There were times when purchasing a car was a big deal for any middle-class family.
But it’s not the same now because, with time, many car finance companies have evolved to provide their customers with finance for purchasing their cars at a certain monthly interest rate.
But it has not lessened the financial burden of middle-class people altogether. This is because they are persuaded to pay a hefty deposit before activating their monthly interest payments.
They say that their monthly interest will become too high to afford without paying this amount upfront.
Stepping back from buying a car after reading this?
Don’t do it! Some companies still exist in the market that are offering no-deposit car finance options, and that too with a lucrative monthly interest rate! Feeling hopeful again, right?
We too felt the same when we researched a lot and found the best no-deposit car finance deals offered by them.
The best part? These deals are instantly signed by the car finance companies once finalized. Wanna know about these deals in detail?
Okay! Let’s proceed!
No-Deposit Car Finance Deals – What Are They?
In this era, where luxury speaks volumes, buying a car becomes a matter of prestige for every person.
No matter whether you buy an old or a new car, the monthly interest you have to pay will become a burden if the amount to be paid is not spread over a few years.
This spreading of the amount over the years makes the vehicle more accessible and affordable. But, it is not all that the customer has to pay.
You also have to pay a deposit at the time of the car purchase. The more you pay upfront, the less interest you have to pay per month.
Not all people can afford to pay this lump sum amount of deposit at one time. Taking into consideration for them, certain companies have made new schemes for their customers.
These schemes give them the privilege of making zero/very low deposits and paying low monthly interest at the same time.
The deals are known as no-deposit car finance deals.
No-Deposit Car Finance – How It Works?
- First, find a reliable lender or credit broker for your car’s purchase.
- Fill out the application form for no-deposit car finance from that company and submit it.
- Cooperate in the credit check process.
- If your creditworthiness is proven, the company will give you a quote.
- The quote will contain all the agreement terms and conditions. You should read them, including the details of the interest rate, loan period, etc.
- Choose the car that attracts you most from the lender’s approved list.
- Sign the contract and make the company pay you now, as per the agreement.
- Start repaying your debt to the company.
No Deposit Car Finance Deals – The Best Five Of All:
1. CarFinance 247
Looking for no-deposit car finance with flexible repayment terms? Look no further than CarFinance 247, the credit broker.
This company gives you the privilege of owning a car at a zero-deposit amount if you have a good credit history.
The approval you get for it will also be instant. But you have to go through a hard credit check before getting approval. Once you request your quote, they will get back to you with it within one minute.
Just choose your favorite car from any reputable dealer and enjoy your ride forever with their support. However, you need to adhere to their terms and conditions. There will be an annual mileage limit for your car.
Also, you can’t damage your car in any way. You should pay all extra charges that are needed to save your car from damage.
Interest Rate Starts From: 9.9℅ APR.
Representative APR: 19.9%
Loan Term: 2 – 5 years.
Website Link – www.carfinance247.co.uk
Trustpilot Rating – 4.8/5.
2. Creditplus:
Wanna enter into an easy, no-deposit car finance deal? Feel comfortable fixing the deal online? Then CreditPlus is your ideal choice. With it, you can pick up the car of your choice from any car dealer in the UK.
Being one of the top-rated vehicle finance companies, it also shows you various budget car options on its website. You can choose any of them and see the latest deal for that car.
Creditplus gives you the best deal even when you don’t have a good credit score. The search on its website is hassle-free. You can choose one from thousands of quality vehicles.
Each of them is competitively priced. The expert support and A1-approved warranty that this company provides are additional plus points.
Interest Rate Starts From: 9.9℅ APR.
Representative APR: 24.9℅
Loan Term: 2 – 4 years.
Website Link – www.creditplus.co.uk
Google Rating – 5/5.
3. Zuto:
Want the support of a credit broker company that has good official terms with car lenders to quench your recent craving for a car?
Then, you can calculate the interest amount for the purchase of your favorite car by using Zuto’s no-deposit car finance deals calculator.
It will give you an estimate of the amount you have to pay every month on your car finance borrowing.
Zuto finds out all the best car finance offers on your behalf at no extra cost.
All you have to do is select a car of your choice and sign for the monthly interest rate that will be offered to you by the company for your loan.
They will offer an interest rate based on your credit score.
Interest Rate Starts From: 9.4℅ APR
Representative APR: 19.9%
Loan Term: 1 – 5 years.
Website Link – www.zuto.com
Trustpilot Rating – 4.8/5.
4. Moneybarn Vehicle Finance:
Moneybarn provides you with one of the best no-deposit car finance deals for your car purchase (to choose from your all-time favorite car brand).
They offer it at competitive interest rates. However, there are certain criteria that you have to follow. They are –
- The car that you choose to purchase should be priced between 4K Pounds and 35K Pounds.
- Your car must not run more than 1 Lakh 20K miles on the clock.
- The car must not be older than 15 years.
Interest Rate: Varies based on the customer’s credit score, the amount of the car loan, etc.
Representative APR: 30.7℅
Loan Term: 3 – 5 years.
Website Link – www.moneybarn.com
Trustpilot Rating – 4.4/5.
5. Evolution Funding:
Wanna find the right deal for a car that matches your circumstances? Then you have to resort to this car finance website to make it happen. This company brings you the best deals for car loans.
This it does by following and comparing the prices of car loans from different websites. Also, for the same, it follows different price comparison websites, like:
- Confused.com.
- Experian.
- Clear Score.
- Totally Money, etc.
With this company, you can make instant decisions and get instant approval for your car loan. The best part? Your credit file will not be impacted. Flexibility is the key to success for this company.
Interest Rate Starts From: 9.9℅ APR.
Representative APR: 10.9℅
Loan Term: 3 – 5 years.
Website Link – www.evolutionfunding.com
Trustpilot Rating – 4.6/5.
No Deposit Car Finance – The Eligibility Criteria:
- Valid UK driving licence.
- An earning of at least 1000 Pounds (excluding tax amount) per month.
- An age of 20 years or older (not more than 75 years).
- Proof of your stable income in the form of your salary payslips (at least for two consecutive months).
- Good credit history is preferred.
- Citizenship in the UK and a valid residential address within the country.
FAQ:
1. What are the benefits of no-deposit car finance deals?
The benefits of zero-deposit car finance schemes are:
- Affordability.
- Flexibility.
- Instant approval.
- Selection of your vehicle from the company’s brand (old/new).
Conclusion:
Found the car of your dreams but waiting for your fixed deposit to mature before buying it? Or do you need more money in your savings account to buy the car?
Then, no more waiting is needed for your car purchase, as you can have it now with the best no-deposit car finance scheme.
Choose among any of the no-deposit car finance deals offered by the above companies and get…Set…Go!
