Can I Get Car Finance with No Deposit?
Yes. In general, deposits aren’t mandatory for car finance. However, just because you don’t need one doesn’t mean you shouldn’t put one down – as tempting as that might be!
If you have some savings available to contribute as a deposit on your car, you can end up paying less over each month.
It’s worth working out your total monthly budget for the car and adjusting your deposit to the car you want. If you can reach that figure without a deposit, then go for it – just be aware you’ll pay more interest.
Another benefit of putting a deposit down is that you can be approved for a better loan with a more generous interest rate. Remember that you can trade your old car in and put that money towards your new car – reducing your monthly payments.
There are lots of lenders out there who will have no-deposit car finance options, so don’t think you will have to save for months and months to finance a car.