Young drivers
car finance
- No deposit needed
- PCP and HP from 9.9% APR
- Free car history and dealer check
Checking eligibility
does not affect credit score
Get a quoteYoung drivers car finance: navigating your first purchase
For those looking to buy their first car, young drivers car finance options provide a range of solutions. Even if you’re 18 or 19 and just starting your financial journey, lenders can offer tailored finance plans. They assess factors like employment, income, and any existing credit history to help make your first car purchase possible.
Though some challenges arise from a limited financial history, young drivers car finance options make it easier to get the keys to your first vehicle by finding a solution that fits your budget.
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| Loan amount | £7,500.00 |
|---|---|
| Length of Loan | 60 months |
| Monthly payment | £0 |
| Interest rate | 9.9% APR |
| Optional final payment | £0 |
| Amount of interest | £0 |
| Total payment | £0 |
Can you get car finance at 18-19?
Yes, young drivers car finance is available for those aged 18-19, although it may require more considerations. At this stage, credit history might be limited, but lenders look for stable income, whether from part-time jobs or other sources. Having a guarantor can boost your chances of securing car finance. With the right support, many young drivers can successfully access finance to buy their first car.
Car finance options for young drivers in the UK
In the UK, young drivers car finance offers several options. Hire Purchase (HP) lets you spread the car's cost with fixed monthly payments, helping young drivers manage their finances. Personal Contract Purchase (PCP) offers flexibility with lower monthly payments and the option to return or buy the car at the end of the term. Personal Contract Hire (PCH) allows for leasing, while a Guarantor Loan helps those without a strong credit history by involving a financially stable individual. Alternatively, a Personal Loan provides upfront funds for car purchases.
Hire Purchase (HP) as a car finance solution for young drivers
Hire Purchase (HP) is a popular young drivers car finance option because it allows drivers to spread the cost of the vehicle over time. A deposit is usually required, but once the payments are made, the car belongs to the driver. This option is great for budgeting and suits those who prefer ownership at the end of their contract.
Personal Contract Purchase (PCP) for new drivers
Personal Contract Purchase (PCP) offers more flexibility in young drivers car finance. Payments are lower because they are based on the car’s depreciation. At the end of the contract, drivers can either pay a larger sum to own the car or return it. This works well for drivers looking for lower monthly costs and flexibility without long-term ownership.
Personal Contract Hire (PCH): flexible leasing for young drivers
Personal Contract Hire (PCH) offers another young drivers car finance option, allowing for the lease of a vehicle without ownership. Drivers make monthly payments and return the car at the end of the lease. This is ideal for those looking for a hassle-free way to drive a new car, with the focus on managing monthly costs.
Guarantor loan:nlocking car finance with support
A guarantor loan is another young drivers car finance solution, especially for those without a strong credit history. By having a guarantor—usually a family member—agree to cover the loan if necessary, lenders are more willing to offer better terms. This opens the door to affordable financing for first-time buyers.
Personal loan: independent financing for young drivers
Young drivers car finance through a personal loan gives borrowers flexibility, allowing them to buy a car outright with borrowed funds. The loan isn’t tied to the car, giving drivers more control over their purchase. While budgeting for monthly repayments is crucial, a personal loan can offer more freedom compared to other financing options.
Best cars for new drivers: practical choices for first-time buyers
Young drivers should look for cars that balance affordability, reliability, and low running costs. Popular choices in young drivers car finance include models like the Ford Fiesta or Volkswagen Polo. These cars are fuel-efficient, affordable to insure, and easy to drive, making them perfect for those starting out on the road.
FAQ
Can I get a car loan at 17?
Although young drivers car finance is generally available from age 18, some lenders may offer finance for 17-year-olds with a guarantor.
What documents do I need for car finance?
Applying for young drivers car finance usually requires proof of identity, address, and income. Drivers should also provide any available credit history.
Can I get car finance without a driving licence?
Some lenders may offer young drivers car finance without a licence, particularly with a guarantor, but it’s typically better to have a plan for getting one.
Is there an age limit for car finance?
While young drivers car finance is common, lenders focus on financial stability more than age when approving loans.
Helping young drivers make confident choices
Young drivers car finance options make owning a first car easier and more accessible. Understanding the different types of finance—whether it’s hire purchase, a guarantor loan, or personal loan—can help drivers make an informed decision that suits their needs and financial situation. Young drivers car finance provides an array of options to make car ownership possible. Exploring these options empowers young drivers to make smart, informed choices when buying their first car. Get started today and take the next step toward getting behind the wheel of your new vehicle