Will I be able to get Finance for a Fiat 500?

I need to find a new car but am struggling to get finance. I am 18 and am working full time and have minimal outgoings, other than my current car insurance and running costs, but because my parents don't have great credit ratings they can't be guarantor. I have looked at a brand new Fiat 500 and worked out I could afford it, but we were refused finance with Fiat due to my mum's 'fair' credit rating. My Aunt offered to do it for me but I was told the guarantor has to be a parent. Is there anything that can be done or am I going to have to wait until I can build up my own credit rating? Thanks in advance!
Asked by Rosie
November 9, 2012
Hi Rosie, due to your age you may not be able to get finance on a brand new Fiat 500 but have you thought of a used one? We could get you approx £5000 and you may need a 10% deposit. Would that be of any use? It'd build up your credit score etc and in a few years you'd then be able to get a new car. Rachel
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.


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We work with a panel of lenders and some of them can help customers with a bad credit history get car finance. This includes people with CCJs, defaults and IVAs, subject to approval. However, PCP car finance lenders can require a good credit score, so we can’t guarantee that we’d be able to help you get a new car on PCP. 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. Representative APR 32.7% with bad credit.

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Yes, we can look to find finance for used or second-hand cars from any reputable dealer. We work with a panel of lenders so that we can help people with a variety of circumstances find used car finance. We can’t guarantee that we’ll be able to help as everyone’s circumstances are different but, if your application is approved in principle, you’ll be granted access to our car search, which features over 130,000 used cars. Found a second-hand car somewhere else? No problem! Just let your account manager know. Get a quote to find out more. Rates from 6.9%. Representative APR 19.9%.

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Hi Kieran, thank you for your question

As you have a decent credit score and 4 active clean credit accounts i'm very confident that we can get you accepted at a lender who offers attractive rates on PCP's. The fact that one credit card is near its limit shouldn't effect the decision

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

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Hi Marie, thank you for your question. With a £2000 deposit in your Corsa and a good credit score we should be able to get you approved with no problems at all. Please apply on our website and let me know when you have done so and i'll look at your application. Regards, Rachel

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Hi Oli, Thank you for your question. Most lenders will need to look into your credit history before offering you a loan I'm afraid, however this doesn't mean we won't be able to find you a lender! We can help people that are currently in debt management plans, it all depends upon how bad your actual credit profile is and how much debt you have outstanding. As you are now on top of your credit and have a good regular income we may well be able 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
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November 9, 2012

Hi Abbie, we do have a chance in getting you the finance you need for a Fiat 500. The £700 approx deposit will certainly help your case. Just 2 questions - are you on the electoral roll and do you have any active clean credit? If so, please apply and let me know the reference number ;-)
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My daughter is looking to purchase a Fiat 500 as i get a good discount with my employer to buy this make of car. She has moved from student digs and is nearly 21. She was told she needed guarantor as my x husband left me in a mess i cannot do this for her

Asked by June
November 9, 2012

Hi June, apologies for the late reply. If your daughter has a clean credit history i'd argue with the dealer that you want her to apply on her own. If this isn't an option and Fiat won't allow anyone else other than a parent be a guarantor then you're a little bit stuck. However, i'm confident we could get your daughter approved on her own (if she has a good credit rating and is on the electoral roll) and we could get her in a Fiat 500 in no time. Rachel

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