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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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Car Finance For 18 Year Old!

Hello, i'm wanting to finance a car of a value of around £17,000! I have about £1,500 as a deposit. I am only 18, but in full time employment and have been for the past 6 months.

I earn £1300 a month and have a guaranteed contract of at least 18 months. Do i stand a chance?

Posted by Antony on

Answer.

Hi Antony, thank you for your question.

As you are employed with a good income and due to the fact that you have a decent sized deposit i'm confident we can get you accepted on your own for car finance even though you are 18.

The issue is the amount you want. If you had a deposit of say £5000 and you earned over £2500 per month we may stand a chance but from what you've said unfortunately the answer would be a no.

With you age and income etc you'd do well to get a maximum of £7000 to £8000 unfortunately. Please apply if this is acceptable and once approved we provide a no obligation quote and you can buy a car from any dealer. Kind Regards, Edwin

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Question.

Hi, I'm 18 and I'm looking to finance a BMW 1 series model 120d. Am I old enough?

Posted by Maisie on

Answer.

Hi Maisie, if you are on the electoral roll and already have some form of good credit history then there's no reason why we couldn't help. Do you have a deposit and are you employed? Edwin

Posted by on

Question.

I am employed. I'm a new member of the RAF. I have good credit history and am earning good money. Thank you

Posted by Maisie on

Answer.

Hi Maisie, thanks for coming back to me. With what you have said i think we'll be able to help. Please apply when you have 5 minutes and we'll be in touch tomorrow. Have a great weekend. Edwin

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Question.

Hi, I'm 18 and would like a Ford fiesta 1.25 Zetec. I have £2,000 upfront that I can put down as a deposit. And earn £800 a month. How would I go about getting a finance and would I be able to because of my age?

Posted by Paris Pardoe on

Answer.

Hi Paris, as you're employed and have a large deposit there's a good chance we can get you accepted for car finance. Do you have a full UK licence and are you on the electoral roll at your current address? If so this is good news. Also would you be able to get a guarantor as that will help your chances of being approved (either a family member or friend)? If not we'll try and get you approved on your own. Lastly, do you have any existing loans, credit cards or mobile phone contracts and if so are all payments up to date? Thanks, Edwin

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Question.

Yes, I have a phone contract (all payments are upto date) and a full license and I have someone to be my guarantor. But I'm not on the electoral roll until next year because I only turned 18 in June.

Posted by Paris on

Answer.

Ok Paris, thanks for the quick response. Please make a joint application on the website when you're ready. Edwin

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Question.

Hi, i am currently working, on electoral roll,18 years old, full uk licence, only credit i ever have is mobile phone which is up to date, but have been turned down with a fair credit rating can you help?

Posted by Cherlyn Docherty on

Answer.

Hi Cheryln, we can possible help but due to your lack of credit history we'd have a better chance of getting you approved if you had a guarantor - would this be possible? Regards, Edwin

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Question.

I'm 18 on 15th October! Could I get Finance without a guarantor? I am in Full time Employment and have been for the past year, my mum did agree to act as a guarantor for me, she is a homeowner but has bad credit.

Posted by Josh on

Answer.

Hi Josh, do you have any form of active clean credit? If not, it may be best to get your Mum to act as guarantor as that would improve your chances of being approved even though she has bad credit. Do you have a deposit of any kind and are you on the electoral roll? Good luck :-)

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Question.

My 18 Year old who lives with us is in full-time employment for a year and earns just over £1000 a month. He has around 1500 to put towards a car and is looking to finance a vehicle at around £8000 purchase price. Would he be an acceptable risk to finance on his own with no guarantor?

Posted by Dave on

Answer.

Hi Dave, your 18 year ld son has a chance as he's employed and has a £1000 deposit. We may struggle with the £7000 required but we may be able to get him £5000. Please apply online when you feel ready. Kind Regards, Edwin

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Question.

Hi, i am 18 and in fulltime employment but only earn £500 per month. I have a mobile phone contract and am on the electoral role. How much would i be able to borrow?

Posted by Sophie on

Answer.

Hi Sophie, if approved i should think we can get you in the region of £4000 approx. Do you have a deposit at all? If not don't worry but it may help. Please make an application when you're ready. Kind Regards, Edwin

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Question.

Hi, I'm 18 in 2 weeks and looking to get car on finance, I have a £2000 deposit and earn £1600 p/m. Any help?

Posted by Darryll on

Answer.

Hi Daryll, as long as you're on the electoral roll and have some form of current clean credit (bank account, mobile phone etc) we should be able to get you approx £4000. Please apply when you feel ready. Edwin

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Question.

Hi! Im 17! Will be 18 in a few months! Have a full driving license and currently insured vauxhall corsa that i drive! I have a deposit of 5000 for a new volkswagen scirocco and i earn 1200 a month from two different part time jobs and a business. I have a guarantor with excellent outstanding credit rating! Will i be able to get a car finance or do i have to wait till im 18 and have a bigger deposit or so?thanks

Posted by Salar on

Answer.

Hi Salar, Unfortunately you will need to wait until you are 18 years old to obtain any credit. Looking to the future I would advise that you get youself registered now on the electoral roll at your current address. Similarly once you turn 18 I suggest that you look at taking out some form of credit such as a mobile phone/ a current account with an overdraft or a small credit card. I would then wait a few months and ensure you are keeping up payments on any credit. Once this is the case we can then look at gaining you an approval for finance. Note that it may be beneficial to put a guarantor on the application. This does not guarantee finance but it can definitely help. I hope I have answered your question. Edwin

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Question.

Hi, I'm 18 and would like a 'VW Golf 1.4L'. I have £1,500 upfront that I can put down as a deposit. And earn £300 a month. How would I go about getting a finance and would I be able to because of my age and monthly income? and also i am on the electoral roll. Thanks

Posted by Jamal on

Answer.

Hi Jamal, you do have a chance as you're on the electoral roll, have a deposit and an income. You may be better applying with a guarantor however could try and get you approved by yourself. Edwin

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Question.

Hi there,

I am 18 and am looking to buy a used car on finance. The car i want to buy is approximately £3000 and i have my existing car as a deposit (worth approx £600).

I am in full time employment earning £1000 per month after deductions and I have a mobile phone contract which is fully up to date and I will also be on the electoral roll at my current address as of 1st December.

Would finance over 2 years for the remaining balance be feasible? I have a 'fair' credit score simply due to the lack of credit history. I don't think i could get a guarantor as my parents are already guarantors for my rented property and so are less likely to be willing to be a guarantor for my car as well. Please let me know.

Posted by Adam on

Answer.

Hi Adam, thank you for your question.

Very simply i'm confident we can get you approved for the £3000 that you need as you are employed, have a good income, a decent deposit and lastly some current clean credit history. So, as long as you have a UK licence and can prove your income we should be fine.

Please make an application asap. Kind Regards, Edwin

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Question.

Hi, my name is Zohura and I am looking to finance a car such as a VW Golf GTi.

As I am 19 years of age can I get it? I also have two jobs and I am earning £1500-£2500 a month. However, I have looked online at some companies such as Vauxhall and Volkswagen and their website says you have to be 21! Is this the case with you?

I also am keeping up to date with my phone contract payments. Thanks in advance for your help.

Posted by Zohura Sultana on

Answer.

Hi Zohura, thank you for your question.

In response you don't have to be 21 with us. We can help 19 year olds get car finance and as you have a good income and some current clean credit i'm quietly confident that we can help get you approved.

Please make an application and we'll aim to have you approved within the hour.

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Question.

Hello, Would it be possible to get a car for £4000 with a £600 deposit if you're a full time student with a student loan and a part time job?

Posted by Karlis Sarkans on

Answer.

Hi Karlis, apologies for the delayed response and thank you for your question.

As you have a decent sized deposit, a part time job and due to the fact you're not after a huge amount i'm confident we could get you approved.

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

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Question.

Hi there, I am 18, I own my own business and I am in need of by decent vehicle (One that has a good amount of power which can tow, I.E. An Audi A4/A5).

I will have sizeable chunk for a deposit and more than likely a guarantor. I am looking for around £5000 to really give me steady footing in finding a car with a necessary amount of power for towing all my equipment and materials around to jobs that I will be going to.

My earnings per month fluctuate but I would guess that they would be around £2000 a month post tax and all other expenses. Would I stand a chance of getting approved? Thanks

Posted by Niall Mcvean on

Answer.

Hi Niall, thank you for your question.

As you have a good income, a large deposit and a guarantor there shouldn't be any reason why we can't get you the £5000 you need.

As you're self employed we'd need to see 3 months bank statements proving your income. As long as everything stacks up we should be fine. You may struggle getting an A5 though for your money.

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

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Question.

Hi, I'm 18 and looking to get finance on a car for around £7000.

I have a full time job that i have been in for 2 months. I have proof of pay and i have a £500 deposit and a small part exchange. I earn just over £1000 a month, my step-mum said she would guarantor however she doesn't have great credit rating.

Would i be able to get finance for this much by myself?

Posted by Holly Dutton on

Answer.

Hi Holly, thank you for your question and apologies for the delayed response.

As you're employed with a decent wage and deposit i'm confident we can help. Adding a guarantor is a good move too as this will improve our chances of getting you approved with a lender. £7000 may be a stretch but we'll obviously try our best.

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

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Question.

Hello, I turn 18 in two days, work at Argos part time and have an income of around £480-580 a month.

I have a £1000 deposit and wanted a £3000-£3500 finance. Would I be accepted?

Posted by Mostafa on

Answer.

Hi Mostafa, thank you for your question.

As long as you have a full UK licence and a UK bank account we should be able to help as you have a large deposit and a decent part time monthly income.

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

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Question.

Hi, I'm 18 years old with no deposit and have a little bit of bad credit history which is owing a bank £200 and Avon £35.

Do you know if it would be possible to get a car on finance? I have no guarantor (not good credit ratings). Many thanks

Posted by Lashai Ferlance on

Answer.

Hi Lashai, thank you for your question.

In all honesty due to your age, credit circumstances and lack of deposit we'll find it very difficult to get you approved on your own without a parental guarantor. You also didn't mention whether you're employed or not.

I'm sorry to be the bearer of bad news but i don't want to get your hopes up. Kind Regards, Edwin

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Question.

Hi there, I'm 18 and therefore have no credit rating. I have a guaranteed 11 months left on my work contract and I earn a minimum £730 per month plus commission. I have a £500 deposit and i am looking for a 3-5k loan. What are my chances?

Posted by Ben endersby on

Answer.

Hi Ben, Thank you for your question,

Are you sure you have no credit rating? Have you ever had a phone contract? If so you will have a credit rating, which will help with your application.
If you haven't ever had any credit accounts, we may still be able to help. Providing a guarantor, or joint hirer on your application will help increase your chance of approval.

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, Edwin

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