Cars on finance for young drivers
Buying a car as a young driver can be a really exciting time and for many, you may be buying your first-ever car! If you don’t have the money to hand to buy a car outright, Refused Car Finance can help you finance the car you want with affordable monthly payments! We only work with the most trusted lenders in the UK and can help you find the best car finance deals for young drivers!
Can young drivers get a car on finance?
Is it harder for young drivers to get car finance?
- Lack of credit history.
Many young people may not have had a chance to build a credit history yet. You may find yourself with a bad credit score due to lack of credit because lenders can’t predict what type of borrower you will be if you have no previous experience with paying any loans or finance back. Find out more about how no credit car finance works.
- Your age.
You can start learning to drive from the age of 17 in the UK. However, you must be 18 years old before you can take out a car finance agreement.
- More likely to have a road accident.
Due to a lack of driving experience, young drivers are more likely to have a road accident in their first year of driving. Most car finance agreements are secured loans which means you won’t own the car until the final payment has been made. This increases the risk to the lender as the car could be involved in an accident. This can also increase how much you pay for car insurance too. Find out how to reduce your car insurance rates.
- Lower affordability.
Being a young driver or a student looking for car finance usually means that you have a lower income than other drivers and a smaller budget for car finance can limit your options when it comes to getting a car.
How does car finance for young drivers work?
1. Tell us about you.
2. Sign the paperwork
3. Enjoy your new car!
What makes Refused Car Finance different?
Hire purchase car finance for young drivers
Cheap cars for new drivers
Car finance deals with no deposit
Get young driver car finance today
Make a free, online application with us and you could be driving your new car in a matter of days! With no deposit needed, no harm to your current credit score and a decision within minutes, what are you waiting for?