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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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Do you have a question about Carfinance247 or its services? If so, please complete the form below for a response within 1 working hours. I have over 7 years experience working for Carfinance247 and have the responsibility to answer all questions asked.

Car finance for 21 year old

Hi, I'm 21 but work abroad. I rent a house (shared) in the UK but i'm not on the electoral register, I earn a good wage but have it paid into a Dutch account, so my English account doesn't look too good because there is no funds going into it on a regular basis.

I have a credit card and catalogue that are paid on-time each month and a mobile phone contract which gets paid but not always on-time. I'm wanting to finance a new car valued at around £14,000 and I have a deposit of £2,000.

I have been refused finance already and do not have a guarantor. What are my chances of getting finance with your company? Also what APR will it be? Many thanks

Posted by Stef on

Answer.

Hi Stef, being on the electoral roll isn't a deciding factor - it does help but if you're not registered don't worry. We can indeed help 21 year olds get car finance.

Anyway, how often do you come to the UK and will the car remain in the UK? The good news is that you have a UK bank account and a little bit of credit. It's also good news that you have a deposit as that shows commitment from the lenders perspective.

However, i can't tell you what the APR will be until we get you approved as all our lenders that we deal with offer different APR's and we haven't seen your credit history in full yet.

There is a good chance we can help though so please make an application and once approved we provide a no obligation quote and you can choose a car from any dealer in the UK. Kind Regards, Edwin

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Question.

Hi, my son is 21, in full time employment, is on the electrol role and has a phone on contract. Would it be possible to get him car finance at a good APR for a new car. He doesn't have a credit card and has never applied for finance before. Thank you.

Posted by Paul Kenyon on

Answer.

Hi Paul, yes - we'd be able to get your son accepted for car finance and the rate he'd be looking to pay would be between 9% and 12% depending upon how much he wished to finance. Apologies for the delay in responding to your question. Kind Regards, Edwin

Posted by on

Question.

Hi, I am 21 yrs old, I have full time job earning £40,000 pa gross, a house, a full UK driving license, 3 credit cards that are all cleared every month, my credit profile is excellent according to experian and I am on the electoral roll. I would like to borrow £35,000 over 4 yrs with a 10% deposit. I can provide pay slips if required. Will it be possible for you to secure finance for me? Also can the car be bought from any dealer. Thanks

Posted by Shaun on

Answer.

Hi Shaun, thank you for your question. You certainly tick a lot of boxes and you're obviously doing well for your age. However to get the £35,000 with just a £3,500 deposit is going to be extremely difficult. If you could provide a £5000 to £6000 deposit i think we'd be in for a better chance if i'm honest. Is it a new or used car that you're after? Please get back to me when you can. Thank you, Edwin

Posted by on

Question.

Hello, I have no credit history, have lived at my address 21 years and have full UK licence and a valid UK passport and a steady income. Will I be approved for car finance?

Posted by Adrian on

Answer.

Hi Adrian, with no credit history whatsoever we may struggle unless you have a large deposit. You seem to tick a lot of boxes with what you have stated so that's a bonus. My advice would be to apply alongside a family member to strengthen your chances of being approved. Would either of your parents be a guarantor? Kind Regards, Edwin

Posted by on

Question.

Hi There Edwin, I am 21 years old and for some reason I cannot get credit anywhere! I am really looking to buy a car on finance. I earn just short of £30k per year but just cannot get finance, I have a £1000 desposit to put down, do you think you can help? Thanks.

Posted by Joss on

Answer.

Hi Joss, with a good income and a large deposit like you have we should be able to help. Are you on the electoral roll and do you have any form of credit currently? Edwin

Posted by on

Question.

I'm 21 and own my own house outright but have auful bad credit. I earn £1525 per annum from job one and around £100 per week from job 2. Any car will do over 04 reg as need it for cheap insurance. Carcraft have provisionally accepted me but don't really want to buy from there.

Posted by Holly on

Answer.

Hi Holly, apologies for the delayed response. If Carcraft have you approved then we'll be able to get you accepted too. Carcraft's cars tend to be overpriced from what i know. Please make an application on our site and let me know your reference number. I'll then get our sales manager Alex to call you to discuss the next steps-)

Posted by on

Question.

I filled in the application. How long before i am likely to hear back? Kind regards

Posted by Holly on

Answer.

Hi Holly, it'll be this morning at some point - what is your reference number?

Posted by on

Question.

Hey Edwin, I'm 21 and looking to finance a car. I've got a perfect credit rating going by "BarclayCard Platinum". What would you say my chances of getting £10,000 finance are?

Posted by Phil on

Answer.

Hi Phil, apologies for the delayed response. If you have an impeccable credit history then we'll be able to get you approved but to get £10,000 without a deposit may be too much of a stretch. With this in mind do you have a deposit?

Posted by on

Question.

Hello, I am enquiring as to if I could get car finance when I turn 21 years old. I will have been in a solid apprenticeship for 1.5 years and have a consistent income of £1030/month with pay rises each year until I am qualified. I have an excellent credit rating and risk rating. I would be looking for around £17000 if possible, I am happy to spread this cost over 36 - 48months. If this would be possible, could you give me a vague indication of the deposit that would be required and monthly repayment amounts? If that amount would not be possible, could you give me an idea of 'how much' I could get so I could look into different cars. Thank you in advance. Conor.

Posted by Conor Reuss on

Answer.

Hi Conor, £17000 will be a huge ask to be honest. You may get £10,000 over 48 months for £250 per month approx and you'd need a £1,000 deposit. Is this possible? Edwin

Posted by on

Question.

Hello, I'm looking at buying a car worth £12,000, i'm going to put a £4000 deposit down, however the £8000 outstanding will be done through finance. The only issue i'm facing is i have never really had any credit so my credit score is 376 (poor) i'm 21 will this be a problem?

Posted by Lewis on

Answer.

Hi Lewis.It is definitely worth applying as here at CF247 we do deal with most of the lenders currently on the market (many of which will lend to customers with previous bad credit) and do manage to secure the majority of our customers an approval. Your age does limit the number of lenders we can look to place you with but it is not out of the question! Please apply so we can see how we can help. Edwin

Posted by on

Question.

Hi, my son has a good credit history he is looking for a 5000 car or loan. He is 21. Where is the best place for him to try we have tried sailsbury but they said no. Can you help?

Posted by Sarah on

Answer.

Hi Sarah. The main issue for your son is his age as he is seen as a higher risk to the lender. However if he has a good credit score we should be able to help him. Is he registered on the electoral roll? If he is then this will help. Please make an application as soon as you can. It may help if you could go on the application with him. I hope this helps. Edwin

Posted by on

Question.

Hello, I am 21 and earn £1100 a month after tax. Could I finance a car?

Posted by Lashaune on

Answer.

Hi Lashaune, as long as you can prove your income, have a full UK licence and you're on the electoral roll at your current address we have a good chance of getting you approved. Please apply when you feel ready. Kind Regards, Edwin

Posted by on

Question.

Hi, my name is Connor and I have recently turned 20. I have been driving for 2 years now but want to change my car.

I don't really have amazing credit history because all I have is a phone contract which is £40, car insurance and my car which is in my dad's name but I pay the money.

I was wondering if I would be approved finance of around £5000 over 36-48 months and how much my payments would be a month. Many thanks, Connor

Posted by Connor Macaulay on

Answer.

Hi Connor, thank you for your question.

As you have some current credit history and a UK licence i'm confident we could get you £5000 for car finance. I take it that you are employed and can prove your income? A small cash or part exchange deposit would help your chances to but this isn't mandatory.

£5000 over 36 months would be approx £170 - £175 per month but over 48 months the payments would drop to approx £135 to £140 per month. Please make an application and once accepted you can get a car from any dealer. Kind Regards, Edwin

Posted by on

Question.

Hello, I am 21 and I am an apprentice banker for a large bank. I am looking for finance (HP) on a used BMW 1 series (12 plate) valued at £13,000. My monthly income is £1,800 and I have been driving for over a year.

Unfortunately, I believe my credit rating would be non-existent as I have not been paying for anything until this current month. Would it be likely that finance would get approved for me?

Posted by Sarah Kings on

Answer.

Hi Sarah,

Most tlnders do take into account an applicant’s age when assessing how much to lend or whether to approve a person. This isn't however to say that they can't help you as you're 21. As you have a good job and the possibility of putting down a deposit we will try our best to get you an approval! Lenders look for a clean credit record so they have some history to base their decision on. If you have not had any credit accounts at all, we may well find it a bit more difficult to get you approved for car finance, as credit history is something that all lenders will look at to determine suitability.

The one thing that will certainly aid your chances of getting an approval is by having a guarantor or joint hirer. I take it you will you be able to prove your monthly incomethrough payslips or bank statements?

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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Question.

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Posted by Emma Paca on

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