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This is a great service and l got approval within 40 minutes ! Mrs. Kelly - Enfield
I have a very poor credit history but got approved the same day Ms. Downsize - Harlow
Poor credit and no deposit - we still got the finance we wanted Mr. Regent - Romford
If you need a car quickly and just don’t have a deposit to hand don’t worry.
You can still get car finance with no deposit. There are many finance companies available
today that cater specifically for people with a poor credit history or are self employed.
These finance companies have created a variety of deals for you to take advantage of. They
can offer you finance for vehicles with no deposit, regardless of your credit history even
if you have been turned down for a car loan in the past.
These finance offers will usually range from £3000 to £50,000 to be paid back over 5 years.
The amount you can borrow depends on your current ability to pay it back, not your track
record. This type of car finance does not secure the loan against any of your personal
possessions or your home; it’s only on the car itself. As with most situations, if you
fail to make payments the car will be repossessed and your credit history will take a blow.
Car finance is a large and highly competitive market which means low rates and a large
acceptance rate for a variety of people. Car finance isn’t just for the rich and famous,
in fact it’s primarily aimed at people with a bad credit rating. More business is derived
from people with a poor credit history than anyone else so there are a variety of deals
and offers tailored for you.
You may need to earn a certain amount each month dependant on the size of the loan you
wish to have but you do not need to own your own home or have a glowing gold credit
rating. Some of the cars available may also be limited to you depending on the loan you
can achieve. In fact you can even get no deposit car finance on some of the more difficult
or specialist occupations such as nursing, teachers or clergy. You can even be self
employed or have no credit history at all.
The bonus of no deposit is quite simple, you can get a low affordable finance loan and
with low interest rates. Companies that offer 0% interest will accompany this with a
large deposit as high as 30% of your vehicle value which is a little steep for most
people. 0% interest can look attractive to those of us who have a tight budget but
the deposit size will usually prevent us from taking advantage of this offer.
One important thing to be wary of is how new your vehicle is. Some car dealerships
will register the vehicle in their own name at the end of the month to meet
manufacturer demands. This car can then be sold at a discounted price as a special
offer but that then means you’re the second registered owner of the vehicle. That
makes the vehicle substantially lower in value when you come to selling it on. Make
sure you research the vehicle, dealership and finance company thoroughly.