No Deposit Car Finance
No deposit car finance is an affordable way to upgrade your car without a substantial upfront payment and at Find Me Car Finance we know that for many people, saving up thousands of pounds for a deposit isn't always possible.
In addition, for a large number of motorists, a car is an essential, not a luxury, particularly if they need it to get to work or complete the school run. That's why we work with several specialist lenders who are able to offer no deposit car finance.
If your circumstances are such that it's just not practical to manage without a car, or keep your current one on the road until you've saved a sufficient deposit, our providers will usually be able to offer you a suitable no deposit choice.
How does it work?
Applying for no deposit car finance with Find me Car finance is very easy. Simply fill out our application form and we'll quickly provide you with a no-obligation quote.
At this stage we will only carry a soft search to see if you're eligible, This process will not affect your credit score and we'll only use this information to match you to a lender that is most likely to accept you for a no deposit car finance product.
This will help you avoid multiple applications in a short period, multiple applications can show lenders signs of desperation and significantly reduce your chances of being accepted.
If you don't have a perfect credit score, don't worry, we'll work with you to find a solution best suited to your individual circumstances. We work with many lenders who specialise in bad credit car finance and even if you've had CCJs or have poor credit we may still be able to find you no deposit car finance.
Car finance with no deposit - What's the catch?
No deposit car finance makes getting a new car more affordable and the car you've been dreaming of may be within reach.
With no deposit, you won't have paid anything towards the cost of the car until you start making payments and thus your monthly payments will be higher than it would have been if you had put down a deposit.
The longer the repayment term, the lower the monthly payments are and you can choose a term that suits your monthly budget and we'll search our panel of lenders to find you the best available deal based on your circumstances.
Without any deposit, you will pay more interest as you will be borrowing the full cost of the car but you have the benefit of driving away from the car lot without having to pay anything until you first instalment.
What else should I consider?
If you are thinking of opting for a no deposit financing choice, it's worth considering the following questions:
- What's the rate of interest like?
- Can I afford the repayments on my income? Particularly if you haven't been able to save, it's worth looking closely at your budget to identify how you're going to find the money to make your repayments.
- Is now the right time to buy a car?
We are always happy to help when it comes to explaining the various pros and cons of the no deposit car finance. In some cases it may be more cost-effective to try and save a little first for an initial down payment; for some individuals, a no deposit option is going to be the most economical option for their needs. We offer “no deposit” finance from a range of reputable lenders, giving you access to a good selection of high-quality financing opportunities.
