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How old do you have to be to finance a car in the UK?

The minimum age for applying for car finance in the UK is 18 – so how do you go about getting it?

Car finance

In the UK, you must be over the age of 18 to apply for car finance. This is because car finance is a type of loan, no matter which type of finance you pick.

Can you get car finance at 17?

As car finance is a type of loan, you won’t be able to apply if you’re 17 years old.

Loans are only available to people over the age of 18 in the UK, so you won't be able to get a finance car until after that big birthday.

Car finance can be harder to get approved for if you’re a younger driver, so it’s a good idea to get some savings in place and build your credit score to help you out when the time comes.

Car finance for 18-year-olds

Once you turn 18, you’ll finally be able to apply for car finance.

This doesn’t mean that you’ll be accepted – getting approved for finance can be tricky at a young age.

By building up your credit score and proving that you can be trusted to pay back loans, you’ll look more attractive to lenders.

If you do go forward and apply for car finance, the finance company will first do a soft credit check to see if it thinks you’d be a good fit for car finance.

Soft credit checks don’t impact your credit score or leave a mark on your report, but will give the lender an idea if it can provisionally approve you for the loan.

The finance company will then do a hard credit check as its last step before it makes you a final offer.

These checks show up on your credit report and can put lenders off, as having too many might come across like you’re not managing your finances well and are applying for many loans.

To improve your chances of being approved for finance – but also to ensure you’re making sensible financial moves – you should only apply for car finance you know you can afford to pay.

Take some time to consider your financial situation and make a budget before going ahead.

Remember, financial situations can change, so it’s important to check that you could still cover the payments in the event that something happens.

Car finance for young drivers – 19-, 20-, 21-year-olds

You’ll usually find it easier to get approved for car finance the older you get, as your credit history will build up over time.

It can still be hard to get approved if you’re over 18 but still young, so bear that in mind when applying.

Can I get car finance if I’m retired?

You can apply for finance if you are retired, as long as you have a stable income and a good credit history.

Even though you’re retired and not being paid to work, it’s likely you have a regular pension that will help you cover the payments.

As with anyone applying for car finance, it’s important to only apply for cars you know you can afford. This will make it more likely that you’ll be approved.

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