Car finance advice for new drivers

If you’re a young driver and looking to buy your first car it can be an exciting time, but there are a few things you need to be aware of first…

Old enough to drive a car but not buy one?

You may be able to sit and pass your driving test at the age of 17, but you need to be 18 to get car finance. It might be wiser to wait until your 18th than be tempted to buy an older, cheaper, private sale vehicle as older cars obviously often come with their own issues, will need an MOT and can cost you more in the long run.

Don’t forget what’s up front

Car finance also requires a deposit and this can affect the terms of your car finance deal. It’s worth saving as big a deposit as you can comfortably afford and a good idea to boost this as much as you can while you shop around for the best deal.

Check your credit score

As a younger person, your credit history will be quite small, it may even be non-existant! Check your credit history – Click here to find out how you can check your credit rating – and also take a look at our useful tips on boosting your credit rating here.

Is a gaurantor loan for you?

A guarantor loan is one that is covered by a friend or relative. They’ll need to have a good credit rating to be accepted but this can be an option if you find, due to your age and relatively short credit history, you are unable to get accepted for car finance or get a deal that’s right for you.

At Match Me Car Finance, you can get a no-obligation quote without impacting your credit score.