Car finance for Students

Do you want to purchase a new or used car to drive to the university’s campus? Buy your dream car right now with our exclusive deals on car finance for students and focus entirely on your study.

Representative 49.7% APR

Representative example: Borrowing: £1,200 Interest: 0.34% per day for up to 75 days (124% per annum, variable) Representative: 49.7% APR (variable)

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  • Free, no obligation quote

  • Instant decision

  • Same day payouts

A LENDER’S PERSPECTIVE OF CAR FINANCE FOR STUDENTS

Are you doing graduation from a reputed university but need a reputed car as well? Do you need a vehicle for the daily commute to the campus? You can take your own ride to your university by purchasing a new car after opting for car finance for students.

Students have to go through some tough situations when they want to purchase a new car. The most significant constraint for them is ensuring the loan repayment. With limited income, students cannot declare their loan affordability. In such circumstances, our inexpensive deals on car finance will work for you. If you are a student, you can think about our deals.

At the same time, you are so young to have a stable credit history. There might be a chance of either no credit history or a poor credit record. Still, you do not need to worry a lot. Loanorganisation is one such modern lending platform where your loan application can have approval even if you are a student with bad credit. We provide more accessible financing for cars and possess specialised deals for those with the lower credit score.

Unlike traditional loan providers, we are relatively flexible in our approach. Our repayments are affordable for around 98% of students, and they have a higher loan approval rate.

WHAT ARE THE ELIGIBILITY RUDIMENTS ON CAR FINANCE FOR STUDENTS?

Considering the criteria to qualify for car finance for mature students is essential. It helps you to get ready for the loans and apply without any half preparation. We have kept straightforward conditions so that every student can seek adequate car finance.

WHAT ARE THE STEPS TO GET CAR FINANCE AS A STUDENT?

Car finance for students in the UK is similar to the typical car financing options where one can borrow funds to buy either a new or used car. The application procedure for car finance is different between the traditional lender and modern-day lender like us.

One thing is for sure that you apply only through an online procedure where minimum documents are required. Before going on the application procedure, we would like to suggest you two crucial things:-

  • Loan affordability: Use a car finance calculator to analyse how much you can manage on a particular interest rate. Try to avoid the risk of asking a heavy amount, which is beyond your affordability to repay.

  • Analyse your budget: As a student, you must have a limited budget since you have to manage study and living expenses. Therefore, you should either purchase an entry-level car or a used car if you have a tight budget.

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Once you have worked on these two points, you can visit our website anytime and anywhere to start applying for student car finance.

  • Fill an online form with only personal details to mention;
  • Submit it and wait for our loan quote;
  • We analyse your details and mail a suitable and obligation-free loan quote to your email id;
  • Check every detail on the quote and confirm it;
  • We approve your car finance for you within a few minutes;
  • Your active bank account will have desired funding within 24 hours.

HOW DOES A STUDENT MAKE APPLICATION STRONG ON CAR FINANCE?

You are pursuing study and not indulging in traditional income sources. With the lack of full-time income, you are literally a risky borrower for any lender. Unlike other lenders, Loanorganisation follows a different route. We do not sense risk while financing you but feel proud to fulfil your wish with the best car finance for students.

We also understand that availing of car finance for students with bad credit is relatively tricky. We want to make it easier for you by mentioning here some vital suggestions:-

  • Make a significant car deposit: You should pay some amount of cash as the car deposit. It will increase your chances of getting car finance. It clarifies your eligibility to manage your funds and is good in financial credibility. In addition, you will have to pay lesser loan repayment.

  • Arrange a guarantor: You do not have enough income sources to ensure the loan repayments. The best way to ensure the repayments is by arranging a guarantor. The person should have a good credit score. If you can find out about that person, it will be a huge benefit for you. We can offer you a large amount on the lower interest rates.

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  • Earn stable monthly income: Having a stable monthly income is necessary for car finance and every type of loan. Every lender prefers steady income, not seasonal income, but we can accept both in rare circumstances.

  • Do not apply for too many loans: Applying for car finance at multiple locations at a time will only harm your credit profile. When you approach us for student car finance, you do not need to go anywhere else. We provide you with loans where interest rates are affordable.

WHY COMPARING STUDENT CAR FINANCE IS GOOD?

Many lending institutions offer car finance and car loans for students. It includes both the traditional lenders like banks and credit unions and online lenders like us. The conventional lenders usually hesitate to finance individuals with lower credit profiles and lower-income sources like students. It is where online lenders score more by providing cheap car finance for students.

You can compare and shop around to have the best deal, and it is your responsibility. You need funds and getting the suitable loan deal is only your benefit. The primary reason behind the rising preference of online lenders is the quickness in loan procedure and flexibility in loan terms.

You should follow these points while comparing the car finance deals as a student:-

You have every right of comparing deals available for car finance for students in the UK. Once you apply here, you will notice that our deals are borrower-friendly. With us, you can give enough time to your study and save a significant amount of pounds.

WHY SHOULD I APPLY FOR STUDENT CAR FINANCE WITH BAD CREDIT?

A bad credit score has become obvious for almost 80% of students in the UK. They have limited income and have to use credit cards for making considerable expenses. Purchasing the car is also crucial for them to have smooth travel towards the university. In such circumstances, applying for car loans for students with bad credit can be beneficial for you.

These are the specialised funding sources where your past credit history does not matter. We see what you are doing in current times and how much you are paying your expenses. If you are good on that part, you are well eligible for car finance.

Applying for student car finance with bad credit is helpful because you can improve your credit score. If you make all loan instalments on time and complete the loan term without any errors, all these activities will be added to your credit profile.

You need to have flexible repayments to do this, and we offer exactly. We have kept flexible repayments on every type of car finance, such as personal car finance or car finance for the self-employed.

An improved credit profile will boost your financial credibility, and you can quickly get any loan during post-graduation.

Loanorganisation is a depending online lending platform from where the journey of financial balance in life starts. You are a student and gaining knowledge to have a successful career ahead. Having financial support is crucial, and we are ready to take this responsibility.

Submit your application on car finance for university students and get approved now.

FAQ

Which are the best car loan providers for students?

There are various car loan providers for students but the best car loan provider is LoanOrganisation. This lender can help you avail yourself of money at affordable interest rates. Now borrowing money to finance a car as a student has become easier with this direct lender. If you are eligible to borrow money and have a good credit rating, you can get money at lower interest rates.

How do I choose the best student car loan provider?

To choose the best student car loan provider,

  • You should do online research
  • You should figure out what kind of deals they have to offer you
  • Compare interest rates and additional fees like early repayment fees, processing fees and all to assess whether the deal is affordable or not
  • You should read online reviews so you can get to know about the reputation of your lender.
  • Ask your friends if they have contacted a lender before that is trustworthy.

Which car finance option is the cheapest?

There are a couple of car financing options, but the best financing option is an auto loan. This is because you do not have to arrange a bigger down payment, and you can get money at affordable interest rates. The loan term will be over a period of three years, so you can easily manage debt payments. However, it is crucial to note that you will have to pay high interest in case you have a bad credit rating.

Is it a good idea to finance a car?

If you do not have money to pay for the car outright, you will definitely have your car financed, but at the same time, you need to check your repaying capacity. The idea of borrowing money to buy a car is not good at all if you cannot manage to repay your debt. This is why it is crucial to analyse your repaying capacity. Otherwise, you will not only lose your car but have your credit score dinged.

What documents do I need for car finance?

In order to get your car finances, of course, you need to have all documents that your lender requires.

  • Details of the car dealer from whom you are buying your car
  • The proof that you have paid a down payment to the dealer
  • Slips of monthly income of the last six months

You may need additional documents as well, depending on the policy of the lender.

Apply now