Car finance for students
When you’re a student, being able to afford a car might seem completely out of your reach. But with Car Finance Genie, financing a car is stress-free and simple, and you could do it in just four easy steps.
How we work.
Car finance made easy with 4 simple steps
Frequently asked questions
Now you know how easy it is to finance a car with us. But if this is your first time applying for car finance, you might want to know a bit more, so let’s take a look at some of our frequently asked questions:
What type of car finance is right for me?
There are several types of car finance for you to choose from. It’s not a ‘one size fits all’ approach, so you can select the best option for you and your budget. The two most common types of finance are hire purchase (HP) and personal contract purchase (PCP). The right one for you depends on your individual circumstances and how you want to pay. For example, if you’re looking for flexibility, you might be interested in PCP, while HP is a good idea if you want a clearer picture of exactly what and when you’re paying. It’s up to you, but make sure you understand the different kinds of finance and what they entail before you commit to one.
What is hire purchase (HP)?
A hire purchase is a fixed-cost loan. It’s paid over a fixed period and may or may not require a deposit – this depends on the lender. It is worth noting that while not having to pay a certain amount upfront may sound like less of a strain on your finances, putting down a deposit may lower subsequent repayments, so it’s worth considering even if you have the choice not to.
Hire purchase is a good option if you’d like to own your car once the loan is paid off. You should be aware that you will not own the car while repayments are ongoing. There may be an option-to-purchase fee at the end of the repayments, but this is normally relatively small, so don’t discount HP if budget is a concern. Also, because it’s assumed you’ll own the car at the end of the loan, there are no mileage restrictions, so you don’t have to keep an eye on how far you’re driving!
When you choose HP, you’ll agree to a certain annual percentage rate (APR), which refers to the interest rate on your loan. It’s the cost of borrowing each year and is paid in addition to your loan. You’ll also agree to the time period your repayments will be made over. Keep in mind that the longer your repayments go on for, the more interest you’ll have to pay.
What is personal contract purchase (PCP)?
With a personal contract purchase application, you’re likely to be asked for a deposit. However, if you’re looking for flexibility in your loan repayments, PCP could be the right type of finance for you. Repayments are often lower than with HP, and you’ll be given the option to return the car after the loan is paid. This is great if you only need a car for a certain amount of time, or if you’d like a different car at the end of the loan term – some dealers will offer you the chance to exchange your car for another.
As with HP, you won’t own the car while repayments are ongoing.
If you wish to acquire the car for good at the end of the repayment term, you need to be prepared for the ‘balloon’ payment – the final payment at the end of the loan. You should also be aware that, because there’s an expectation you’ll give the vehicle back, you may be subject to mileage restrictions. Going over this restriction could increase what you have to pay.
Remember to check for additional fees – you might, for example, be charged extra for any wear and tear on the car at the end of the term.
Taking all of this into consideration, PCP might be a good option for a student who only needs to drive short distances, such as someone living in accommodation close to the university campus.
What kinds of vehicles can I buy?
You’re here in search of a car, but have you thought about what kind you want? Car Finance Genie offers finance for a range of vehicles from a variety of carefully selected dealers. All available cars are listed online, and can be easily viewed on our website. Manufacturers include Nissan, Ford, Audi and many more. There are hundreds of quality used cars available, so you should have no problem finding the right one for you.
Of course, there’s a small chance that you won’t see exactly what you’re after, but don’t be put off if this is the case. We have an expert vehicle sourcing team to help find the perfect car for you.
Can I get finance if I have bad credit history?
Having a bad credit history might put you off applying for car finance, but Car Finance Genie considers most credit situations. We can’t guarantee you’ll be approved, but we do have strong relationships with lenders who specialise in providing loans to individuals with bad credit. This means you have a much better chance of securing car finance with us than with many of our competitors. We want to help you get a car, and will try to find you finance that suits your budget.
Being a student, you might have asked yourself whether having a car is even possible for you. Car Finance Genie might make it not only possible, but easy. Students have a lot to do, but when it comes to car finance, we do the work for you. We’ll search our panel of lenders to find options that work for you and your budget, bringing you one step closer to getting a car.
There are many benefits to having a car while at university. When it comes to weekend visits to your family, heading home for the holidays or moving into new accommodation, a car journey is much less stressful than trying to navigate public transport with all your luggage. A car also gives you the freedom to explore your surroundings, so you’re not just stuck on campus. When you’re living somewhere new, you want to get to know the local area, and a car allows you to do just that. Many students have part-time jobs, and a car makes travelling between work and university easy. And if you’re running late for a lecture, it’s much quicker to jump in the car than to wait around for the bus!
Often, the only thing stopping students from getting a car is the question of how they’ll pay for it. Car Finance Genie is here to try and help you with that. So don’t hesitate – apply today and take the first step to making student life simpler!
Why choose Car Finance Genie?
Our incredible service
With over 100 independent 5-star reviews, don’t take our word for it. Find out what our customers have to say!
Trusted dealer network
We’d never send you to the wrong place! Our fantastic network of carefully picked, trusted dealers mean you can get the car you want with complete piece of mind.
SAF Approved provides recognition for companies like Car Finance Genie where all of our staff involved in your finance application have passed the SAF Expert test.
CFG Quality Assured
Our rigorous checks and trusted dealers mean you can drive away without having any worries on your new vehicle’s quality.
No deposit finance available
We offer various flexible options within our finance options including bad credit finance and car finance without a deposit. Whatever your situation, we’ll try our best to help!
Years of experience
There’s no question our car finance specialists won’t try and answer. Put it to the test and get in touch today!
Rates from 10.9% APR. Representative APR 21.9%
The exact rate you will be offered will be based on your circumstances, subject to status.
Representative example: borrowing £8000 over 5 years with a representative APR of 21.9%, a fixed annual interest rate of 21.9%APR and a deposit of £0.00, the amount payable would be £220.67 per month, with a total cost of credit of £5420.20 and a total amount payable of £13,240.20
We look the find the best rate from our panel of lenders and will offer you the best deal you’re eligible for. We don’t charge for our service but we will receive a commission. This does not influence the interest rate you’re offered in any way but can vary by lender.
We act as a broker, not a lender. Further info on request.