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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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21 year old getting £5,000 finance for BMW

Hi there, I have just paid my bank loan off early and have a £5,000 deposit against a £10,000 BMW. I’m 21 with a fair credit history, earning £26,000 a year before tax.

I currently have 2 credit cards with Barclays and M&S with a £4,000 limit on. With no current debt what are the chances of me being accepted for a HP agreement without a guarantor? I am on the electoral roll to if that helps.

Posted by Jessica on


Hi there,

Your income is good for your age so as long as you can prove your income through payslips or bank statements I am reasonably confident we can help get you accepted for car finance. The fact that you have a large deposit will certainly help us boost your chances of getting an approval! It’s good that you’re on the electoral roll which lenders will look favorably on. With your current credit cards, have you ever missed or had late payments? If so, don't worry it just may effect the rate we can get for you.

As you are 21 the lenders may prefer you to have a guarantor though we may be able to get you approved on your own.

Obviously we'd need you to apply so that we could see your credit file before giving any guarantees but I'm confident we'd be able to help get you into your dream BMW. Once approved we provide a no obligation quote and you can get a car from any dealer in the UK. Please make an application when you're ready. Kind Regards, Edwin

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