The Lowdown on No Deposit Car Finance

Can You Get Car Finance Without a Deposit?

Absolutely, you can! No need to tap into your savings or wait for that rainy-day fund to grow. We collaborate with lenders who offer zero-deposit car loans for used cars. Some dealers might ask for a reservation fee, but generally, you can get behind the wheel without parting with a penny upfront.

Different Flavours of No Deposit Finance

Whether you’re eyeing a personal loan, Hire Purchase (HP), or Personal Contract Purchase (PCP), no deposit options are available across the board.

  • Personal Loans: Simply secure the loan, pay the seller, and the car’s all yours. Then it’s just a matter of monthly repayments.
  • PCP Deals: These come with fixed monthly payments and multiple end-of-contract options—return the car, buy it with a balloon payment, or roll into a new deal. Just watch out for mileage limits and potential extra charges for damages.
  • HP Loans: Expect higher monthly repayments compared to PCP, but once you’ve cleared the ‘Option to Purchase’ fee, you’re the proud owner of the car.

Pros and Cons: What’s the Catch?

Pros
  • Immediate Ownership: Drive away in your dream car without any upfront payment.
  • No Savings Drain: Keep your savings intact for other priorities like home improvements or holidays.
Cons
  • Higher Repayments: Since you’re not paying a deposit, expect higher monthly payments.
  • Longer Loan Period: The absence of a deposit could stretch out your loan period, resulting in more interest over time.

Am I a Good Fit for No Deposit Car Finance?

While we strive to get you the best deal from our range of lenders, no deposit options often favour those with good credit scores. If you’re unsure about your eligibility or which finance route suits you best, our dedicated account managers are here to guide you. Reach out for a tailored quote.

Representative Example Of Credit (Hire Purchase)
Hire Purchase (HP) Finance Example: Cash Price £12,480.00 Total Deposit £1,140.00. Total Amount of Credit £11,340.00. 60 monthly repayments of £284.50. Interest Charges of £5,730.00 Total Amount Payable £18,309.00. Annual Fixed Interest Rate of 11.1%. Representative APR 18.9%.

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Oasis Motor Finance Limited is a company registered in England and Wales with company number 10055340. Oasis Motor Finance is regulated by the Financial Conduct Authority with Financial Services reference number 757830.

Contact

Oasis Motor Finance Limited

Trident Park, Trident Way, Blackburn, Lancashire BB1 3NU

Oasis Motor Finance Limited is a credit broker and a lender.
We look to find the best rate from our panel of lenders, which we are part of and will offer you the best deal that you're eligible for. We don't charge a fee for our service, but we do earn a commission. This does not influence the interest rate you're offered in any way.

Applicants must be 18 years or over. We are only able to offer finance products from our providers.

Oasis Motor Finance Limited are registered with the Information Commissions Office under registration number: ZA196536.