Help & Advice

Car Finance for Young People

Hello, I have just graduated from university and currently work 30 hours a week at a phone store permanently. This is my 4th month at the job.

I live with my parents at our house for 12 years and am 22 and am on the voters register. Would i be able to get car finance for a decent hatchback? I'm currently earning £900 per month from work.

Charles Elijah


Answer

Hi Charles, thank you for your question. You've come to the right place and i'm confident we can help as you have a good monthly income.

It's important that you have your payslips to hand as the finance companies we work with will ask for proof of income. If you're accepted (dependent upon your credit history) we will be able to get you into a little hatchback with no problems at all. How much are you looking at spending and how long do you want the finance over?

Lastly, do you also have a full UK driving licence? If so, please make an application here and once approved we provide a no obligation quote and you can choose a car from any dealer. Kind Regards, Rachel

Answer correct as of September 2016

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We compare products from 18 of the UK's top lenders to get you the best deal.

Representative example. Excellent Credit

Borrowing £7,500 over 48 months with a representative APR of 16.8%, an annual interest rate of 16.8% and a deposit of £0.00, the amount payable would be: £211.25 a month, with a total cost of credit of £2,640 and a total amount payable of £10,140.

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More related questions

Hi Rachel, I will be 22 in Novemeber and i am looking to get finance for a car. I have a very good credit rating as i have never missed a payment. The only thing bringing me down is i have never been on the voting role (i am due to be put on in decemeber) and also i have had alot of checks recently due to tryng to get a loan....will i be able to get finance?

Answer

Hi Alanna, as you're still quite young it may be best to try and get a guarantor to apply with you as this would strengthen your chances of being approved. Is this possible? It's great that you have a good credit score and history but getting on the electoral roll would prove a big boost if you can't get a guarantor now. It is possible to get you car finance but i can't guarantee an approval at this stage without seeing your credit report. Please apply when you feel ready :-)

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Hi, i have been looking for ages now and have got nowhere. I was wondering if you could help me as i'm young with no credit history but my credit rating is good but still got nowhere in obtaing car finance. Thank you

Answer

Hi Mason, where have you applied for car finance in the last 3 months? If you can let me know it'd help me advise you on whether we can help or not. To build up your credit profile i'd advise to get a small limit credit card from your bank and a contract mobile phone. It's very important to set-up direct debits though to pay your payments each month. Rachel

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Hi, I'm only 19 and will be turning 20 in 2 months. I have tried getting a loan but have been refused. I'm earning £1300-£1400 a month after tax and i have been working for a year now. Would i be able to take out a loan now even though i don't think i have any credit rating. Also i'm currently living with my parents.

Answer

Hi Aaron, we may be able to secure you £4000 approximately as long as you're on the electoral roll, have a bank account and can prove your income. If this is the case please apply. Rachel

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Hi, I'm a young driver (d.o.b. 26/04/1994) and I was wondering what the chances of me getting finance for car and what would I be able to get? I'm not to fussy if there's interest on top, I'm on electronic payroll and get about £900-1000 a month after tax. I have got a credit card and mobile on contract and currently my car insurance is paid each month too. If I was eligible for finance would I have to pay my credit card fully off first? Thanks, Paul

Answer

Hi Paul, thank you for your question. We have many lenders who help young drivers like yourself and it's great news that you current;y have some credit in the way of a credit card and contract mobile phone. This will help undoubtedly. The fact that you have a decent income works in our favour too. If approved you wouldn't have to clear off your credit card as this isn't a requirement. I'd also imagine that we could get you approved for circa £4000. Would this be ok and do you have a deposit? Kind Regards, Rachel

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Hello, I am almost 20 years old and I have been working an apprenticeship for one year earning £300 per month. I have also been receiving an allowance of 250 per month form my parents.

I live in my parents house and do not have to pay any bills or rent to them. I have 2 top up credit cards and have always used them to the full. I did have one blip and whilst on holiday in Italy for the summer holidays during college & I let a payment on my mobile phone (7 weeks - 2 and a half years ago) bill go overdue and I believe my credit rating is poor.

I really want to buy a car on finance as my job has now changed and I will be earning £850 per month net. My mobile phone is paid by my mother through her account. Is there any chance of getting a loan for a car?

Answer

Hi Leanne, thank you for your question.

We do have lenders on our panel that help younger people obtain car finance and as you are employed, have a good income, have a stable residential history and some current credit i'm confident we could get you approved for car finance. To make your chances even stronger would you consider making a joint application with one of your parents? If so, you can do this on our website (please get your parents permission first).

Please make an application when you get a minute. Kind regards, Rachel

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Hi, i am 18 and looking for a car. I work full time in a retail store and earn about £150/170 a week.

How much will it be if I got a decent small car just to get me to work and around town?

Answer

Hi Thomas, thank you for your question and apologies for the delayed response.

As you are employed full time there is a good chance we can get you approved as long as you have a UK licence, 3 months payslips and some current clean credit history (bank account, contract mobile phone, credit/store card etc).

If this is the case please make an application here. The amount you repay depends upon the amount you wish to borrow and over what time period. Kind Regards, Rachel

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Rachel Wilson, Underwriting manager

Asset 1 Just get in touch,

we'll try to help Asset 2

Rachel Wilson, Underwriting Manager

Best available rate
Total repayment
Total cost of credit

Best available rate

Total repayment

Total cost of credit

We compare products from 18 of the UK's top lenders to get you the best deal.

Representative example. Excellent Credit

Borrowing £7,500 over 48 months with a representative APR of 16.8%, an annual interest rate of 16.8% and a deposit of £0.00, the amount payable would be: £211.25 a month, with a total cost of credit of £2,640 and a total amount payable of £10,140.

CarFinance 247 is a broker and not a lender