No Deposit Car Finance

The car buying process can be a big financial commitment and not everyone has access to the cash to buy their new set of wheels outright. This is where no deposit car finance comes in handy – but what is it and how does it work?

No deposit car finance is financing a vehicle without having to pay any upfront costs. This type of finance is usually available for both hire purchase and personal contract purchase (PCP) arrangements. Typically, when you take out a hire purchase or PCP arrangement, you will be required to pay a deposit of around 10% of the total price of the car, which is then added to the loan amount that you borrow to complete the purchase. However, it is possible to get finance with no deposit on both new and used cars.

When it comes to securing no deposit car finance, the lenders who offer this type of car credit will take into account your overall income and spending habits. This will help to ensure that you are able to afford the monthly repayments, which can vary between providers. A lender will be able to assess your affordability by using an online calculator.

No deposit car finance is an excellent option if you do not have the money to purchase a new or used car outright, but it should be considered carefully before applying. It will mean paying more in interest over the life of the car, as you are borrowing a larger amount from the outset. no deposit car finance

No Deposit Car Finance

Leave a Reply

Your email address will not be published. Required fields are marked *

Scroll to top