When you buy a car on finance, you’ll be asked if you want to put down a deposit. This can contribute towards the loan and be paid in cash or with a part-exchange. Putting down a deposit may improve your chances of being approved or reduce your overall loan amount. However, not everyone has a car to trade in or savings for an upfront payment, which is where no deposit car finance comes in.

The total length of your finance agreement will depend on the type of car finance deal you choose, your individual circumstances, and the lender’s criteria. Typically, a long loan period will mean lower monthly repayments, but you might pay back more overall with interest included.

Yes, but it depends on the type of agreement you have. With a hire purchase agreement, the car will be all yours as soon as you’ve finished all your repayments and paid the ‘Option to Purchase’ fee. But with PCP car finance, you’ll only own the car if you choose to pay the balloon payment.

At Car Finance 247, we work with a panel of lenders and several of them can help people with bad credit find finance. We may be able to find you a no deposit deal, even if you have a bad credit rating. Find out more about our bad credit car finance options.

Whether you’re looking for a hot hatch, stylish supermini, or seven-seater SUV for the family, Car Finance 247 can help you find the right finance deal for you. We work with a panel of lenders and some of them do have minimum requirements for a car’s age or mileage. Your account manager will be able to explain the options available.

Lenders will take a range of factors into account when deciding whether you are eligible for no deposit car finance – and it’s not just about your credit score. You must be over 18 and able to afford the loan. Affordability is assessed by looking at your disposable income and credit history. If you have missed payments in the past, had CCJs, or an IVA, you may also find it more difficult to secure car finance with no deposit.