Student car finance made easy!
Having a car is important no matter what stage of life you’re at. Whether you’re commuting to lectures, driving to a part-time job, or heading home for the weekend, having your own vehicle can be vital to your university experience. But how exactly do you secure car finance as a student?
We’ve made the process simple. You can explore your options for car finance for students in a matter of minutes. Our role is to match you with the most suitable lender from our specialist panel, helping you get on the road in a car of your choice.
Can students get car finance?
With Refused Car Finance, it is possible to get accepted for finance even if your primary income is from a student loan. However, we recommend reviewing your financial situation to improve your chances of approval.
Car loans for students are an ideal way to spread the cost of a vehicle into manageable monthly repayments. This can be especially beneficial if you are working with a smaller budget or relying on student finance. We focus on finding affordable repayments from a range of trusted lenders who understand the student lifestyle.
Types of car finance for students:
We specialise in Hire Purchase (HP), which is a straightforward and popular option for students.
Benefits of Hire Purchase:
- Low or no-deposit options are often available.
- Fixed monthly payments to help you budget.
- Flexible repayment terms tailored to your needs.
- No large lump sum (balloon payment) at the end of the agreement.
- Wide Choice: Pick your car from any FCA-approved dealership in the UK.
How to increase your chances of getting student car finance:
Being a student can sometimes make it harder to secure credit, but there are several ways you can strengthen your application for car finance for students:
Check your credit score.
Before applying, it’s wise to know where you stand. When you apply with us, we perform a soft search that does not harm your credit score. Ensure your information is up to date and correct any errors with credit reference agencies like Experian or Equifax.
Build your credit history.
Many students face “bad credit” simply because they have no credit history. To lenders, having no record can be just as risky as having a poor one. You can build your score by:
- Getting a mobile phone contract in your name.
- Registering on the electoral roll.
- Using a credit-builder card for small, regular purchases and paying it off in full monthly. We work with many lenders who specifically help those with little to no credit history.
Get a part-time job.
While we can consider applications based on student loans, having a part-time job provides additional proof of income. Regular wages make you more attractive to lenders, as it provides further evidence that you can comfortably afford the monthly repayments.
⭐️⭐️⭐️⭐️⭐️
“Faultless service from refused car finance. Massive thank you to Sean for all his hard work in securing me a fabulous car on finance! Something I never thought would happen due to my poor credit score!”
– Mrs Jones
Source: Reviews.io
Consider joint car finance.
If you’re finding it difficult to get approved on your own, joint car loans for students might be an option. By applying with a parent or family member, their credit profile and income can support the application. Like our standard process, a joint application starts with a soft search, so neither person’s credit score is impacted during the initial quote.
Why Choose Us?
- Soft search technology: Check your eligibility without affecting your credit rating.
- Specialist lenders: Access to a panel that understands student finances.
- No-obligation quotes: See what’s available before you commit.
- Expert support: Our team is here to guide you through the paperwork.
Remember: Car finance can never be guaranteed, as all applications are subject to a full credit check and an assessment of your individual circumstances. However, if you are a UK resident over 18 with a full licence, we will do our best to find a deal that works for you!
Start your journey today and see if you’re eligible for student car finance!
Do I need a deposit for student car finance?
Having a deposit to put down for finance can be beneficial and could even help you get approved. A deposit means that you don’t have to borrow as much from the lender and help to reduce your monthly repayments. However, we know how hard it can be to save for a deposit as a student. So we have many car finances deals with no deposit available and also come with affordable monthly repayments!
Can I use student loan to pay for car finance?
You can use your student loan on anything you like but in reality, it should be used to fund tuition costs and living expenses. You could use part of your student loan as a deposit but we recommend having an additional income to help with your finances.
Do I need to be a certain age for finance?
We can only offer finance to people over the age of 18 years old because the minimum age you can legally sign up for a car finance agreement by law is 18.
Can I get car finance for students with bad credit?
If you have a low credit score, you’ve come to the right place! We are bad credit car finance specialists who work with a range of trusted lenders. Our lending panel has options for people with bad credit to get car finance with affordable repayments and no hidden fees!
Find out more – Guide to buying your first car.
Get a free finance quote!
Make a FREE no-obligation application with no effect on your credit score! Once you’ve applied, one of our friendly team will be in touch with a decision for you!