Can I Get Car Finance as a Young Driver?
Ready to gain independence with your first car? Securing car finance as a young driver might seem daunting, but at Stoneacre, we make it easier.
We understand the challenges, which is why we work with a flexible panel of lenders to help young drivers find the right finance options.
Check your eligibility today and take the first step towards owning your car!
Representative Example
This represents an average of the deals that our customers receive on other vehicles
We are a credit broker and a lender. We can introduce you to a limited number of lenders and their finance products. We will provide details of products available, but no advice or recommendation will be made. You must decide whether the finance product is right for you. We do not charge you a fee for our services. Lenders will pay commission to us (either a fixed fee or a fixed percentage of the amount you borrow) for introducing you to them, this may be calculated in reference to a variable factor such as (but not limited to) the vehicle age, your credit score and the amount you are borrowing. Different lenders may pay different commissions for such introductions. Offers available to everyone over the age of 18, subject to credit approval.
Car Finance for First-Time Drivers
If you're financing a car for the first time, you may not be familiar with the application process. You might not know which documents or information to have ready. Don't worry, though - we're here to guide you with our helpful tips for first-time car financing.
Once you know what you need, you can start browsing our selection of used cars for sale. We offer a wide range of cars available on finance for first-time drivers, many of which come with low monthly payments and affordable insurance costs. Our first car finance deals are designed with the needs of young drivers in mind.
We'll guide you through everything a lender considers when reviewing your application, from affordability to credit history, and show you how to improve your chances. If you're financing your first car, Stoneacre can help you apply with confidence.
Start Your Application Today
1. Check Your Eligibility
First of all, we'll check if you're eligible for car finance. Enter your details into our free eligibility checker. Remember that this is a 'soft search' check that won't affect your credit score. Our finance team will work with you to find the best car finance deals available.
2. Agree to the Terms
Once you've completed the first step, you'll be well on your way to securing car finance. Our team will be in touch to assist you in organising a deal based on your deposit, monthly payment, and terms. Then, sign the paperwork, and our team will take care of the rest.
3. Collect Your Car
Once you have agreed to the terms and completed all the necessary paperwork, you can collect your car from a nearby Stoneacre dealership. As a car finance broker, Stoneacre is here to help young people like you get the best car finance deals within your budget.
Age Requirements for Car Finance
Can I finance a car at 17?
It is unlikely that you will be able to get a car on finance when you're 17. Some lenders may have specific age requirements, so in order to enter into a legally binding contract, you need to be at least 18 years old. Until you reach this age, you will have to save and purchase a car outright.
Remember, even if you're not able to finance a car right now, you can start building your credit and financial responsibility, which will be beneficial when you're older and ready to make larger financial commitments. It's always a good idea to consult with a trusted adult, like a parent or guardian, if you're thinking about financing a car in the near future.
Can I finance a car at 18?
When you turn 18, you become legally eligible to enter into contracts, including car loans. This means you have more options for financing a car compared to when you were 17. Your credit score will likely still be low as you have no credit history, but lenders are more likely to consider your situation.
You can build up your credit score by registering to vote, getting a credit card or a store card and by taking charge of your mobile phone contract. By demonstrating financially responsible behaviour, a lender will look at you more favourably. Despite this, Stoneacre will still consider your application if you can prove you have a regular income and can make the monthly payments.
Income Requirements
Driving Licence Requirements
When applying for car finance, it’s important to check the details of your driving licence. Not only do you need it to drive, but it can also serve as proof of identity and address.
The specific type of driving licence you hold can impact your application, and it’s worth understanding the differences between a provisional and a full licence.
Joint Applications
Young people who have no credit history and do not meet our credit requirements can still consider a joint application with a trusted family member or guardian. By jointly applying with a co-applicant, who has a stronger credit history than you, you have a better chance of approval for car finance.
Young people should approach joint applications with caution and make sure that they have a stable relationship with their co-signer, as failing to pay can put a strain on your personal relationships.
Find out more about joint applications and apply for young driver car finance today! If you require more info, our finance team at Stoneacre is on-hand and ready to answer any of your questions.
Credit History
As a young person, you may not have an extensive credit history, or any established credit at all. This can affect your ability to get car finance, as lenders use your credit score to assess creditworthiness.
To check your score, you can use a company such as Experian or ClearScore to view your credit report. This can indicate whether you need to spend more time improving your credit score.
Alternatively, you can check your eligibility for car finance on our website. Our team will conduct a soft search credit check that will not affect your credit score, regardless of the outcome.
Other Considerations
Cars Deals for Young Drivers
At Stoneacre, we have a range of young driver car deals. These cars come with low monthly costs and cheap insurance.