Zero Deposit Car Finance
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Zero Deposit Car Finance
Find the best quotes for a car purchase with no down payment
Loan vs car finance
If you’re on the hunt for car finance with no deposit, the good news is that there are plenty of options. Here at Quotezone, we pride ourselves on helping customers find the best offers on insurance and finance. So, with this said, let’s take a look at how you can find a car loan with no deposit.
Can you get cars on finance with no deposit?
Yes, you can find no deposit car finance when comparing quotes from companies online. There are two ways that you can get yourself a car without having to pay a deposit. Firstly, you can pay for a car using a personal loan. Alternatively, you can take out a PCP agreement.
Is a car loan with no deposit more expensive?
No deposit car loans do usually have far higher interest rates which makes them more expensive. On average, no deposit car loans will usually end up costing hundreds of pounds more than when compared with a loan with a deposit attached. Therefore, even if the monthly repayments are affordable for you, it is cheaper to save up and pay towards the car rather than taking out a no deposit car loan.
Is zero deposit car finance safe?
Yes, a zero deposit car finance loan is completely safe so long as you make the repayments as agreed. You can find plenty of loans available on Quotezone and can even view no deposit loans that you could be eligible for.
Do you have to pay a deposit on a finance car?
No, you don’t always have to pay a deposit if you want to buy a car on finance. In fact, you could be eligible to buy a new car without having to pay a deposit at all. We just recommend thinking about whether this is the best option as you could end up paying far more through interest rates in the long-term.
Will I be accepted for zero deposit car finance with bad credit?
If you have been declined car finance or personal loan recently, you should avoid reapplying. However, if your credit score has improved since the last time you applied, you could be eligible for car finance with a poor credit rating. We advise that you check out your credit score to get an idea of the likeness of being accepted for a zero deposit car loan before applying.
Is car finance without a deposit affordable?
Yes, car finance without paying a deposit can be affordable. However, you should expect your monthly repayments to be slightly higher. Always assess affordability based on your income before going ahead with applying for any sort of loan. Otherwise, things can get quite expensive fast!
Are personal loans valid for car purchasing?
If you’ve been approved for a personal loan, you can use it in any way you wish. Therefore, you can use it to buy a new car without a deposit. As always, we never recommend taking out a loan you cannot afford to repay comfortably – so keep repayments in mind and don’t default.
*Representative Example – Personal Contract Purchase: Cash Price £15,000.00, Deposit £500.00, borrowing £14,500.00 over 4 years at 8.9% Representative APR (fixed). 47 monthly payments of £228.99 followed by a final payment of £7,560.00. Total cost of credit of £3,832.53 and total amount payable of £18,832.53. Based on 8,000 miles per annum, excess mileage charges will apply if this is exceeded. Finance subject to status 18+ only. We are a credit broker and not a lender. Magnitude Finance is a trading style of DSG Financial Services Ltd. DSG Financial Services Ltd is a company registered in England & Wales with a company number 02313903. Our VAT registration number is 511678843. DSG Financial Services Ltd is authorised and regulated by the Financial Conduct Authority under firm reference number 649675