A no deposit car finance deal can stop you from having to pay a hefty sum up front. This can
make getting car finance a much more approachable thing to do. It also won’t limit you
on the type of car you can obtain.
So how does it work?
Anyone can buy a car without a deposit. A dealer may need some money to secure the vehicle to show to them that you’re a serious buyer, but after that, the car will either be picked up or delivered and you won’t have to pay anything else for the first 30 days. After this, the repayment plan will kick in and you’ll start paying the amount agreed as part of your finance deal.
What car finance can I get with no deposit?
No Deposit Hire Purchase
While the monthly repayments can be higher, particularly with no deposit, you own the car outright at the end. This means you can do whatever you want with it come the end of the term.
No Deposit: Personal Contract Purchase
While you won’t own your car at the end of it, PCP can make your repayment options more flexible and affordable. As you’re only paying off the cost of the car’s depreciation it can keep costs pretty low.
If you can afford a deposit we’d still recommend using one if you can as this will make interest rates lower and can help avoid any difficulty with repayments.
What cars can I get with no deposit?
There’s no limit to the types of used cars you can drive with no deposit. Whether you’re after a used Volkswagen, a used Mercedes, a used Ford or one of the other brands we stock, there’ll be something for everyone. Basically, if the car is in stock with our suppliers then you’ll be able to grab it and get driving.
- Used Ford Fiesta with No Deposit
- Used Volkswagen Golf with No Deposit
- Used Mercedes-Benz C-Class with No Deposit
- Used BMW 3 Series with No Deposit
- Used Nissan Qashqai with No Deposit
- Used Audi A3 with No Deposit
Requirements for No Deposit Car Finance
The main requirements a lender will need before approving your no deposit car finance are centered around credit checks and affordability checks.
Credit check for No Deposit Car Finance
Generally lenders are more likely to approve a no deposit deal when you have a good credit score. A strong credit profile will highlight that you can pay off your debts efficiently and lenders will look on this in a positive way. We are still able to offer bad credit car finance, however.
Affordability checks for No Deposit Car Finance
As repayments will generally be higher when a deposit has not been paid at the beginning of an agreement, lenders may be more concerned about your ability to meet them. They will need to check that you can afford to make the repayments to avoid any difficult situations further down the line.