Can Students Get Car Finance?
Even if you’re a student, it is possible to get car finance. You need a regular income, and if you have difficulty getting accepted, making a joint application with a family member can also be a smart move. This would have to be a person with a good credit score and a regular income who can vouch for you.
Having a car as a university student can be a game-changer, offering you the freedom and flexibility to combine part-time work with full-time studies, as well as visit family and friends.
Quality cars are expensive, making student car financing a crucial option. Unfortunately, there are many car finance companies and lenders that are reluctant to offer car finance to students.
At Stoneacre, we understand the importance of driving during your student years. Unlike conventional finance providers, we offer car finance options for students, ensuring a stress-free application.
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.
How to Get Car Finance as a Student
Applying for student car finance is a simple and straightforward process. Applying for student car finance is a simple and straightforward process. You can start completing the finance form on our website, providing any necessary details so we can check your eligibility for free.
When considering car finance as a student, it is essential to make informed decisions. You should choose a car you can afford and plan your budget to ensure you can make monthly repayments.
Our car finance options are designed with students in mind, and we can provide flexibility through our repayment plans and budget considerations. For more information, speak to our finance team online or over the phone, and we'll be happy to answer any of your questions.
Income and Joint Applications
One of the main reasons finance companies are reluctant to offer car finance to students is the lack of a full-time income. Most students work part-time, which means income levels are low.
While having a regular income is beneficial, we recognise the challenges students face in finding full-time employment. So, as long as you can prove you have a regular income, whether through part-time work or other means, we will consider your application for student car finance.
Adding to that, we understand that some students may not meet the income requirements on their own. In such cases, making a joint application with a family member who has a stable income can strengthen your chances of financial approval.
Building Your Credit History Can Help You Get Student Car Finance
Not having a credit history isn’t unusual for students. If you're looking for car finance as a student, this can sometimes hold back your application.
Thankfully, there are a some simple steps that you can take to change this:
Improving Your Credit Score
Taking steps to improve your credit score will directly influence how lenders view your credit file. If you demonstrate financially responsible behaviour, then lenders will be more likely to provide credit for you.
Our recommendations for first-time car buyers will not only help those who have no credit history due to age limitations, but it will also improve your credit score if you have a poor or bad credit history.
You should always make sure that you’re listed on the electoral roll at your student accommodation address, even if the address may be temporary. Lenders check the electoral roll to confirm you’re officially resident at that address. If you’re not, they’ll be unlikely to provide student car finance for you.
Remember: the more assurances you provide, the more confident lenders will be.
Student Car Finance with Bad Credit
At Stoneacre, we provide car finance for students with bad credit. We work with car finance lenders who are understanding, and specialise in finding the best car finance deals for students.
We understand that circumstances change, so we won't hold any historical bad credit against you. Instead, we'll focus on your specific circumstances and ability to afford the repayments, giving you a chance to get behind the wheel.
Stoneacre provides bad credit car finance options on a wide range of cars, which means that you have the opportunity to secure a vehicle despite past credit challenges. You can apply online today and we'll carry out a soft search to check your eligibility without affecting your credit score.
Cars on Finance for Students
At Stoneacre, we have a range of student car finance deals. These cars come with affordable monthly payments and a low insurance group.
Browse our cars online and find the car that suits your style and preferences.