Question 1

What is a no deposit car loan?

Accepted Answer

No deposit car loans allow borrowers to finance a vehicle without paying an upfront deposit. Under this loan facility, you borrow the full purchase price of the vehicle, repaying it in instalments over a loan term of 1 to 7 years.

Question 2

Can I get a car loan without paying a deposit?

Accepted Answer

Yes. Many lenders offer car loans without the requirement of a deposit. Buyers can finance 100% of the vehicle cost - an easy way for buyers to secure a car quickly. Approval for a no deposit car loan is dependent on your credit history, income and specific lender requirements.

Question 3

Are no deposit car loans expensive?

Accepted Answer

No deposit car loans generally come with higher interest rates and/or longer terms compared to car loans with a deposit. This is because the amount being borrowed is higher. However, by choosing to finance with Easy Car Loans, borrowers gain access to competitive lenders who can still offer affordable options.

Question 4

Can I modify my car, or include extras or accessories, for a no deposit loan?

Accepted Answer

Yes. Most lenders offering no deposit car finance will allow the cost of extras, accessories and modifications to be included in the loan. This includes extras like upgraded wheels, technology, and even custom interiors. Personalise your vehicle without fronting huge out-of-pocket expenses by connecting with us online or by phone today.

Question 5

Can I lease a car without a downpayment?

Accepted Answer

Yes, our no deposit lease options are available for the purchase of a new or used car. This credit facility allows borrowers to start using the vehicle they require without any upfront payment. Prior to committing to a lease with no deposit, consider the lease terms, eligibility and rates to ensure you’re securing the most cost-effective option for your financial situation.

Question 6

How do I compare repayments with and without a deposit?

Accepted Answer

Comparing repayments is quick and easy with our online calculator. Determine the loan amount needed for a variety of situations by entering the relevant figures into the required fields. By choosing to include a deposit, the borrowed amount will reduce, as well as the repayments and interest paid over time. By choosing not to include a deposit, the full purchase price of the car is spread over the loan term, resulting in higher monthly payments.

Question 7

Is a no deposit Chattel Mortgage available with a balloon payment?

Accepted Answer

Yes. A variety of our lenders offer no deposit Chattel Mortgage for car purchasing, with balloon payment options. This loan structure allows for lower regular repayments by deferring a portion of the loan to the end of the term.

Question 8

Can a used car be financed without a deposit?

Accepted Answer

Yes. a variety of our lenders provide no deposit finance for quality-used cars. The loan amount covers the entire purchase price, allowing the borrower to take immediate ownership of the vehicle.

Question 9

Who is eligible for a no deposit car loan?

Accepted Answer

Eligibility for our car loans with no downpayment is determined based on your credit score, income, and ability to comfortably repay the loan.

Question 10

Why should I finance my car with Easy Car Loans?

Accepted Answer

At Easy Car Loans, we offer the market’s most competitive rates, flexible financing terms, and tailored solutions from a panel of 80+ banks and lenders. This extensive network of financiers enables us to secure no deposit financing deals in less time than our competitors.

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