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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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Can I get finance for my daughter?

My daughter is 18 and currently taking driving lessons and I am looking to buy her first car. She would be looking at about £100 a month £4k ish on finance, all the garages we have phoned have said she needs to be 22.

I am willing to act as guarantor, but we will be moving house soon. How will this effect my mortgage application? She is on the electoral roll, has a bank account, £500 deposit, but no previous credit. Regards

Posted by Darren on

Answer.

Hi Darren, Thank you for using the Q&A. The good news is we may be able to help.

With no credit at all, we may struggle trying to get your daughter an approval in her name alone, but if this is the case, having you as a guarantor would strengthen her application greatly. Is your daughter currently in employment?
With regards to your mortgage application, applying for car finance will show up on your credit profile. This may have a detrimental effect on your credit score so it's something you have to closely consider. However, to be on the safe side you may want to contact your mortgage provider and ask them to advise.

When your daughter is ready, she can make an application here. If approved, your daughter can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Edwin

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Posted by Darren on

Answer.

Hi again Darren. Thank you for providing the extra information. As her income isn't over £750 per month we don't have any options in all honesty.

As mentioned in my previous answer you could act as her guarantor but i'd understand if you wanted to leave this until you had your mortgage approved. Kind Regards, Edwin

Posted by on

Question.

Hi again Edwin, I understand the complexity of getting young people finance and no worries if she still is not suitable, but if you could give her a couple of tips which would help her for the future it would be greatly appreciated. I have said I will guarantor finance only after we have moved in the middle of the year which has left her with a long face, :) thank you for you reply. Darren.

Posted by Darren on

Answer.

Hi Darren, that makes sense.

In terms of tips, I'd advise that your daughter get a contract mobile phone and a credit card with a small limit on to build up credit (you can actually get 'credit builder' credit cards). Also, if your daughter has a full UK licence when she applies, this will give us more options.

Obviously getting on the electoral roll will help, along with getting a full time job to enhance her earnings. Kind Regards, Edwin

Posted by on

Question.

Edwin, ah thankyou very much for this, she is about ready to sit her test anytime soon, fingers crossed we will be back in touch in a few weeks or so. Regards Darren .

Posted by Darren on

Question.

I'm looking to take out a car finance for my 18 year old daughter, her car recently broke down and she needs a new one for work. Her credit score is quite low due to taking out a loan to by the previous one - although she would like to part exchange it (the loan was taken out separately) but feels that no one will give her a finance due to her age. My credit score is also low but due to not having many accounts open so I would not be suitable as a guarantor. Do you know what would be the best option?

Posted by Olaide on

Answer.

Hi Olaide,

If you have a higher regular income than your daughter and own a property, you may wish to apply yourself, however keep in mind that we do not recommend taking out loans in your own name for somebody else.

If your daughter is earning a good regular income then she may prefer to apply for finance herself. We do have a number of lenders that specialise in providing finance to those with bad credit, so we may be able to help!

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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