No Deposit Car Finance

  • No Deposit
  • We help find you the perfect car
  • PCP and HP from 8.9% APR
  • Free car history and dealer quality check
Get a Quote Does not affect credit score
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Your dream car means freedom, convenience and is also a real accomplishment. Don’t let the lack of a deposit stop you from achieving that dream. CarMoney can help you with no deposit car finance.

If you don’t have a significant deposit available you may think car finance is out of reach. But this doesn’t need to be the case. At CarMoney our team of ninjas will slice through the market, eliminating the lenders that won’t approve you. We can also slash interest rates with the precision of a katana, so you get the best deal possible – even if you don’t have a deposit.

Read on to find out why some lenders want a deposit and how you can increase your chance of approval if you don’t have one. Then, get ready to drive into the sunset with your new car. Or bike. Or motorhome!

Representative Example: Borrow £6,000 with £1,000 deposit over 48 months with a representative APR of 17.9%, monthly payment would be £171.83, with a total cost of credit of £2,247.83 and a total amount payable of £9,247.84. CarMoney Limited can introduce you to a limited number of finance providers based on your credit rating and we will receive a commission for such introductions this can either be a % of the amount borrowed or a flat fee. This does not influence the interest rate you’re offered in any way. CarMoney is a broker not a lender



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No Deposit Needed

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No Jargon & No Fees

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Keep your Credit Score Unaffected

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Why lenders might want a deposit

For some lenders, buying a car means you have to make a large upfront payment, before they would consider finance. The deposit is security for the lender, reducing their risk in the event of default by the borrower. However, few people have the savings needed for a significant deposit.

But they still need cars, which means the industry is changing, with more and more no deposit car finance options available.

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A changing industry

Lenders are increasingly recognising that it is in their and their customers interests to be more inclusive. That is why car finance with no deposit has become a more common option.

This is driven by a desire to make car ownership more accessible and to cater to a broader customer base.

However, too many finance options can be just as difficult to navigate as too few. That’s why we will slice through the market, leaving the options that are most appropriate to you, and most likely to approve your application for car finance.

No deposit doesn’t mean no car.

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Choosing finance options

No deposit car finance is very much a viable option for borrowers. However, there are a lot you should consider when choosing finance.

Interest Rates and Repayment Terms

Carefully review the interest rates and repayment terms offered by various lenders to ensure they are within your budget.

Credit Score

Your credit score will play a crucial role in securing financing terms. Take steps to improve your credit score before applying for car finance. Of course, if you have a bad credit score – or no credit history – car finance can still be available to you.

Total Cost of Ownership

Consider the additional costs associated with car ownership, such as insurance, maintenance, and fuel.

Compare Lenders

Compare offers from multiple lenders to identify the best financing option for you. Then get ready to drive off in your dream car.

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No Deposit Finance Options

There are two main types of car finance, both of which are available without a deposit.

Hire purchase

This is a popular option. You effectively hire a vehicle from a finance company for an agreed time period, paying the hire charge each month.

The lender can repossess the car if you miss payments. But after you’ve made the final payment, the vehicle is yours. You own it outright.

Personal Contract Purchase

With PCP, you pay only the depreciation of the value of the vehicle. Not its full value.

This means monthly payments are lower. At the end of the agreement, if you would like to own the vehicle, you’ll have to pay a lump sum.

The lender can repossess the car if you miss payments.

PCP generally means you can change cars more often, with minimal hassle.

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At CarMoney, we believe everyone should have the opportunity to buy their dream car.

That’s why we will slice through the market, finding the lenders that are most likely to approve your application for no deposit car finance.
Apply now and you can be approved in minutes. Then get ready to drive off in your dream car. Or motorbike. Or motorhome.
Get an online quote or contact CarMoney today.

Frequently Asked Questions

What type of car finance does not require a deposit?

Car financing options are available that do not necessitate a deposit, such as PCP, HP, and lease agreements. However, it’s important to note that you will still be subject to interest payments and potentially encounter higher interest rates or early repayment fees. Exploring different options and thoroughly comprehending the terms and conditions before committing to any agreement is advisable.

Can I buy a car on finance with no deposit?

The eligibility criteria for car finance vary depending on the lender but typically include age, employment status, credit history, and financial stability. Applicants must normally be at least 18 years old, have a UK address, and show that they can afford the monthly repayments.

How does no-deposit car finance work?

No-deposit car finance allows you to acquire a vehicle without an initial deposit. Instead, you’ll make regular monthly payments over an agreed-upon term. These payments cover the cost of the car, interest, and any applicable fees.

Are there specific eligibility criteria for no-deposit car finance?

Lenders offering no-deposit car finance have eligibility criteria, including age, residency status, and credit history. A good credit score will improve your chances of qualifying for this type of finance at favourable terms.

How it works
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Zero Upfront Payment

We offer no-deposit car finance, so you can get the car you want without saving up for a down payment.

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Variety of Finance Options

We offer a variety of car finance options, including hire purchase (HP), personal contract purchase (PCP), and leasing, without the need for a down payment.

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Online Convenience

With our user-friendly online platforms, you can start and manage your no-deposit car finance application from anywhere, anytime.

Join thousands of happy customers

Our customers love our CarMoney Ninjas

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CarMoney Ninja Sean

“Great service, Sean Davidson was great and was always trying to help and give me the easiest experience possible. Thank you very much Sean.”

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CarMoney Ninja Alan

“Alan, who I spoke with on the phone, was amazing! He sorted everything out for me, it was so easy and was able to get my car the very next day. Fantastic!”

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CarMoney Ninja Sophie

“Sophie who sorted my finance out for car was amazingly nothing was too much trouble for her always kept me up to date. Five stars Sophie. Thanks for everything”

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CarMoney Ninja Ellie

“My ninja from start to finish Ellie McGavin I Needed a car it was complete from picking to collecting within 2 days friendly staff great communication brilliant.”

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CarMoney Ninja James

“Excellent professional and courteous service nothing too much trouble James was thoroughly committed to helping me source my car”.

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CarMoney Ninja Frazer

“Frazer from car money made the experience of getting a car simple and easy. Would definitely recommend to family and friends. Thanks again CarMoney!”

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CarMoney LIMITED is authorised and regulated by the Financial Conduct Authority (FCA) for consumer credit activity and our registration number is 674094. Representative 17.9% APR. Over 18’s only. CarMoney IS A BROKER NOT A LENDER.

REGISTERED ADDRESS: Pioneer House, 2 Renshaw PL, Motherwell, ML1 4UF, Scotland.Company Number: SC467274.

All finance is subject to status and income. Written Quotation on request. CarMoney Limited can introduce you to a limited number of finance providers based on your credit rating and we will receive a commission for such introductions.