: the exact rate you will be offered will be based on your circumstances, subject to status.

Representative example: borrowing £6,500 over 5 years with a representative APR of 20.7%, an annual interest rate of 20.7% (Fixed) and a deposit of £0.00, the amount payable would be £168.48 per month, with a total cost of credit of £3,608.67 and a total amount payable of £10,108.67. 

We look to find the best rate from our panel of lenders and will offer you the best deal that you’re eligible for. We don’t charge a fee for our service, but we do earn a commission. This does not influence the interest rate you’re offered in any way.


Age related questions

Hi, I'm currently working 15 hours a week, receive additional benefits, such as child tax credits, and in total I receive around £1750 a month. I'm currently waiting for my electoral role application to be updated, and I'm 20 points away from a "f

Asked by Jamie
September 17, 2011

Hi Jamie, thank you for your question,

Your credit isn't too bad, and you have a good regular income and decent deposit. We do have lenders who can help people receiving benefits, so we can try our best to help you!

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

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 9 People

I am a full time carer for my mentally and physically disabled wife. I am in receipt of all income as she is unable, mentally, to manage any money. We currently have a car through Motability but are looking to send this back due to her disability causing

Asked by Chris
September 17, 2011

Hi Chris, thank you for your detailed question. As you are a carer we do class this differently to people who are unemployed. When completing our finance application you do have the option to select "carer" as a profession. You have a good annual income and a decent monthly disposable budget so i’m reasonably confident we can get you accepted for the £4000 you need. In terms of what rate you receive this will be dictated by the lender we can get you approved with. To get an approximate idea though please use our car finance calculator. The lenders we use do have specific vehicle criteria which will be explained once we have an approval in place. The better credit history you have the more flexibility there is. 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

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 8 People

Hi, after carrying out research online, it looks like car finance will be ideal for me, considering I want to pay off my 1st year insurance upfront (£1500), leaving me short on funds to buy the car. My credit is poor i presume. I have 2 d

Asked by Kobi
September 17, 2011

Hi Kobi, thank you for your in-depth question.

Firstly, adding a guarantor with a good credit history to your application will improve your chances of being approved but this isn't mandatory. Next, as you have a decent monthly income, are on the electoral roll and due to the fact that we have lenders who help people with past credit problems i'm confident we can get you accepted for circa £4000 - £5000.

Please make an application and once approved we provide a no obligation quote and you can buy a car from any dealer in the UK. Kind Regards, Rachel

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 7 People

Hi, I am 19 years old an I am on a guaranteed 3 year apprenticeship scheme with a guaranteed job after the 3 years. I have substantial pay increases year on year for the apprentice scheme. I have been working for the scheme for 5 months now and I am on ro

Asked by David
September 17, 2011

Hi David, we should be able to help you. Your income is more than the minimum any of our lenders require so that is not an issue.You would need to make an application so we can take a closer look at your credit profile but from what you have told me I am confident we will be able to help. Thanks Rachel

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 6 People

Hi, I have a credit expert score of 706 over bank problems when I was younger. I have £2500 to pay of my last car finance which was £14000 all my monthly payments have always been in-time with the car finance. I have never missed a payment. I am self empl

Asked by Carl
September 17, 2011

Hi Carl, i'm confident we can get you approved with your current credit score. You also have a large income which is great. Please apply when you feel ready. Rachel

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 7 People

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

Asked by Claire
September 17, 2011

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

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 8 People

I am a full time carer for my disabled wife and my disabled daughter. I run a small business from home which generates no income currently as it is breaking even. We have a household income of just over £15,000 per year made up of Disability Living Allowa

Asked by James W
September 17, 2011

Yes! The good news is that our lenders can help people with a disability get car finance. This also includes people who are claiming Disability Living Allowance or Personal Independence Payments.

However, we can’t say that we’d definitely be able to help as everyone’s circumstances are different and we’d need to look at your individual details to see if we can match you to one of our lenders. Get a quote to find out more with no impact on your credit score. Rates from 6.9% APR. Representative APR 24.9%.

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 7 People

Hi Rachel, Can I get finance from a garage even though I'm on a temp work contract? My credit score is excellent and I don't owe any other money apart from my mortgage. I hope to buy a new car with a deposit of £1000 but I'm worried I'll be rejected due t

Asked by Claire
September 17, 2011

Yes! The good news is that we work with a panel of lenders and some of those can help temporary, contract, agency or self-employed workers find finance, depending on your individual circumstances. Get a quote to find out more with no impact on your credit score. Rates from 6.9% APR. Representative APR 24.9%.

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 39 People

Hi, I have very recently turned 18 years old and have a full UK licence and have only had my current bank account for 2 months. I have no negative credit history so i guess that's classed as fair and am unable too add a co-hirer due too personal issues. I

Asked by Ashley
September 17, 2011

At CarFinance 247, the minimum age to apply for car finance is 18. However, we do work with lenders that are only able to provide finance for people over 21 or 22 or limit the amount that they those aged between 18 and 21 can borrow.

If you’re over 18 and ready to find car finance, you can get a quote to find out more with no impact on your credit score. Rates from 6.9% APR. Representative APR 24.9%.

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 12 People

Hi, As a student from 05-09 I took out too much credit as overdrafts and defaulted on two accounts to the value of £900 and £1600. Since graduating, i have secured a job in government and have all paid off in full and satisfied the accounts. Would I be in


September 17, 2011

Yes, the good news is that we do work with lenders that are able to offer student car finance. However, if you’re under 21 and have not had a job or applied for finance before, you might find your options restricted by your credit history. Some of the lenders on our panel ask for you to have a part-time job or may require a guarantor. Get a quote to find out more – with no impact on your credit score. Rates from 6.9% APR. Representative APR 24.9%.

Looking for more info on student car finance? Check out our top tips here.

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 4 People

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Finance is subject to status and is only available to UK residents aged 18 and over. Written quotations are available on request.

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