No Deposit Car Finance

48 Months

48 monthly repayments


Best available rate 6.9%

Total cost of credit £1,069.12

Total repayment £8,569.12

48 monthly repayments


Best available rate 6.9%

Total cost of credit £1,069.12

Total repayment £8,569.12

Representative example:

Borrowing £6,500 over 48 months with a representative APR of 21.4%, an annual interest rate of 21.4% (Fixed) and a deposit of £0.00, the amount payable would be £196.24 per month, with a total cost of credit of £2,919.52 and a total amount payable of £9,419.52

How does no deposit car finance work? 

A no deposit car finance deal can stop you from having to pay a hefty sum upfront. 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.

Anyone can buy a car without a deposit, however, this does involve high monthly payments than a finance arrangement where a deposit is required. A dealer may also 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.

Requirements for No Deposit Car Finance

The main requirements a lender will need before approving you for no deposit car finance are centred around credit checks and affordability checks.

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. 

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.

Other main requirements are that you should be at least over the age of 18, show that you can keep up with the repayments, and lastly, you will need basic proof of address, drivers licence and financial supporting documents. 

What car finance can I get with no deposit?

Most forms of car finance work with no deposit, but the two main options are a Hire Purchase (HP) or Personal Contract Purchase (PCP).

For 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 to the end of the term. 

For 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’re interested in any of the above then check what you can afford using our car finance calculator, or apply for car finance with ChooseMyCar today.

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.

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Frequently Asked Questions

The overall cost of car finance will vary depending on the type of car finance that you choose. 

The cost of getting a car on finance will be the overall cost of the car, plus any interest owed over the term agreed. 

For a personal contract hire agreement it’s worked out slightly differently; the amount you pay is calculated by the cost of the depreciation of the car over the term agreed. 

Some types of car finance may also include fees for excessive mileage, any damage to the car or a maintenance cost, so keep an eye out for this. 

If you want to find out what you can afford, check out our car finance calculator.

The amount you can afford to spend on a car will vary depending on your situation. The important thing is to make sure you can afford any repayments that your car finance agreement sets out. Missing repayments can cause issues between you and your lender and could end up in court or affecting your credit rating. 

To work out what you can afford, try our car finance calculator.