No Deposit Car Finance

No deposit car finance nz

What is no deposit car finance?

A no deposit car finance deal is exactly how it sounds, no money up front and you get to drive away in your new car. It certainly makes it easier on your bank account in the first few months however that about where it stops.

So you may pay a small setup fee initially, then you’ll not pay anything until the following month or whenever your first payment is due.

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What are the repayments for a no deposit car loan agreement?

Your repayments for a no deposit car loan will generally be higher than a car loan where you have paid a deposit. This is because your total repayments will be more as you’ve put no money down first to wipe some of the loan.

You’ll be paying more over a longer period so your car won’t be paid off as fast as if you had paid a deposit upfront.
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What interest rate will I get with a no deposit car loan?

Don’t expect to get the lowest interest rate when you apply for a no deposit car loan.

Having a deposit for a car loan makes you less of a risk to lenders as it shows you can save money, manage your cashflow and that your income outweighs your expenses. So putting no money down means you’re a higher risk and would end up paying more interest over time.

Your credit score will also affect your chances of getting a no deposit car loan. If you have bad credit your chances will be very low and if you somehow did get your no deposit car loan approved your interest rate would be very high.
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So is a no deposit car loan a good idea?

As appealing as a no deposit car loan is, we would recommend that you save for a deposit (at least $1,000). This will mean you pay less back in total, and are likely to receive a lower interest rate because you will be seen as less risk to the lender. If you have bad credit, you should definitely save for a deposit to increase your chances of approval.

Check out our quick guide on how to get a car loan with bad credit.
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