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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

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
Answered by Tim Carpenter Car Finance Expert Edited on

Liked by 811 People

£
5 Years
Total cost of credit £ XXX.XX
Total repayment £ XX,XX.XX
48 monthly
payments of
£ 245 98

Rates from 6.9%: the exact rate you will be offered will be based on your circumstances

Representative example: borrowing £6,500 over 5 years with a representative APR of 27.4%, an annual interest rate of 27.4% (Fixed) and a deposit of £0.00, the amount payable would be £188.74 per month, with a total cost of credit of £4,824.37 and a total amount payable of £11,324.37

Rates may differ as they are dependent on individual circumstances. Subject to status.


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