No Deposit Car Loans
Don't have savings for a deposit? You're not alone, and you can still get a car loan. Some lenders offer 100% financing for approved applicants, meaning you can drive away without putting money down.
Get on the road sooner with no upfront cash required
100% Car Finance - No Deposit Needed
Life doesn't always give you time to save. Maybe you need a car for a new job that starts next week. Maybe your old car just died and you need wheels to keep your life moving. Whatever the reason, no deposit car loans can help you get on the road faster.
While having a deposit can improve your chances and get you a better rate, no-deposit car loans make vehicle ownership accessible for people who need a car now. We work with lenders who offer 100% finance for qualified applicants - and we'll help you find the best deal for your situation.
Who Qualifies for No Deposit Finance?
Lenders look at several factors when approving 100% finance
Stable Employment
Ideally 3+ months in your current job, showing consistent income.
Good Income-to-Loan Ratio
Your income should comfortably support the loan repayments.
Clean or Fair Credit
Best rates for good credit, but bad credit options exist too.
Proof of Expenses
Bank statements showing you manage your money responsibly.
Don't meet all criteria? We may still be able to help. Every situation is different, and we have access to a wide range of lenders.
Pros and Considerations
Make an informed decision about no deposit finance
The Pros
Get Your Car Sooner
No need to save for months or years before buying.
Keep Cash for Emergencies
Preserve your savings as a safety net.
Opportunity Cost
Your money might earn more invested elsewhere.
Include On-Road Costs
Some lenders let you roll in registration, stamp duty, and insurance.
Things to Consider
Higher Repayments
Financing 100% means larger monthly payments than with a deposit.
More Interest Overall
You'll pay interest on a larger loan amount.
Negative Equity Risk
You may owe more than the car is worth initially.
Potentially Higher Rates
Some lenders charge more for 100% finance.
How No Deposit Car Loans Work
Four steps to driving away with zero upfront
Apply Online
Complete our 5-minute application. We'll assess your income, expenses, and credit to determine your options.
Get Pre-Approved
We'll confirm how much you can borrow with no deposit and at what rate. This doesn't affect your credit score.
Choose Your Car
Shop with confidence knowing your full budget. Buy from a dealer or private seller - we can help with both.
Drive Away
We finalise your loan and arrange payment. You drive away without putting any money down.
Checking your options won't affect your credit score
No Deposit vs With Deposit
See how a deposit affects your loan
| Factor | No Deposit | With 20% Deposit |
|---|---|---|
| Car Price | $30,000 | $30,000 |
| Deposit | $0 | $6,000 |
| Loan Amount | $30,000 | $24,000 |
| Monthly Repayment* | ~$580/month | ~$465/month |
| Total Interest Paid* | ~$4,800 | ~$3,840 |
*Example only. Based on 5-year term at 8% p.a. Actual rates depend on your circumstances.
Bad Credit and No Deposit?
While it's more challenging, we may still be able to help. Our bad credit specialists have access to lenders who consider the whole picture. Even a small deposit can significantly improve your options.
Explore Bad Credit OptionsNo Deposit Car Loan FAQs
Common questions about 100% car finance
No, not all lenders offer 100% finance. Some require a minimum deposit (often 10-20%), especially for higher-risk applicants or older vehicles. However, we work with multiple lenders who do offer no deposit options for approved applicants. We'll match you with the right lender for your situation.
It's possible but more difficult. Most lenders offering no d...
It's possible but more difficult. Most lenders offering no deposit loans prefer applicants with clean or fair credit. If you have bad credit, you may need to provide some deposit to get approved, or accept a higher interest rate. We have specialist lenders who may help - it depends on your individual circumstances.
Many lenders allow you to include on-road costs like registr...
Many lenders allow you to include on-road costs like registration, stamp duty, CTP insurance, and dealer delivery fees in your loan. This can increase your total loan amount but means you don't need any upfront cash at all. We can advise which lenders offer this option.
It depends on your situation. No deposit finance is great if...
It depends on your situation. No deposit finance is great if you need a car urgently but haven't had time to save, or if you'd rather keep your savings for emergencies. However, you'll pay more in interest overall and have higher repayments. Consider whether the convenience outweighs the extra cost.
This is called "negative equity" and is more common with no ...
This is called "negative equity" and is more common with no deposit loans, especially in the first year or two when depreciation is steepest. If you need to sell or trade the car, you'd need to cover the difference. To minimise this risk, consider GAP insurance or choosing a car that holds its value well.
No, a trade-in isn't required. However, if you do have a car...
No, a trade-in isn't required. However, if you do have a car to trade in, its value can act like a deposit - potentially getting you a better rate even though you're not putting cash down. We can help you understand your options with or without a trade-in.
Still have questions? Contact our friendly team