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Car Finance Expert Q&A

Hi, I'm Edwin and I'm here to help you!
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Edwin Miles. Underwriting Manager

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No Deposit Car Finance

If I pay a deposit with you for a car and I change my mind. Do I get my deposit back?

Posted by Sarah on

Answer.

Hi Sarah, if you apply for car finance with us and get approved we do advise that you leave a small deposit with the supplying dealer. This is to make sure that the dealer doesn't sell the vehicle you want to another customer. The amount you leave as a deposit will obviously come off the finance amount you need to borrow.

However, you only need to leave in the region of £100 to £150 to secure the car in most cases. Would this be a problem for you? If you change your mind at the last minute you could well try and get your deposit back from the dealer but some may refuse if they had already prepared the car for delivery.

Are you in the buying cycle now? If so, please make an application and we'll see if we can help you.

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Question.

Hi Edwin, do you offer car finance with no deposit. From the answer above i can't quite make it out. I'm really short of cash but need a new car. I might struggle with finding a deposit. Can you clarify please?

Posted by Emily Hasen on

Answer.

Hi Emily, we do offer no deposit car finance as long as you commit to us before coming to collect your new car from us. When i say commit i'm talking about signing the finance documentation and providing us with copies of your driving licence, proof of address & proof of income etc. It also depends upon whether we can get the advance from the finance company as to whether you'd need to put a deposit into the deal or not. Finally we'd need a signed order form from you which shows your serious about buying a new car without a deposit. I hope this helps. Kind Regards, Edwin

Posted by on

Question.

I would like to buy a diesel car but i have no deposit and live in aldershot at the moment. Please let me know if anyone can help me to borrow £2500 to £3000. Many thanks

Posted by Danny on

Question.

Hello, I have very poor credit and no deposit. I am looking to get a second car to use as a taxi, I already use the vehicle I have which is brought and paid for struggling to fimd finance for second car obviously it makes a difference as I need it as a working car!

Posted by Phill Pritchard on

Answer.

Hi Danny, as long as we can get you approved for car finance we'll be able to get you into a diesel car for around £3000 (as that's our minimum lend) with no deposit from yourself. How is your credit profile? Kind Regards, Edwin

Posted by on

Answer.

Hi Phill, getting car finance with no deposit is not an issue with us but it all depends upon whether we can get you accepted with one of our lenders for a car loan? When you say your credit is bad can you elaborate on that a little for me? Kind Regards, Edwin

Posted by on

Question.

My old car just failed it's mot and it is going to cost to much to have it repaired. The garage has bought it off me so I can't part exchange. I need a car for work but and was wondering about the cars you offer. I would only like to borrow around £2000 but the cars you have on your website start at around £4000, I have no deposit. Would you still be able to help?

Posted by Daniel on

Answer.

Hi Daniel, yes e can help you even though you have no deposit however, our minimum lend is £3000. If you only want to spend £2000 on a car we've found out in the past that the cars for that price just end up causing more problems and costing customers more money in repairs etc. Our finance lenders won't lend money on cars over 6 years old either. Please make an application and we'll get you into a car in no time providing we can get you approved. Kind Regards, Edwin

Posted by on

Question.

Hello, i need £6500 on finance for a car. Do i need a deposit as i dont have much of one?

Posted by Graham on

Answer.

Hi Graham, all we need is a refundable £100 deposit to secure the car of your choice so in effect you do not need a deposit as we can finance the full amount of the car for you as long as you get approved. Thanks, Edwin

Posted by on

Question.

Hi Edwin, I would like to get car finance for a nearly new car however, I do not have a guarantor nor a deposit. How do I go about this in my current position?

Posted by Jackie Acquah on

Answer.

Hi Jackie, how is your current credit profile? Have you got good, fair or poor credit? If you have a good credit profile then you shouldn't need to worry to much about finding a deposit or a guarantor. How old are you and how much do you want to finance? Do you have a part exchange as we can use that as a deposit? Kind Regards, Edwin

Posted by on

Question.

If I pay the £100 to secure the car but then don't get approved for finance do I get my £100 back?

Posted by Leeroy on

Answer.

Hi Leeroy, we won't ask for the £100 deposit to secure the car until we already have you approved so there's nothing to worry about on that front. However, if for any reason the deal fell through at the last minute and it was our fault then the £100 would be returned to you. Regards, Edwin

Posted by on

Question.

I've been told by Lookers Vauxhall that I need to pay £100 deposit to secure the car. I asked them had the finance been approved and they said not yet.

Posted by Leeroy on

Answer.

Hi Leeroy, my advice would be to get the finance solved first and then pay the deposit. If you get refused for any reason please come and apply with us. Regards, Edwin

Posted by on

Question.

Hello Edwin, my credit history is very bad so I don't think anyone can help or can they? Incidentally why do you or the company need to know how old I am?

Posted by Jackie Acquah on

Answer.

Hi Jackie, we don't need to know how old you are at this stage, we'd need your DOB on the application though. It's just that if you're under 21 we'd really struggle to help. If you're over 21 then that's good as lenders don't like lending young people money when they have bad credit. There's no way i can give you a guaranteed answer on whether we can help until we see your credit file. One thing that would help is to know whether you have applied at any other online car loan providers? If so, who were they and did you get declined? Edwin

Posted by on

Question.

Hi. I received a call saying i had been accepted for £3200 on the basis that i paid a £600 deposit. Now does this mean they will lend me £3200 and i pay £600 on top so my budget is £3800 or that they will lend me £3200 and i pay £600 so my budget is £3200. I hope this makes sense.

Posted by Scott on

Answer.

Hi Scott, i'm 99% certain that you have £3800 to spend which includes your £600 deposit. Regards, Edwin

Posted by on

Question.

Hi, I've bad credit and no deposit but desperatly need a 4x4. I have a car already paid for but it's no good for what i need. I am looking for a landrover discovery can you help?

Posted by Mick on

Answer.

Hi Mick, we'll certainly try and help get you a Land Rover Discovery. How much is your part ex worth approximately as that can be used as your deposit? Have you already located a vehicle that you'd like to buy and if so have you applied for finance already? Why is your credit so bad? Can you elaborate a little? Kind Regards, Edwin

Posted by on

Question.

Hi Edwin, I have bad credit and i think i'm blacklisted and i need a small car like a VW or Toyota. Is it possible that i can be helped out as i don't have money to buy another car.

Posted by Ikgwe on

Answer.

Hi Ikgwe, how bad is your credit? Do you have any CCJ's or defaults and if so how much do they add up too? Are you employed full time and are you on the electoral roll at your current address? If so that will certainly help your chances. If we can get you approved we'll be able to get you into a small VW or Toyota. Lastly do you have a full UK licence? Edwin

Posted by on

Question.

Hi Edwin, I have seen a car for my wife on getmefinance.com. It's a VW Beetle and its cash price is £3990. They can give me the finance but want £1000 deposit which we don't have at the minute? Would it be possible to borrow the money from someone else like yourselves to purchase it?

Posted by Andrew Dennis on

Answer.

Hi Andrew, We can provide top up loans of up to £500 maximum but you have to purchase a car from us. We could source you a Beetle no problem and as we have more lenders on our panel we may be able to get you approved with another lender where you don't need as much deposit. Please make an application on our site when you get 5 mins. Edwin

Posted by on

Question.

Thanks for the quick response. We would apply with yourselves but we thought everybody requires a deposit? Ok, i will go on and apply through yourselves as we are really desperate now. We only have one car between us which is really inconvenient now? As I say i have have a really good well paid job but don't wish to get too much finance. She only wants a small Car and really loves the beetle.

Posted by Andrew Dennis on

Answer.

Hi Andrew, we'd need a small deposit obviously (£150 - £200) but it's better than forking out £1000 if we can get you approved with a different lender. If approved we'll source a Beetle for you :-) - Let me know what your reference number is after you have applied.

Posted by on

Question.

Hi there all done ref is 199727 look forward to hearing from you soon many thanks.

Posted by Andrew Dennis on

Question.

Hi, i'm in desperate need of a car but i just keep getting turned down for finance everywhere. I just don't know what to do. I have a full time job but my credit is far from good.

Posted by Oliver on

Answer.

Hi Oliver - where have you applied and been declined so far?

Posted by on

Question.

Hi, i am currently looking for finance to fund a car in the region of £4000. Unfortunately i do not have a deposit or part exchange. My credit score is currently poor with a score of 529. Everything that has affected my score is a couple of years old at least. I have only 1 default on my record which is being paid off monthly. I currently have one credit card with a small balance, in which i have not missed a payment. I am also in secure full time employment. What do you think my chances of success are?

Posted by Marc on

Answer.

Hi Marc, giving your current situation i'm confident that we can get you the £4000 that you need. Please apply when you get 2-3 minutes and then we'll go from there. Regards, Edwin

Posted by on

Question.

Hi, i am currently looking for a car loan in the region of £5,500. I can provide a small deposit of up to £200. But i have a poor credit rating. Can i be helped by yourselves?

Posted by Gary on

Answer.

Hi Gary, we'll certainly try and help. The £200 deposit is great and if approved the £5500 wouldn't be an issue as long as you can show your payslips / bank statements to prove your income. Have you applied anywhere else for a car loan online yet?

Posted by on

Question.

Hi Edwin, No I haven't applied with anyone yet. If I am successful am I able to choose the car I want from any dealer or private seller?

Posted by Gary on

Answer.

Hi Gary, yes you can choose from a local dealer (or one of our cars on the website) but not from a private seller. Regards, Edwin

Posted by on

Question.

I've just lost my job through the company closing. I had a company car, however i've managed to secure another job which starts in a couple of weeks, but I need finance for a car. Would I still be able to apply or do I need to have been in my new job for a few months first.

Posted by Dionne on

Answer.

Hi Dionne, if you have a good credit history this wouldn't matter so please apply. If you have a fair/poor credit history we'd need 3 months payslips or bank statements to prove your income. This may well show income from your old job which is fine and as long as you have a contract from your new employer it should be ok too - so basically please apply when you're ready ;-)

Posted by on

Question.

Hi, please help. I am looking to get a car that i have seen. I have no deposit and looking for the lowest apr over 60 months or less, told ford that i would rather apply online for finance. Need advice and need to let them know by Monday. Please help. Thanks.

Posted by Enamul on

Answer.

Hi Enamul, please apply asap and we'll aim to get you approved today. We help people with good and bad credit and have many bespoke car finance lenders on our panel. Have a great weekend. Edwin

Posted by on

Question.

Can I still get finance without a deposit and can I add my husband to my application making it a joint application?

Posted by Kirsty on

Answer.

Hi Kirsty, apologies for the delayed response. Yes - you can get a car loan without a deposit and you can also add your husband to the application - in fact that will strengthen your chances :-)

Posted by on

Question.

Hi, i just checked my credit score on experian and the latest one is 718. I need a reliable car for a new job. I may be able to put a small deposit down if required. How likely am I to get the required finance?

Posted by Kyle W on

Answer.

Hi Kyle, with a credit score of 718 i'm very confident we can get you approved for car finance. Please apply when you get a few minutes. Have a good evening. Edwin

Posted by on

Question.

Hi, my car is broken and I have no deposit. I am looking for around £5000 for decent one and have found a few i like. Iv'e been approved with Moneybarn, but have not got the minimum £750 deposit to go ahead.

I'm looking as i say for £5000 they say must be min £6k and less than 5/6 years old. I have credit score of 375, but the deposit is a problem. Any chance of help? What would you suggest? Thanks, Alan

Posted by Alan on

Answer.

Hi Alan, Thank you for your question. We may be able to help. Is it ourselves you have been approved with Moneybarn through? If so then please supply me with your reference number and I will see if we can get you approved with another lender.

However some form of deposit may still be required. If it isn't ourselves you have been approved with then please make an application so we can try and get your approved hopefully with a no deposit lender. Thanks Edwin

Posted by on

Question.

Hi Guys, i'm wondering if you can help.

I've been looking to purchase a Vauxhall Astra around the £4500-£5000 mark, my only problem is my poor credit score. Despite being capable of paying installments, my credit score is letting me down.

Is there anyway you guys can help? I can spare a £250/£300 deposit and have all the necessary paperwork to prove I am in solid employment. Hope to hear from you soon. Nathan

Posted by Nathan on

Answer.

Hi Nathan, thank you for your question.

From what you have said i'm confident we can help as we have many lenders on our panel that help people with low credit scores. The fact that you have a decent deposit and a stable job is good news too.

Once approved we provide a no obligation quote and you can get a car from any dealer in the UK. Please apply when you're ready. Edwin

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