Car finance age requirements

Car finance age requirements at Socialmotors

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.

 

 

Guarantor car loans for young drivers

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.

Application process

Make an application online

Apply now or call us, one of our experienced advisors will take some basic details for our lenders to review. If approved you will be offered a credit limit for your new car.

Choose your car

Once you have your credit limit, one of our advisors will assist you in choosing your new car from our showroom – we have over 1000 vehicles available in group stock, at this stage you will be able to discuss your needs and establish the car you want.

Documents and Delivery

We will now prepare your new car for delivery and get it to you usually within 48 hours, giving you a free 12 month comprehensive warranty & 12 months MOT. Once your car arrives, if your happy you sign your finance documents.

Application Criteria

Do you meet the hire purchase car finance application criteria?

To be eligable for car finance all you need is to…

  • Be aged 18 or over
  • Hold a full UK/EU driving licence
  • Be UK resident for 3 years
  • Have a Full time, part time job, be self-employed
  • Not bankrupt

Please note: if your income is 100% benefits you must be in receipt of a high rate benefit like DLA or PIP to apply for bad credit car finance.

What our customers think…

Scott Royle
Scott Royle
20:54 22 Feb 19
Really happy with my car and great service car delivered by a really nice bloke and everything felt very personal
Gayle Eaton
Gayle Eaton
12:33 01 Aug 17
Very good service very happy
kim summers
kim summers
13:30 13 Jun 19
Received my new car yesterday..... delivered all the way to Hull..... the gentleman who delivered it was very polite.....A big shout to David for all the hard work and patience finding me a nice car...... I am absolutely thrilled with it........ I would thoroughly recommend this company to anyone, David was very friendly and was helpful through the whole process from beginning to end and would hesitate to recommend this company to my family and friends, thank you 😊
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