What percentage deposit must I put down for a car loan?

I'm looking for a car loan and am wondering what percentage deposit i must place down. Please help!

Asked by stuart
August 22, 2011

Hi Stuart, it all depends upon the lender you get accepted with. Most lenders we deal with don’t require a deposit to be placed into the deal which is obviously good news. However, placing as much deposit in as possible will reduce your monthly finance repayments and the interest you’ll pay back.

Please make an application and once approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

My monthly budget is

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Rates from 8.9% APR. Representative APR 19.9%

My monthly budget is

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Rates from 8.9%: the exact rate you will be offered will be based on your circumstances, subject to status.

Representative example: borrowing £10,000 over 5 years with a representative APR of 19.9%, an annual interest rate of 19.9% (Fixed) and a deposit of £0.00, the amount payable would be £255.50 per month, with a total cost of credit of £5,329.80 and a total amount payable of £15,030.

We look to find the best rate from our panel of lenders and offer you the best deal that you're eligible for. We earn a commission for providing our services, but this does not influence the interest rate you’re offered in any way.

Amount to borrow

To pay over

5 years

Assuming your credit profile is:

Total cost of credit	£ 2000
Total repayment	£ 2000

48 monthly
payments of

£ 245 98

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Rates from 9.9%: the exact rate you will be offered will be based on your circumstances, subject to status.

Representative example: borrowing £25,000 over 48 months, £3,750.00 deposit, on PCP, with annual mileage of 8,000pa, and a representative APR of 11.9%, an annual interest rate of 11.9% (Fixed), the amount payable would be £394.51 per month, an optional final payment of £7,194.33, with a total cost of credit of £9,912.36 and a total amount payable of £28,444.33.

We look to find the best product from our panel of lenders and will offer you the best deal that you’re eligible for. We earn a commission for providing our services, but this does not influence the interest rate you’re offered in any way.

Deposit related questions

Hi there, I seem to struggle to get credit to buy a car. I have an existing small loan which was £2500 (never missed a payment), an overdraft of £800 (which gets reduced, but used each month) and a poor credit Capital One credit card, which is cleared twi

Asked by Rob
August 22, 2011

Hi Rob, you could use your retired mother as a guarantor to help strengthen your application. You'd obviously need her permission first though. To get a £12,000 car you'll need a circa £2000 deposit as a minimum so no need for the £6000 that you can access. As you have a good income and some current clean credit i'm confident that we can get you accepted. Please make an application and once approved you can choose a car from any dealer and we also provide a no obligation quote. Kind Regards, Rachel

Dear Rachel, I have a £1k deposit and want an Audi RS4 over 4/5 years. Could you look into it for me and see what the monthly payments would cost me? I can afford £300 a month no hassle. Kind regards, Zack

Asked by Zack Khan
August 22, 2011

Hi Zack, how much are you looking to spend on an Audi RS4 and how old would the car be? I need this information before working our your approximate payments. Also do you have a good, fair or poor credit history?

Hello, I have a bad credit score due to recently being placed on a payment plan but i do pay that regularly. I have had a few defaults as my plan advised me to stop paying my creditors resulting in these and i have a deposit of around £1000. I am only loo

Asked by Jo
August 22, 2011

Hi Jo, thanks for your question and apologies for the delayed response. We do have a few lenders on our panel who help people that have past defaults and big deposits. As you have £1000 deposit i'm sure we could get you approved but you'd need to be able to prove your income with payslips or bank statements which hopefully won't be an issue. Please make an application and once approved you can choose a car from any dealer and we also provide a no obligation quote. Kind Regards, Rachel

I have £1000 deposit with a Citroen saxo to px or sell. I am looking for finance as I need a newer car. I have poor credit but it has improved recently. What would be the best way to go?

Asked by Charlotte Hardy
August 22, 2011

Hi Charlotte, we'll try our best to get you approved and so we can get your credit rating improved. The good news is that you have a deposit and part exchange so this helps massively. How poor is your credit? Are you employed and are you on the electoral register? Rachel

Hi there, I have a bad credit score and was hoping to by a car in the £10,000 to £12,000 region.

I have a £7,000 deposit and have a good monthly income. Do you think I would be accepted?

Asked by David Mcfarlane
August 22, 2011

Hi David, thank you for your question.

Due to the fact that you have such a large deposit i’m reasonably confident we could get you accepted for car finance. We also have lenders that help people with bad credit get finance.

Please make an application and once approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

Hi, I would like to buy a car up to £9999 with a trade in value about £5000. Also £500 cash. Experian has me at poor 617. Since this i am currently going through a mortgage approved with a £30,000 deposit borrowing £59,000.

Asked by Lucy
August 22, 2011

Hi Lucy, with fair credit and a large £5000 deposit i'm more than confident that we can get you the £4999 finance that you need. Please apply when you have 2 minutes. Kind Regards, Rachel

Hello, I have bad credit with one CCJ and a number of defaults. I am on electoral roll and have been in full employment in same company since 8 yrs ago. I earn £45K and have £3k deposit for a £10k car. Do you think I will be able to get finance?

Asked by Jay
August 22, 2011

Hi Jay, from what you have said it certainly seems possible as you have a good stable income and a large deposit. Please apply when you get 5 minutes. Regards, Rachel

I want to get a loan of £3000 to put towards a car. I have £5000 deposit to put down but I have little to no credit history. Will I have trouble getting a loan / car finance?

Asked by Adam
August 22, 2011

Hi Adam, as you have such a large deposit i'm sure we can do something for you. Are you on the electoral roll at your current address? If so, please apply and let me know your reference number. A guarantor would always strengthen your application too so, if that's a possibility go for it :-)

Hi, I have a credit score of 956 on credit expert, how much could i borrow with a trade in car worth approx £6000. (car is fully owned by me with no outstanding payments)

Asked by Joe
August 22, 2011

Hi Joe, you obviously have a good credit score and a very large deposit so the amount you can borrow may well come down to your level of earnings. How much do you NET after tax each calender month from your job? Also how much do you want to borrow? Rachel

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