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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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Can a 17 year old get car finance?

Hi, I recently just got offered a full time job after my apprenticeship finished. I officially start Monday and will be on a good sum of money.

I receive payment monthly and i was just wondering if i would be able to purchase a car on finance as i am only 17. Thanks a lot

Posted by Lee Smith on

Answer.

Hi Lee, congratulations on completing your apprenticeship! Unfortunately we can only offer car finance to those who are 18 or older and who have a full UK licence and have some form of credit already.

I take it you have a bank account but do you have any other loans or credit cards? If not do you have a contract mobile phone? When you're 18 adding a guarantor such as one of your parents would help you get approved so see if that is an option.

Lastly, how much were you thinking of financing? Once approved with us we provide a no obligation quote and you can buy a car from any dealer. Please apply when you're 18. Kind Regards, Edwin

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Question.

Hi, I'm 17 looking to get a Mini on finance. I'm in employment with an ok wage. Can I get a co signer like a Member of family like dad but he's not employed? I am though can I get some advice on this predicament please. Thanks you very much

Posted by Curtis on

Answer.

Hi Curtis, we may be able to help you but only when you're 18. It'd also help to get your Mum or Dad to act as a joint hirer / guarantor so please add one of them on when you make the application. Do you have any form of credit history currently? Kind Regards, Edwin

Posted by on

Question.

I am 17. Earning £14000 per year on my apprenticeship. I am paid every 4 weekly and am looking to finance a car. Are there any options for me? Thanks Ben

Posted by Ben on

Answer.

Hi Ben, Unfortunately you are unable to attain credit until you are 18. We may be able to do something with a guarantor. Put an application in when you're 18 so we can see how we can help. Cheers, Edwin

Posted by on

Question.

I am 17. Earning £16000 per year on my apprenticeship. I get paid on the last day of every month and im looking for car finance for a 2007 vaxhall astra for around the price of £3000. Would this be possible with an 18 year old co-signer? Many thanks

Posted by Kenrick on

Answer.

Hi Kenrick, you have to be 18 i'm afraid but when you turn 18 £3000 may be possible. Are you on the electoral roll and do you currently have any clean active credit? Edwin

Posted by on

Question.

Hello Edwin, Not at the moment. Is that something I should arrange asap if I'm looking for finance? I don't believe so as I have no contracts or credit cards?

Posted by Kenrick on

Answer.

Hi Kenrick, yes - i'd advise getting on the electoral roll and applying for a small balance credit card. After which you can then apply for car finance.

Posted by on

Question.

Hello Edwin, This might sound abit stupid, if I was to apply for the card and get accepted would I need to use it just to prove I can make repayments on time or would it be alright just owning a small balance credit card?

Posted by Kenrick on

Answer.

Hi Kenrick, you'd just need to use the card for small purchases and clear it each month or pay the minimum payment. This proves to lenders that you can pay your bills on time.

Posted by on

Question.

Hi, I am 17 and would like to buy a car. I was wondering if my Mum could get a loan of about £18000 to buy my car.

I have a good job and i'm willing to make the payments. What is the best thing for me to do? Thanks

Posted by Linda Almazan on

Answer.

Hi Linda, thank you for your question.

Due to your age there's no way we'd be able to secure you £18,000 by yourself even though you say you have a good job & income. You'd also have to be 18. The only way we'd have a chance to get you that amount is by having your Mum as a co-hirer when you turn 18.

If this option fails we do have 1 lender that offers personal loans to people with excellent credit so your Mum could in theory get the loan for you but she'd have to have good credit and she'd have to be comfortable taking out a large loan in her name for a car for you.

Have a good evening. Kind Regards, Edwin

Posted by on

Question.

I am 17 years old and I want to borrow £2000 for my first car. I am currently employed as an apprentice and I'm wondering how I go about getting the loan? Cheers

Posted by Connor Aspinall on

Answer.

Hi Connor, thank you for your question.

You have to be 18 to get car finance. When you turn 18 we may be able to help as you're employed and only want £2000. I take it you have a UK driving licence and some form of credit history (bank account, contract mobile phone etc).

If so, please make an application when you're 18 and once approved we provide a no obligation quote and you can buy a car from any dealer.

Posted by on

Question.

Hello, I'm 17 and doing an apprenticeship, earning £13,000 pa.

I have a bank account but no other personal loans or credit cards. Would I be able to take a £5000 loan with my mother to sign as guarantor, and if I have a full driving licence? (I am due to take my driving test next week). Thanks

Posted by Alec Gripper on

Answer.

Hi Alec, thank you for your question.

Firstly, good luck with your driving test. When you're 18 and as long as you pass your test there is a chance we could get you approved for £5000 as you have your mother as your guarantor, you have a good wage for and you have a UK bank account.

Please make an application when you're 18 and once approved we provide a no obligation quote and you can buy a car from any dealer. Kind Regards, Edwin

Posted by on

Question.

Hi, I'm 17 years old and about to take my driving test next week.

I currently only have a part time job and wont be starting full time until July where I will be on £12,000 a year. I do however have savings and if I was to put my Mum on the application as a guarantor how much would I be likely to get on finance?

Posted by Danni on

Answer.

Hi Danni, thank you for your question.

Firstly, good luck with your test - i'm sure you'll pass! The good news is that you have a job currently and some savings you could potentially use as a deposit. However, you would have to be 18 to get car finance. When's your birthday?

Adding your Mum onto the application as a guarantor (as long as you have her permission) is a good idea as this will strengthen your chances. If accepted i'd imagine we could get you circa £4000.

Please make an application when you turn 18 and once approved we provide a no obligation quote and you can buy a car from any dealer in the UK. Kind Regards, Edwin

Posted by on

Question.

Hi, I'm 18 and I'm taking my test next week. I was wondering if I'd be eligible for finance as I am currently at university and have a part time job.

I'm hoping to work full time starting next month. The loan I was hoping for would be around £2000-£3000 and I may be able to put my Dad as the guarantor. His credit history is really good. I was also wondering what the APR on this loan would be approx? Thanks

Posted by Iram on

Answer.

Hello Iram, thank you for your question.

As you have a part time job and can add your Dad as a guarantor there should be no reason why we can't get you approved for £2000 - £3000. Obviously, we can't guarantee an approval and the lenders will base their decisions on your credit history.

We'd also need you to have passed your test first so good luck with that. Once you have passed 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, Edwin

Posted by on

Question.

Hi, I'm slightly confused.

My question is my son is 17 with a very well paid full time job, he's about to take his test (and hopefully pass). Would he be able to obtain a vehicle on finance if a parent or grandparent signed as guarantor? He currently has a motorbike on finance which he will be paying off before wanting to purchase a car!

Posted by Sarah Hammond on

Answer.

Hi Sarah, thank you for your question.

To clarify, your son would have to be 18 to apply for car finance. Adding a guarantor when he reaches 18 would also improve his chances of being approved.

Apologies for the confusion. Kind Regards, Edwin

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