What is the minimum age for car finance?

Approved by the Car Finance Advisory Board

If you make a car finance application, the minimum age limit is 18. Age is an important factor in the finance agreement as lenders have to be responsible and ensure that their customer is of an age where they fully understand their responsibilities within the finance agreement. The minimum age for car finance is the same age as any other form of credit or finance.

As well as there being an age limit, you'll also need a full UK driving licence. Find out more about the documents required for car finance here.

Will I be at a disadvantage when applying for car finance at a younger age?

Unfortunately if you're around the age of 18 - 21 you may find it harder to be accepted for car finance, or any other form of finance for that matter. The reason for this is due to your credit file and the fact that you're unlikely to have built up a substantial credit history, which is an important factor when applying for finance.

If you're a younger age and applying for car finance you do have options available to you. The main option is that you use a Guarantor to help secure you the finance for a vehicle. A Guarantor would then be legally liable if you stop making the payments for the finance that you've borrowed. Find out more about whether you may need a Guarantor to help with your car finance application.

Is there a maximum age for car finance?

Yes, you will need to be under the age of 75 at the beginning of the finance agreement to be accepted with the Creditplus lenders. This age limit is set to reduce the risk of the customer to the lender.

If you can’t find the topic you’re looking for here, please take a look at the rest of our Help section how to check if you qualify for car finance, or speak to one of our Customer Advisors by using our LiveChat service.

Published: 16/05/2016
Last Updated:31/01/2019
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