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Car Finance Expert Q&A

Hi, I'm Edwin and I'm here to help you!
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Edwin Miles. Underwriting Manager

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I'm 21 and needing a car on finance

Hello, I'm after some advice on whether I would be likely to be accepted for finance. I'm looking to get a car that will be no more then £4000 and plan to take it over 24 months. I am just about to graduate from university, next year (September 2012). I am doing a post graduate teaching degree which I get a small salary for, around £6000 and in addition to this, I have a part time work in retail which I've had for 5 years, I earn about £3000 a year for that. As far as I know, I have a good credit history (2 credit cards which I've never missed a payment, a store card also). I'm 21 and just about to take my test (next week) so this will be my first car. What is the chance that I would be successful in getting finance? Many thanks, Katie

Posted by Katie on


Hi Katie, from what you say you have every chance of being approved for car finance however, i'd advise you to pass your test first before applying so that we can fit you with the best lender that offers better rates. You'll need to prove you have your licence before we can proceed with providing the car and the associating loan. It's great to see that you have built up some credit history and as long as you're on the electoral roll i'm confident we can help. If approved the £4000 required wouldn't be an issue. Regards, Edwin

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Hi, I'm going to be 21 in a couple of weeks and would like to finance a car on my birthday. My credit score is around 800 which isn't amazing but I am willing to put down a deposit of around £3000 on the car. Will that boost my chances or am I better off getting a gaurantor as-well?

Posted by Sarah on


Hi Sarah, apologies for the delayed response. The fact that you have a £3000 deposit and a good credit score should be sufficient enough for you to be approved on your own. As long as you're on the electoral roll, have a full UK licence and can prove your income if required we shouldn't encounter any problems. Kind Regards, Edwin

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