Help & Advice

What is the minimum age to apply for car finance?

Hello Rachel, what is the minimum age to apply for car finance?

Geraldine Kennedy


Answer

Hi Geraldine, the age you have to be to apply for car finance can vary from lender to lender as they all have different criteria.

However, in the main most lenders can potentially help people that are 18 and over. How old are you and what is your credit history like? To get approved (if you are under 21) you'd have a greater chance if you added a co-hirer such as a parent.

Please make an application when you've considered your options and if approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

Answer correct as of September 2016

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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

I was wondering if I'm eligible to get an Audi a1 1.2 5 door car on finance? I'm 18 years old and live in the UK with a full UK licence.

Answer

Hi Fayaz, thank you for your question.

Due to your age you may well struggle to secure finance for an Audi A1 without a co-hirer on the agreement. Would it be possible to add a parent to the agreement with their permission obviously?

The amount you'll be able to borrow will also depend upon your current credit history and income. Are you employed, can you prove your income and do you have any current clean credit history? All of this would aid our chances. A deposit would also help greatly.

Please carefully consider your options and 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

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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 am employed full time making about £12-14k a year being paid every 2 weeks.

I want to finance one of the 2015 plate Volkswagen Polos with a 1.2L engine. So, i want to borrow/spend around £10-12k on the car and then pay it back over the next 60 months.

Will i still be able to manage this in my current situation? If you could help me out it would be very much appreciated. Thanks!

Answer

Hi Ashley, thank you for your question.

Due to your age, income and lack of credit history it'll be very unlikely that we'll be able to get you accepted for £10,000. As you don't have a co-hirer that also doesn't help our chances.

We could get you accepted as we do have lenders that help young people secure finance but the amount you can borrow will depend upon your income. Earning £1000 per month you could potentially borrow £5k-£6k if approved but this will be determined by the lender we get you accepted with.

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

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Rachel Wilson, Underwriting manager

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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.

Hitatchi

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