Car Finance With Provisional Licence
- No Deposit
- We help find you the perfect car
- PCP and HP from 8.9% APR
- Free car history and dealer quality check
If you possess only a provisional licence and not a full driving licence, you may wonder if it’s possible to secure car financing. The short answer is, it is! Find car finance with a provisional licence with CarMoney.
Finding a way to finance your next car can be difficult. Do you choose to look at car loans or finance it through a dealer? Argh! Choices, choices, choices!
Applying for provisional licence car finance may seem like jumping the gun a bit. After all, why try to get finance for your car before you can legally drive it? However, there are many reasons to apply for car finance with a provisional licence and many lenders will be happy to approve your application.
At CarMoney, we can help you find car finance for provisional licence holders that suits your individual circumstances.
Representative Example: Borrow £7,000 with £1,000 deposit over 48 months with a representative APR of 17.9%, monthly payment would be £171.83, with a total cost of credit of £2,247.83 and a total amount payable of £8,247.83. CarMoney Limited can introduce you to a limited number of finance providers based on your credit rating and we will receive a commission for such introductions this can either be a % of the amount borrowed or a flat fee. This does not influence the interest rate you’re offered in any way. CarMoney is a broker not a lender.
What is a Provisional Licence?
A provisional driving licence is a document issued by the DVLA that allows you to learn to drive on public roads under the supervision of a qualified driver (usually a qualified driving instructor, but anyone who has three years of driving experience can help you). It’s a temporary document that signifies a step towards obtaining a full driving licence.
Applying for car finance with a provisional licence can mean you will face some challenges or restrictions.
Limited Driving Experience: Lenders may perceive individuals with provisional licences as higher risk due to their limited driving experience.
Insurance Costs: Insurance premiums for provisional licence holders can be higher, influencing overall affordability.
Choice of Vehicles: Some lenders may restrict the types of vehicles that can be financed by provisional licence holders.
Interest Rates: Due to the perceived higher risk, interest rates may be slightly elevated compared to those offered to drivers with full licences.
Of course, there are reasons why you would want to apply for car finance with a provisional licence.
Familiarity with the car: Every make and model of car is different and it takes time to learn each car’s layout. If you can take driving lessons in the car that you will ultimately drive solo, you will be a lot more familiar with the car when you pass your test.
Motivation: When you are learning to drive, you may have bad days or may even need to take your driving test multiple times. If a few lessons haven’t gone well, it can be tempting to give up. If you already have your car and are paying off finance, this will motivate you to stick with driving lessons.
Time to pay off the loan: If you go for car finance with a provisional licence, you will have effectively paid off some of the loan before you pass your test, and become fully responsible for additional costs such as fuel.
Provisional licence car finance can be seen as a higher risk for the lender…
But don’t worry, there are steps you can take to improve the chances that your application is approved.
Build a Strong Financial Profile: Manage any existing debt, and make sure you can show a steady source of income.
Research Lenders: Check to see if lenders will consider applications from people with provisional licences.
Budget: Check your existing income and expenses to ensure you can comfortably afford repayments.
Consider a Guarantor: A guarantor agrees to repay the loan if you default. This reduces risk to the lender and can increase the chances of approval.
The CarMoney ninjas will help you find finance companies that are likely to approve car finance for provisional licence holders.
Securing car finance with a provisional licence is possible!
It’s important to understand the challenges and reasons why you would want to apply for finance. Responsible financial behaviour not only leads to acquiring the car you desire but also lays the foundation for future financial success.
Get a quote or contact CarMoney today.
Frequently Asked Questions
Can I get a car finance with a provisional licence?
Yes, getting car finance with a provisional driving licence is possible. However, the process and terms may differ from those with a full driving licence.
Do lenders offer car finance to individuals with a provisional licence?
Yes, some lenders offer car finance to people with provisional licences. However, these lenders may have specific requirements and terms tailored to people with limited driving experience.
What factors might lenders consider when offering car finance to provisional licence holders?
When considering your application for car finance, lenders will look at many factors, including your age, employment status, credit history, and the type of vehicle you want to finance. Because you are a provisional driver, your driving record may not be as vital as someone with a full driver’s licence.
Are the interest rates different for car finance with a provisional licence?
The interest rate you are offered on a car loan will depend on your circumstances and the lender’s policies. Factors such as your credit history, employment stability, and the lender’s risk assessment can influence the interest rate you are offered.
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Get on the road sooner with our tailored finance options for provisional drivers. Provisional drivers get on the road sooner with our tailored finance options.
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Our customers love our CarMoney Ninjas
CarMoney Ninja Sean
“Great service, Sean Davidson was great and was always trying to help and give me the easiest experience possible. Thank you very much Sean.”
CarMoney Ninja Alan
“Alan, who I spoke with on the phone, was amazing! He sorted everything out for me, it was so easy and was able to get my car the very next day. Fantastic!”
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“Sophie who sorted my finance out for car was amazingly nothing was too much trouble for her always kept me up to date. Five stars Sophie. Thanks for everything”
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