You don’t always need a deposit to get a car on finance. We work with lenders who’ll get you on the road, without needing to pay upfront.
CarLoans4u is a lender and credit broker. Our rates start from 8.3% APR. The rate you are offered will depend on your individual circumstances. Representative Example: Borrowing €6,500 over 48 months with a representative APR of 8.3%, the amount payable would be €158.68 a month, with a total cost of credit of €1,116.64 and a total amount payable of €7,616.64.
How to get car finance without a deposit
People sometimes pay a deposit when they get car finance – in some instances, it can help with getting an approval from a lender and helps reduce monthly repayments.
But we know it’s not always possible to save for that upfront cost. Getting no-deposit car finance is as simple and straightforward as getting any other type of car finance.
1. Apply for a quote
Fill in your details and we’ll search our panel of lenders. We’ll then be in touch to discuss your options.
2. Pick your car
Choose from over 40,000 cars from a CarLoans4u-approved dealer, or you can find your own car. We’ll run a free vehicle and history check on any car you choose.
3. Start driving
If the agreement works for you, the lender will run some final checks, make sure you’re happy to proceed. We’ll arrange to pay the dealer and then you just need to pick up the car.
Finding the right deal
CarLoans4u works with a panel of lenders who can offer no-deposit car finance.
When you apply online or talk to our team, we’ll be able to discuss your options with you. From there, you can choose the right deal for you. Together, we’ll find a finance agreement and vehicle that’s right for you.
How much can I borrow without a deposit?
In theory, there’s no set limit to how much you can borrow without a deposit.
Each application is considered on its own merits, which means we’ll run a tailored search, based on the amount you want to borrow and your credit history, to find lenders from our panel that can offer you the best rates.
The advantages and disadvantages
A car loan with no-deposit provides the financing you need to buy a used car.
You can choose between Personal Contract Purchase (PCP), Hire Purchase (HP) or a personal loan. Find out more about the different car finance options in our guide. The money you would have paid as a deposit is absorbed into your monthly payments. However, there are some important things to think about.
What are the requirements?
No deposit car finance deals are a popular choice for car buyers, and this flexibility is based on a few simple requirements.
You need to be able to afford the monthly payments. By providing details of your income and lenders being able to view your credit history should give some reassurance that you won’t have problems with the repayments throughout the length of the term. Use our car finance calculator for an idea of what you might be able to borrow.
You need to be over 18 and be able to provide some basic personal details such as your name, age, and address.
The lender may sometimes ask for more information but we will let you know if anything additional is required.