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Edwin Miles. Underwriting Manager

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Student Car Finance

I am a student - can I get car finance? I also have a car to part exchange.

Posted by Charlotte Newby on

Answer.

Hi Charoltte, thanks for using the Q&A.

To answer your question we can help students secure car finance. It does help though if you have some active credit history (bank account, contract mobile phone etc), are on the electoral roll at your current address and you are employed part time. Obviously having a full UK licence too.

The good news is that you seem to have a deposit in your part exchange so our lenders will look favourably on this. 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

Posted by on
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Question.

Hi,I am looking into car finance. I am 25 and I am postgraduate student studying for a PhD. I recieve a maintenance stripend from the university of about £1100 a month and it is tax free. I would like to borrow between £2500 - £3000. I live with my partner and I am on the electoral roll and have good credit history. Is it possible to get car finance, or likely that it would be approved? Thanks.

Posted by Louise on

Answer.

Hi Louise, no problem at all. As long as you have a full UK driving licence we should be able to get you passed for student car finance as you say you've got a good crediti history. Please make an application asap. Kind Regards, Edwin

Posted by on

Question.

Hi, i'm a second year University Student living with my fiance who works full time. I also work part time earning about £350 a month term time and £500 in holidays in a stable company i've worked for for over two years, my students loans and grants etc also give me an extra £400 a month to play with. I live in my fiance's grandad's house which we pay very little rent for and i'm wondering if being a student means i can't get finance? I do have a staff card which is credit, a contract phone, a store card i rarely use but which have all been paid on time. and various direct debits that are always paid off on time. I also have a student credit card with a small limit but i have been late with payments accidentally once or twice i think. I know my bank wouldn't let me open a student account because i have all this existing credit and i am a student, so i just wondered. Any advice would be great. I am very close to doing my driving test but would like to get one before i pass is possible.

Posted by Devon on

Answer.

Hi Devon, thank you for you detailed question. If the car finance was to be in your name only then you would need to pass your driving test first. This is because all of the lenders we work with need proof of your driving licence. Secondly you need to be earning £750 per month or more to get past all the checks and you need to prove your income with pay slips. Is there any way that your fiancée would put the finance in her name? Does she work / have a full uk driving licence? Kind Regards, Edwin

Posted by on

Question.

Hello, I'm a student for only 3 more weeks as my last exam is in may. I have a part time job at the moment earning £300 a month but will be doing lots of overtime after my last exam as i'll be free as a bird. I also have a full time job at the university as a sabbatical officer and it begins in the middle of July (in 3 months time) and i will be earning £1100 a month after tax (£16,500 a year before tax) but i will need a car for the job. Is there any likelihood of me getting accepted? My student loan of which i have one more payment due gives me £2000 a term which works out at around £650 per month added on to my wages from my job and i also get a bursary at the start of june of £450. thanks, Derek

Posted by Derek on

Answer.

Hi Derek, there is a possibility of us obtaining car finance for you as long as you have some clean credit on your profile. Do you have any other small loans or credit cards that have shown a good payment history? Also are you on the electoral roll at your current address? Regards, Edwin

Posted by on

Question.

Hi there, I'm a full time student with a permanent part time job. I have a phone contract and I just got accepted for finance with apple. But i have also just been refused for car finance. I also checked my credit score with Experian (credit plus), and my credit score is 893 (good). Do you think that the problem is me being a student to why I'm not getting finance on a car?

Posted by Nick on

Answer.

Hi Nick, thank you for your question. Did you apply for finance with Credit Plus or not? You may have been declined for a number of reasons - your age, your employment status, the amount you wish to finance, lack of credit history and whether you're on the electoral roll or not. As you can see there are quite a few things lenders will look at (plus more than the above) when applying for car finance. You seem to have a good credit score but do you have any other finance in place other than your mobile phone? Also are you on the electoral roll at your current address, do you have a full UK driving licence, do you have a deposit and finally, how much finance do you wish to apply for? Sorry for all the questions. Kind Regards, Edwin

Posted by on

Question.

Hi there, Just wondering if you could offer me some advice! I'm a 20 year old student living at home. I need a car to commute to Uni. I have a fair-good credit rating on Experian and my household including myself have never been declined for finance before. I myself have 2 credit cards which are paid off each month and I also have my student overdraft as well as working nearly full time hours, earning roughly £1000 per month. I went to my bank, Natwest, and they did a precheck on my account for a £9000 loan and it came back as 'highly likely to fail', due to age and account type. This was not an actual credit search so should not affect my credit but I am now a bit anxious as to whether or not I will pass for any car finance or loans for the amount of £9000. I wanted to know if you could offer any advice or recommendations as to whether I would be able to obtain finance or not, as I need to get a car pretty much ASAP! Sorry for the lengthy email! Many thanks

Posted by John H on

Answer.

Hi John, than you for your in-depth question. Don't worry about the length - the more information the better it is for me to advise you. Right, £9000 is a large amount of money for a lender to be giving a 20 year old (sorry to sound condescending). The only way you'd get this amount is with a large deposit of say £1500. Is this a possibility? It sounds like your credit profile is in good shape and i'm confident in the fact that we'd be able to help you out especially if you could add one of your parents as a guarantor. The one thing i would say is that when you apply for the loan do not put down "Student" as your occupation as this will send the lenders running. Please place down "Employed Full Time" and the details of where you work and what your monthly income actually is. Lastly, just to clear up - do you have a full driving licence and are you on the electoral roll? Kind Regards, Edwin

Posted by on

Question.

Yes, I've a full drivers licence, however I don't imagine my parents would want to sign themselves up as guarantors. I am also on the electoral role at my home address. A deposit could be a possibility. But as an issue of time I doubt it could be as high as £1500. My parents have previously had car loans for high amounts through alliance and Leicester (now santander) and they've always been repaid in full... Do you think as there have been previous accounts with them at my address I would stand a good chance of getting a loan from them? Cheers

Posted by Johnh on

Answer.

Hi John, thanks for the feedback. The good news is that you are on the voters roll and have a UK drivers licence. You don't have to have your parents as a guarantor - it would have just helped the application. Lenders look at your credit on its own merits so the fact that your parents have a good credit history doesn't really matter. If i'm being really honest you may get £7500 with a £500 deposit. Will that suffice? We can provide cars at great prices, most are one owner with FSH and 12 months MOT. What car is it you're looking for? Kind Regards, Edwin

Posted by on

Question.

I've been looking at Honda Civics, 2.2 diesel or a mini 1.4/1.6. Insurance is no issue price wise. I'm pretty open to anything reliable and economical as I will be doing about 4-600 miles per week for 5 months of the year, preferably something with a decent spec, got to think of the street cred! Also, something with relatively low miles is a must.

Posted by Johnh on

Answer.

Hi John, we can cater for that no problem at all. Please apply and let me know when you have done so as i'll get Alex Hurst, our manager, to look at your application. Thank you, Edwin

Posted by on

Question.

Hi Edwin, a few more questions I have for you. I have had a rethink and now would prefer to get a car at a lower price and an older model. Sourcing the car I want may be slightly difficult. Do you still source Rover 75 models? Or do the cars your source have to meet a certain criteria? Also what checks do you do on the car before it is sold? Do you make sure it is road worthy etc? Sorry for so many questions! Is it possible to give me any idea of how much monthly repayments would be including interest over 5 years for a car worth say £2000? Many thanks John h

Posted by Johnh on

Answer.

Hi John, the minimum lend we offer is £3500. All our cars are prepared to a retail standard and come with a 12 month MOT and service history. We can source Rover 75's but the car must not be older than 10 years at the end of the agreement so i'm not sure a Rover 75 would fit. Also cars we finance can't have more than 100,000 miles on the clock. Regards, Edwin

Posted by on

Question.

When you say they cannot have more than 100000 miles is that including at the end of the contracted agreement? £3,500 is the absolute minimum, and what sort of prices am I looking to be paying per month over a 48-60month term? Many thanks

Posted by Johnh on

Answer.

Hi John, the car can't have more than 100,000 miles at the start of the agreement :-) Also £3500 is the bare minimum. If you have good credit you'll pay £85 - £90 p/month over 48 months and if you have poor credit you could be paying up to £125 p/month over 48 months. I wouldn't advise taking out £3500 over 60 months. Edwin

Posted by on

Question.

Hi, i'm a 21 year old university student about to start my third year and need a new car for October. I have been looking for a Ford Fiesta, a VW Polo or something along them lines and have been driving for two years now. My old Punto broke down some months ago so i've been driving my dads old car. I have a good credit rating and have been paying for my phone bill for 3 years and never missed a payment. I have been paying my car insurance for two years too ranging from £250 my first year and £170 this year. I also have other bills i pay for. I have a job now but it's part time as i'm at uni so only earning £300 a month. Because i have a student account and have a big overdraft of which i use i'm not sure i'll be accepted! Is there anything you could advise me on? I have £2000 saved already so that could be used for the deposit and with my student loan and job would be able to pay off a £8000 car within a year or less.

Posted by Sophie on

Answer.

Hi Sophie, thank you for your question. As you have a good credit history, a part time job and a £2000 deposit we should be able to help you with no problems at all. Once approved finding a Polo or Fiesta won't be a problem. Just one last thing - are you on the electoral roll at your current address and is all your credit registered to the same address? Regards, Edwin :-)

Posted by on

Question.

Hi, I'm 42 and a full time student, I don't have a job yet. Would I be able to get car finance?

Posted by Nina on

Answer.

Hi Nina, do you have a good, fair or poor credit history?

Posted by on

Question.

Hello, I am currently a full time student in receipt of of a student loan. I also work part time, I am on the electoral roll for a previous address which I am in the process of changing. I have a £2000 deposit and I would like to borrow £4k-£5k. Is this possible?

Posted by Cherelle on

Answer.

Hi Cherelle, if you have a good credit history we'll be able to get you the £4000 - £5000 that you need as you have a large deposit. If this is the case and you make an application on our site please place your part time job details on the application. Kind Regards, Edwin

Posted by on

Question.

I am a full time student looking for car finance. I have a £2000 deposit and the car i want is around £5,500, i also work part time, and my partner works full time. Would a loan go off household income or just mine solely? Thanks

Posted by James Ainsworth on

Answer.

Hi James, income would be calculated on your wages alone and not the household income (unless you made a joint application with your partner). Do you have a good/fair/poor credit history? The good news is that you have a large deposit which always goes down well. Are you also on the electoral roll at your current address? Edwin

Posted by on

Question.

Hi, I am looking into buying a Citroen C2 for around £3,500. I am a student getting around £7k a year from student finance and £5k from a part time job. My credit rating is listed as 'poor' because I haven't had any credit before and i've been turned down for finance from black horse. My Mother only has a provisional licence and my Father is currently unemployed with a full licence, so I don't know how they can help. Do you have any advice? Thanks, Georgia

Posted by Georgia on

Answer.

Hi Georgia, as you have no credit i'd advise you to add one of your parents to the application to give yourself a better chance of being approved. Who has the better credit history - your Mum or Dad? It won't matter that your Mum has a provisional if she's acting as a guarantor. I take it you have a full UK licence? When you apply place your part time job in the employment section and after the application is complete come back to me with the unique reference number so that i can guide you through the process. Kind Regards, Edwin

Posted by on

Question.

Hey there, i'm 20 years old with a full UK license and wondering if it would be possible to get about £5,500 loan. I'm a uni student with about £200 loan coming in each month, already have about £1000 for a deposit and have a part time job of which i earn about £500 sometimes £600 with overtime but have no credit history. Would i be able to get a car on hire purchase?

Posted by Laura on

Question.

Hi, i am a full time student and looking to get my first car on finance. I am only 19 years old and have 2 addresses to my name. My current one where i have been for 12 years in december. I also have a UK licence and Royal bank of scotland bank account. My credit score is sitting at fair 785 and i have a monthly payment of student loan and bursary coming through is this possible?

Posted by Laura M on

Answer.

Hi Laura, apologies for the delayed response. If you have no credit history then it will be tough to get you approved even though you have £1000 deposit and a decent income from your part time job. Would you be able to get a parent to act as a guarantor? Kind Regards, Edwin

Posted by on

Answer.

Hi Laura M, it is possible to obtain a car loan for you though having a guarantor would improve your chances of being approved. Are you on the electoral roll at your current address, do you have a deposit and do you have any other form of credit other than your bank account? Kind Regards, Edwin

Posted by on

Question.

Hi, As a student from 05-09 I took out too much credit as overdrafts and defaulted on two accounts to the value of £900 and £1600. Since graduating, i have secured a job in government and have all paid off in full and satisfied the accounts. Would I be in a position to secure a finance package on a used vehicle at around £5-6k?

Posted by Guy on

Answer.

Hi Guy, as you have settled your old debts and have a good secure job now we should be able to secure you the finance you need to re-build your credit history. Please apply when you get 3 minutes on our site and we'll aim to have you approved when the office is back open tomorrow (Sunday today). Edwin

Posted by on

Question.

Hello, I recently graduated from university and have got a full time job. I am interested in purchasing a car with a small amount of finance - around £3,999. I have a graduate account and am slightly in my overdraft, would this affect my chances of being able to get the finance? I have previously always paid everything on time like car insurance etc. Thanks

Posted by Holly on

Answer.

Hi Holly, as you have now graduated and got yourself a full time job i'm confident that we could help as you're only after a small amount. I wouldn't worry too much about your overdraft to be honest. Are you on the electoral roll at your current address as lenders do look for traceability. Kind Regards, Edwin

Posted by on

Question.

Hi, I am a full time student with bad credit history. I have an income of £1400 per month with not a lot of out goings. I have a guarantor who has excellent credit and wish to have a small car loan under £5000. I have a deposit of £1000 max also. Would I be accepted or should I not waste my time?

Posted by Sinead on

Answer.

Hi Sinead, it all depends upon how bad your credit is to be honest. As you have a deposit, a good income and a guarantor with a good credit history i'd say you have a decent chance! Are you on the electoral roll? Kind Regards, Edwin

Posted by on

Question.

No I am not on the electoral roll. Would this help my chances?

Posted by Sinead on

Answer.

Hi Sinead, i'd advise to place yourself on the electoral roll at the address wherever all your credit (bank account etc) is registered too. This would help.

Posted by on

Question.

Hi, I'm a full time student with no proof of income (not working at all) but I have a car to part exchange and I do have a few bills in my name if that helps in terms of credit rating; but I know for sure my credit rating is in good condition. (no debts, etc.). I am able to get a guarantor. Plus can put a deposit of £3000 down if needed. So is it possible?

Posted by Samuel on

Answer.

Hi Samuel, as you have a good credit history and a large deposit proof of income won't be an issue as prime lenders don't need to see this. Please make an application when you get 2-3 minutes and we'll get you approved within the hour. Have a good day. Edwin

Posted by on

Question.

How much will the lenders be able to give me (max) based on that information?

Posted by Samuel on

Answer.

Hi Samuel, potentially £10,000 +. How much do you require and what monthly budget can you afford?

Posted by on

Question.

Well I haven't got the exact figures I'm looking for as it all depends on the car I plan to go for. Plus the car has to be from a trader (dealership) and not privately bought, right? Monthly budget: £150-£200 or lower if possible.

Posted by Samuel on

Answer.

Hi Samuel, with that monthly budget you'd be able to borrow £8000 to £9000 over 60 months (5 years). And yes - the car has to be purchased from a reputable dealership. Edwin

Posted by on

Question.

Ok that's fine. To be exact I'm looking to borrow around £7000 - £7500, with a deposit of £3000. Thanks for the help and I shall begin to application process soon.

Posted by Samuel on

Question.

Hi, when applying it asks me to fill in employment history so what do I put for that section? (as I said before I have no proof income).

Posted by Samuel on

Answer.

Hi Samuel, there is an option for student in the employment section. Please enter that.

Posted by on

Question.

My daughter is a student and she has had a job for 8 months earning in total £650.00 per month. I am willing to be her guarantor and earn approx 50K a year. We both have excellent credit ratings - could I help her get a loan?

Posted by Morgan on

Question.

Thanks. The car I found is from the 'Car Giant' dealership. Is that ok or do you have a specific list of dealerships?

Posted by Samuel on

Answer.

Hi Morgan, yes we'd be able to help no problem. If you make a joint application on our website today we should have you approved within the hour. As you both have good credit and good incomes i don't envisage any issues at all. Kind Regards, Edwin

Posted by on

Answer.

Hi Samuel, Car Giant are a dealership that we deal with so that's not a problem. Regards, Edwin

Posted by on

Question.

I am a full time student nurse and I was wondering is it possible to get finance in my name? Even though i'm a University student.

Posted by Kirsty on

Answer.

Hi Kirsty, thanks for your question. Are you employed in any capacity at all as depending upon what lender we get you approved with they may ask for proof of income - even if it's part time it'll help. Please let me know. We can help students but they need some current active credit - is this the case? Edwin

Posted by on

Question.

Hi Edwin, I am in part time employment and also receive a bursary every month.

Posted by Kirsty on

Answer.

Super - please make an application and we'll have a decision tomorrow AM for you. On the employment status place you're employed part time. Thank you :-)

Posted by on

Question.

Hey Edwin, so I'm currently a student but on a placement in industry for a year that is paid, I'm on the electoral role, have a mobile phone contract, a full driving licence, and a car to part ex which I believe is worth about £500.

I am looking into buying a car for around £5000 and am also looking for something that will be a boost my credit rating for the future. Do you think car financing for 12 months is a good option for me?

Posted by Oli Reynolds on

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