Car finance age requirements
At Socialmotors, You need to be at least 18 years old if you would like to apply for car finance.
We are able to help you apply for a car loan whether you have a good, poor or even bad credit rating.
With 22 car finance lenders on our panel who consider applications for car finance from people aged between 18 and 80, finding a car loan for young drivers is not an issue.
Our lenders consider all your circumstances not just your credit score.
Lending criteria for young drivers
When considering to approve any car loan application our lenders will take into account.
- All your current circumstances
- Your previous credit activities
- Your credit score
- Whether you have a valid UK/EU driving licence (Full or provisional)
Building credit as a young person
As a young first time driver, looking to buy a vehicle on finance, it’s advised to build up a bit of a credit past (a good one of course) before applying for car credit, as this is what car finance lenders are looking for when considering your application.
There are many ways to build your credit score, obviously the first piece of advice would be to make sure you adhere to any credit agreements you currently have.
Below are the most common ways to start building your credit.
- Ensure you are registered on the electoral role
- Apply for a secured credit card (Maintain payments)
- A mobile phone contract
- Apply for store credit or catalogue
- Subscribe to a credit report agency and follow the recommendations it provides.
What if i don’t have a credit rating at all?
Not having a credit rating at all, whilst not the most ideal situation it is not as bad as you may think.
We have lenders on our panel that specialise in providing car loans for young drivers with poor, bad or even no credit history.
If unsuccessful with mainstream funding there are other options available, you could make an application for a guarantor car finance loan.
Lenders who offer this service require a person of good financial standing to take responsibility of your repayments if you fail to make them.
Lenders guarantor requirements
- Must have a good/fair credit history.
- Must be aged between 18 and 75 at the start of the loan term and be able to afford to make repayments if required.
- You can be employed, self-employed or retired (providing you can prove your income)
At Socialmotors we provide finance options on cars, vans, motorbikes, caravans and motorhomes.