I'm 19 and Looking for Car Finance. What are my Chances of Getting Accepted?

I am looking to get a car on finance. I'm 19, earn around £800-£1000 a month working full time and have always paid my credit card on time.

What are my chances of getting accepted & would i need a guarantor? Thanks.
Asked by Liam
January 29, 2012
Hi Liam, at 19 as you have no other major commitments other than a credit card i'd be inclined to advise you to get a guarantor / co-hirer to help improve your changes of getting approved for car finance. However, this is not to say that if you don''t have a guarantor we wouldn't be able to help. We'd certainly try our best and we do have lenders that help young people get car finance to the tune of £4000 to £5000 (dependant upon their income).

You tick all the right boxes with your income, employment status and i take it you have a full UK licence? If you do get a guarantor make sure you get their permission first to use their details as we'll have to carry out a credit search.

Lastly, are you on the voters roll at your current address? Please make an application when you're ready and remember that if approved you can choose a car from any dealer and we provide a no obligation quote. Kind Regards, Rachel
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 811 People

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Rates from 7.9% APR. Representative APR 19.9%
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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 19.9%, an annual interest rate of 19.9% (Fixed) and a deposit of £0.00, the amount payable would be £166.07 per month, with a total cost of credit of £3,464.37 and a total amount payable of £9,964.37.

We look to find the best rate from our panel of lenders and 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.

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

Rates from 6.9%: 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 19.9%, an annual interest rate of 19.9% (Fixed) and a deposit of £0.00, the amount payable would be £166.07 per month, with a total cost of credit of £3,464.37 and a total amount payable of £9,964.37. 

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

Hello, I am starting a new job in 2 weeks time and my car needs exchanging urgently as it has started becoming unreliable. My credit rating is poor and I would like to buy another car for about £4000. Not sure how much garage would give me for my KA. Wo

Asked by A. Seymour
January 29, 2012

If you’re starting a new job and need to secure a car loan quickly, we’re here to help! When you apply for a quote with CarFinance 247, we’ll look to find you an approval in principle from one of the lenders on our panel and you’ll get a decision in minutes.

Once your quote is ready, we’ll give you a call to find out more about your individual circumstances. This is because your approval depends on a few different factors including the car you’re looking to buy, the documents you provide, and the lender’s criteria. You’ll be paired with a dedicated account manager who can guide you through the process, answer any questions you might have, and even help you find a car. We’ll move as quickly as you like – and you could be driving away within days!

If you new job has increased your salary, then you might find you’re able to afford a newer car than you might think. Affordability is one of the things that lenders will consider when deciding whether they’re willing to grant you a loan, so if your disposable income has increased, you might be able to borrow a larger amount or pay back the loan quicker by choosing a short loan term and higher monthly repayments.

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 19 People

Hi Ed, My car has been written off recently and i am looking at buying a car with less than 60K on the clock. I work for the NHS and have a fair credit score of 822 out of 999. What is the interest rate likely to be? Can i proceed with my loan applicati

Asked by Latha
January 29, 2012

Yes! If you have a fair credit score and work for the NHS, we could help you find car finance. At CarFinance 247, we work with a panel of lenders, which means we can look to find loans for people with a range of circumstances and credit histories.

Careers in the NHS are often seen as secure public sector jobs by lenders, and this may help your car finance application be considered low risk. However, other factors will be reviewed including your credit score, the vehicle you want to buy, and how much you want to borrow. We’ll always look to find you the best deal from our panel of lenders.

We could also help if you work for the NHS as an agency, part-time, or temporary worker. There are lenders on our panel that can help people with different employment statuses find a car loan.

You could also increase your chances of securing car finance or being offered a lower interest rate by taking steps to improve your credit score. Registering on the electoral roll, keeping up with your bills, and not making too many applications for credit in a short time could all help take your credit score from fair to good or even excellent.

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 52 People

I am looking for a very small loan for a car i have seen. I am a full time carer for my son who is getting DLA and i am currently on a provisional license but due to take my driving test within the next month. I am getting confused with what income i need


January 29, 2012

Yes! If you’ve not yet taken your driving test and only hold a provisional licence, we could still help you find a car loan. At CarFinance 247, we work with a panel of lenders and some of them can help secure loans for people with a provisional licence or a full EU driving licence. We might even be able to find you a deal if you don’t have a driving licence at all.

Even so, most lenders will ask for proof of driving licence after you apply for car finance and it can be more difficult to find a loan with a provisional licence, especially if you’re a young driver. New drivers who don’t have a long credit history could be seen as a higher risk by lenders and so you might find it easier to apply for joint car finance with a full licence holder.

You can also take steps to improve your credit score over time including not making any late payments, registering on the electoral roll, and making sure you don’t make a lot of applications for credit in a short time.

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 4 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
January 29, 2012

Yes! The good news is that CarFinance 247 works with a panel of lenders, including those who can provide finance to carers and people receiving benefits. There are lenders on our panel who can help people claiming disability living allowance (DLA), carers allowance, and personal independent payment (PIP) find car finance.

We understand that having access to a car can be essential for a carer. Whether you need a vehicle to attend hospital appointments, take the kids to school or do the weekly shop, we’ll provide you with a dedicated account manager to guide you through the process and help you find the right car for you. You might need to prove your income by providing bank statements or records of your benefits to demonstrate that you’re able to afford your monthly repayments.

Concerned about your credit rating? While being a carer with bad credit can make it more difficult to find a car loan, it’s not impossible. We have lenders on our panel who specialise in helping people with a poor credit score find finance, even if they’ve missed payments in the past or been refused elsewhere.

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 8 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


January 29, 2012

Yes! The good news is that CarFinance 247 works with lenders that can offer student car finance. We understand that a car might be an essential when you’re studying, whether it’s to travel to or from university, driving to your part-time job or industry placement, or visiting friends and family.

However, if you’re under 21, don’t have an income or haven’t applied for finance before, you might find that your loan options are limited. Some of the lenders on our panel ask that students have a part-time job or may require that they have a guarantor to offset the potential risk of lending to a young driver.

Even though you can pass your driving test at 17, you must be over 18 to apply for car finance. It’s not unusual for students and other young drivers to have no credit history but there are steps you can take to build your score. This includes registering on the electoral roll, taking out a mobile phone contract, or getting a credit card (as long as you can keep up with any repayments).

When you apply with CarFinance 247, you’ll be paired with a dedicated account manager who can help guide you through the car finance process. If you’re buying a car for the first time, your account manager can sort all the admin, liaise with the lender, and even help you find a car from a trusted UK dealership.

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 4 People

Hi, I have a question and am wondering where we stand. Is it true my husband needs a full license to finance a car for us? They won't let me as I don't work and even as a joint claim its looking unlikely as he doesn't have the license - I do! We both have


January 29, 2012

If you’ve not yet passed your test and don’t hold a UK driving licence, we could still help you find car finance. CarFinance 247 works with a panel of lenders and some of them can help people secure a loan without a drivers’ licence. This includes those who hold a full EU or provisional licence.

Most lenders will ask for proof of driving licence after you’ve submitted a car finance application and you might find it more difficult to find a loan without one, especially if you’re a young driver. New drivers who don’t have an extensive credit history might be seen as higher risk borrowers by lenders. In this case, you might find it easier to secure joint car finance with a licence holder.-

There are several steps you can take to improve your credit score over time including making sure you’re on the electoral roll, paying bills on time, and avoiding making a lot of credit applications in a short time.

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 32 People

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
January 29, 2012

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

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
January 29, 2012

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
January 29, 2012

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
January 29, 2012

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

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