No Deposit
Car Finance

Car Loans | CarFinance 247
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Rates from 7.9% APR. Representative APR 21.9%
Car Loans | CarFinance 247
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Rates from 7.9% APR: the exact rate you will be offered will be based on your circumstances, subject to status.

Representative example: borrowing £6,500 over 5 years with a representative APR of 21.9%, an annual interest rate of 21.9% (Fixed) and a deposit of £0.00, the amount payable would be £172.09 per month, with a total cost of credit of £3,825.54 and a total amount payable of £10,325.54.

We look to find the best rate from our panel of lenders and will offer you the best deal that you’re eligible for. We don’t charge a fee for our service, but we do earn a commission. This does not influence the interest rate you’re offered in any way.

Can I get car finance with no deposit?

No deposit? No problem!

If you’ve found the car of your dreams – or yours has just given up the ghost – you don’t need to dip into your savings or wait until you’ve built up a nice nest egg to buy a new used car.

We know it sounds too good to be true, but 0 deposit car loans for new and used cars do exist.

Some dealers might ask you for a reservation fee, but you could be able to find a car and drive it away without paying a penny!

How does no deposit car finance work?

0 deposit car finance deals could be an option whether you're looking for a personal loan, hire purchase agreement or personal contract purchase deal.

With a personal loan, you won't normally need to pay a deposit. Once you've received the loan and paid the vehicle seller, the car will be all yours. All you need to worry about is keeping up with your monthly repayments!

PCP car deals with no deposit give you more options when your agreement ends. With a personal contract purchase, you'll typically pay fixed monthly repayments but when your loan period ends, you have choices. You can either return the car, buy it by paying a one-off balloon payment, or use any positive equity in the car as a deposit for a new PCP deal.

Terms and conditions will apply though. You might have a limit on the number of miles you can drive, and you'll need to make sure you don't damage the car to avoid extra charges.

A hire purchase (HP) agreement with no deposit will usually have higher monthly payments than PCP, but you will own the car when your loan period ends if you keep up with your repayments and pay the 'Option to Purchase' fee.

Pros and cons of no deposit car finance

The best thing about no deposit car finance is that there's no deposit! You can drive your new car away without having to pay anything upfront. There's no need to wait and save up or use money you'd set aside for home improvements or your next summer holiday.

But it's worth keeping in mind that if you don't pay a deposit, you might have more money to pay back on your finance loan. This could make your monthly repayments higher or your loan period longer, meaning you'll pay back more in the end.

Restrictions can also apply. While we'll work to get the right deal for you, regardless of your personal circumstance, some no deposit car finance deals are only available to applicants with good credit ratings.

Looking for low deposit car finance? If you do want to put some money down as a deposit but worry it won't be enough, we could help.

If you're not sure which solution could work best for you, your account manager can help explain your car finance options. Get a quote to find out more.

Why come to us for car finance?

For us, used car finance is all about helping people improve their everyday lives.

Whether it's sorting out the school run, getting that big boot for the big shop, or just a car you're proud to park outside the office, we will work to get the best deal for you from our lending panel.

And thanks to our panel of lenders, we can look to find no deposit finance for people with a variety of circumstances.

Plus, you'll have a dedicated account manager on hand to help you through the process.

What's next? How to apply

Whether you're looking for a Peugeot on PCP, a Honda on HP, or a personal loan for a Land Rover, we could help!

It starts with a quote. If you're approved in principle, your account manager will give you a call to talk through your options. No strings attached. They can answer any questions you have and give you access to our car search – a treasure trove of over 130,000 used cars ready and waiting to find a home. Found a car somewhere else? We can still help – just let your account manager know.

Can I get no deposit car finance?

No deposit? No problem! We know it sounds too good to be true, but 0 deposit car loans for new and used cars do exist.

Ready to start?

Applying with us only takes a couple of minutes and won't affect your credit score

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* The UK's number one online car finance broker by unique users to the website. Based on Hitwise data – 1,746,657 to CarFinance 247 vs. 666,020 for nearest competitor. January to December 2019.

96% of our customers recommend us: † Based on feedback left on independent review site Reviewcentre. May 2019.

CarFinance 247 is a trading name of CarFinance 247 Limited. Registered office: Universal Square, Devonshire Street North, Manchester, M12 6JH. Registered in England. (Registration Number 06035525).

CarFinance 247 is authorised and regulated by the Financial Conduct Authority for insurance distribution and credit broking (Firm Reference Number: 653019). CarFinance 247 is registered with the ICO (Registration Number Z1897658).

Finance is subject to status and is only available to UK residents aged 18 and over. Written quotations are available on request.

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