Many car buyers do not realize that no deposit car finance is an option. There is a myth that goes around that states you must have funds to pay upfront to buy a vehicle. While having a down payment can make it easier to get financed, it isn’t the only way to do it.
So… How Does No Deposit Car Finance Work?
When you apply for financing, you will request a loan that covers the full amount of the vehicle. Some lenders may have specific requirements for no deposit car finance. For example, some may be easier to work with if you have an established credit history and no negative equity on a current vehicle. Negative equity means that you owe more money than the value of the car.
What if I Have Bad or No Credit History?
If you have less-than-perfect or no credit, don’t worry, you still have options. Zoom Car Loans can help guide you to the right lender based on your situation.
- First Car Buyer Loans
Car buyers with no credit who are under the age of 30 may be eligible for a First Car Buyer loan. This is a type of no deposit loan can be really helpful for college students.
- Negative Equity
So what do you do if you have a vehicle, but you owe more on it than it is worth? In this situation, you may be required to provide a down payment. The best approach is to talk to an expert to learn more about lending options when buying a car with negative equity.
- Bad Credit History
Those with bad credit are more likely to be required to pay a down payment. Zoom Car Loans can go over your information and determine which lender is more likely to work with you. Our goal is to help you find a loan package that suits your needs.
How Do I Apply for No Deposit Car Financing?
It’s easier than ever to apply for no deposit car financing. Visit the Zoom Car Loans website and complete the “Apply Now” form. It takes two minutes to complete the online application and an average of 30 minutes to process. Most car buyers receive approval within 24 hours. Stop by and submit your details or call us at 1300 138 273 to talk to a finance expert.