As a young driver you probably have little to no credit history, making it more difficult for lenders to assess your ability to make repayments. This means you’re less likely to get car finance when you need it. Luckily, there are steps you may be able to take to build your credit score.
Alternatively, you could consider getting a guarantor loan, which allows someone like a parent or friend to ‘guarantee’ you’ll pay the debt back.
At 1Plus1 we decided it was time that someone offered a loan that didn't rely purely on credit scores – just on whether customers could make the repayments without any hardship or problems for the duration of the loan.
We make sure that all our customers can afford any credit we give them.
Remember, getting a car involves ongoing costs. Insurance, road tax, MOTs, fuel, repairs have to be paid for. Make sure you can afford the monthly repayments, all your other financial commitments and the costs of running a car before you commit to a car loan. Missing repayments can have a serious impact on your credit rating, making it harder for you to get credit again in the future.
When you’ve got your car loan, you must manage your repayments responsibly to protect your finances and your credit score.
1Plus1 offer personal loans backed by a guarantor, subject to both the borrower and guarantor meeting our affordability and credit worthiness criteria.
If you think you may be interested in a 1Plus1 Loan, please give us a call on 0330 1200 313 and one of our friendly staff will be more than happy to discuss the process with you, or start your application here.