Help & Advice

Deposit

Deposit


At CarFinance 247, in most cases, we do not require a deposit from you.

If you do have some funds available to use as a deposit, you can put this down and this will reduce your total loan amount, subsequently reducing your monthly repayments.

The benefit of having a deposit available is that you are reducing the amount that you are looking to borrow, which could potentially improve your chances of getting an approval for a loan to start off with. We can also accept part-exchanges.

As mentioned, however, a deposit isn’t mandatory and many of our customers do take advantage of our no deposit car finance options, as it means that they don’t have to find an initial sum to put down on the car – something that can often be difficult.

Working with a large panel of lenders, we can help those with excellent, good, fair and even bad credit histories with finance. Our lenders that specialise in bad credit car finance can help those with CCJs, defaults or IVAs, as well as those that have been refused elsewhere.

We don’t just offer car finance, despite our name, but can also help if you are looking to purchase a van, motorbike, horsebox, caravan or motorhome!

Answer correct as of November 2016

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Best available rate
Total repayment
Total cost of credit

Best available rate

Total repayment

Total cost of credit

Representative example:

Borrowing £7,500 over 4 years with a representative APR of 27.4%, an annual interest rate of 27.4% (Fixed) and a deposit of £0.00, the amount payable would be £246.43 per month, with a total cost of credit of £4,328.83 and a total amount payable of £11,828.83.

Rates may differ as they are dependent on individual circumstances. Subject to status.

CarFinance 247 is a broker and not a lender

We compare products from 18 of the UK's top lenders to get you the best deal.

Best available rate
Total repayment
Total cost of credit

Best available rate

Total repayment

Total cost of credit

Representative example:

Borrowing £7,500 over 4 years with a representative APR of 27.4%, an annual interest rate of 27.4% (Fixed) and a deposit of £0.00, the amount payable would be £246.43 per month, with a total cost of credit of £4,328.83 and a total amount payable of £11,828.83.

Rates may differ as they are dependent on individual circumstances. Subject to status.

CarFinance 247 is a broker and not a lender

We compare products from 18 of the UK's top lenders to get you the best deal.