Is an Age Limit for Car Finance?

Tim Carpenter
Written by Tim Carpenter

At CarFinance 247, we are pleased to say that age really is just a number. While you do need to be at least 18 years of age before applying for car finance, we are often able to help young people to secure a loan – even those with bad credit.

Don’t worry if you’re an older driver either. Perhaps you’re retired or a pensioner – we can typically help people with circumstances like yours too.

We work with a number of specialist lenders who will consider car finance even if your age has hindered any application for credit in the past.

Regardless of your age, when assessing any finance application our lenders will look at your driving licence status (whether this is a full or provisional licence), your income and your credit history.

If you are a younger driver it helps if you establish a credit history, as this is always going to be something that a lender will examine. You might start to build up credit by opening your own bank account or arranging some other form of credit, such as a store card or a contract for a mobile phone, should you not have any of these already. Another recommendation is to make sure you are on the electoral roll too (registered to vote).

Don’t worry if you haven’t got much credit – our large panel of lenders means that we do have specialist finance options available for those with minimal credit history, as well as for those with bad credit.

In the absence of any appreciable credit history, you could apply for a guarantor loan. This is someone (such as a parent) who has already established a good financial standing and who guarantees to make the credit repayments if you default on them for any reason. The maximum age for a guarantor that we can accept is 80.

Even if you no longer work, this is not an obstacle to you getting approved for car loan, as long as you have some proof of income.

We consider all circumstances and can finance cars, vans, motorbikes, caravans and motorhomes from any reputable UK dealership, so why not use our car finance calculator to see how much you could borrow?

Get a quote
No impact on your credit score
Rates from 6.9% APR. Representative APR 24.9%

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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 24.9%, an annual interest rate of 24.9% (Fixed) and a deposit of £0.00, the amount payable would be £181.16 per month, with a total cost of credit of £4,369.52 and a total amount payable of £10,862.52.

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* The UK's number one online car finance broker by unique users to the website. Based on Hitwise data – 1,746,657 to CarFinance 247 vs. 666,020 for nearest competitor. January to December 2019.

96% of our customers recommend us: † Based on feedback left on independent review site Reviewcentre. May 2019.

CarFinance 247 is a trading name of CarFinance 247 Limited, a credit broker and insurance intermediary, and 247 Money Group Limited (247 Money), a lender. Both companies are part of the 247 group of companies.

CarFinance 247 is authorised and regulated by the Financial Conduct Authority under reference number: 653019. Registered office: Universal Square, Devonshire Street North, Manchester, M12 6JH. Registered in England. Company registration no. 06035525. Data Protection Registration Number Z1897658.

247 Money is authorised and regulated by the Financial Conduct Authority. Registered office: Universal Square, Devonshire Street North, Manchester, M12 6JH. Registered in England. Company registration no. 10989530. Data Protection Registration Number ZA456831.

All finance is subject to status and income. Written quotations on request. CarFinance 247 can introduce you to a limited number of finance providers, including 247Money, based upon your credit rating and will receive commission for such introductions.

† We do not charge a fee for arranging the finance, however some of our lenders may charge a fee. Your account manager can provide more information on this

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