Rates from 6.9% APR: the exact rate you will be offered will be based on your circumstances
Representative example: borrowing £6,500 over 5 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 £188.74 per month, with a total cost of credit of £4,824.37 and a total amount payable of £11,324.37
Rates may differ as they are dependent on individual circumstances. Subject to status.
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 deposit!
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 0 deposit 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 right 0 deposit car deal for you.
We work with a panel of lenders, so 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 for no deposit car finance
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 about zero deposit car finance 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.