Can I get car finance with a provisional license?
Even if you do not have a full UK driving licence and currently have a provisional licence you may still be able to secure car finance. How much you will be able to borrow will depend on the type of car you want to drive. Depending on the terms laid out by the individual lender, in most cases you will have a borrowing limit of around £25,000 – which is still enough to ensure you are able to drive a fantastic new car. In order to receive car finance you must be able to legally drive the car. However, owning a provisional license does not guarantee you will also take the full driving test, which means lenders will place a limit on the amount of credit you can borrow. By applying for car finance with a guarantor, you stand a better chance of being approved.
Joint applications
If you have a provisional license you also have the option to submit a joint application with another person. As long as they live at the same address as you (partner, wife, husband, parent, etc.), you can apply for car finance credit. This is one of the most common ways that provisional license holders successfully apply.
If I have insurance and apply alone, will that make a difference?
Applying by yourself with insurance may help your chances of approval by a small margin, but our experts advise you stand a much better chance with a guarantor. Even if you have poor or bad credit, or have received a CCJ, IVA or bankruptcy in the past, the experience our panel of lenders have with processing these types of applications means you always stand a chance of being approved.
Interest rates will vary, depending on the lender, and when combined with monthly insurance requirements, the repayment schedule may prove too high. By applying through Carplus you gain instant access to the very best car finance deals available today, enabling you to find an affordable package based on your individual circ*mstances.
How to apply for car finance with Carplus
To find out more about car finance for provisional license holders, get in touch with our friendly customer service team today. We can answer all of your questions and help you find the right option that suits you. It’s our job to remove the hassle and to make the process as simple and straightforward as possible. No matter your credit history you may be able to get the car finance you need to be sitting behind the wheel of a brand new car within days.
