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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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£7500 car loan for a 21 year old with part-time job

Hi Edwin, I would like to get a loan of £7500 for a car but I only have a part time job and still live at home. I currently pay for a phone monthly and have a credit card with a £500 limit which I pay for both of on time every month. This being said, I am still worried that I will be declined for car finance because my income is only £9210 per annum at 21.

Posted by Jessica Ellis on

Answer.

Hi there,

Can you prove your income with at least 3 months’ payslips or bank statements? It’s good that you have tried to build up your credit level and can prove you can make repayments back to the lender. Would you consider getting a guarantor for your application? This could strengthen your chances of getting approved. We'd certainly try our best and we do have lenders that help young people get car finance dependent upon their income.

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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