No-Deposit Car Loans

Looking to finance your new or used wheels but don’t have a deposit? Get Savvy on your side.

No obligation. It won't affect your credit score.
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, updated on February 15th, 2024       

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Straightforward financing to own your next car without a deposit

Having a deposit can help reduce the amount you need for the purchase price of the car, but scraping one together can be difficult. That's why, at Savvy, we help you compare offers from over 40 of Australia’s leading lenders to find out what the most suitable no-deposit loan options are for you.

Financing that gets you

The process of finding the right financing for your car shouldn’t drive you up the wall. No matter where you find yourself in the car buying process, it helps to have expert solutions to smoothen out the process. Our years of experience and team of consultants put in the work to make your application quick and smooth to find the right fit for your finances.

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Why choose Savvy to finance your car?

Common questions about no-deposit car loans answered

How much can I borrow?

This will depend on each lender and your credit score. The minimum amount can start at $5,000. However, since you won’t be putting down a deposit it is vital to be aware that you will be borrowing more than usual. Ask your consultants without hurting your situation.

Will I need security for the loan?

A no-deposit car loan is a secured car loan that will require some form of security which tends to be the vehicle you are planning on purchasing. This is done to protect the lender in a situation when you are unable to meet repayments.

Can I get a pre-approved loan?

Yes, we offer pre-approved loans so that you can know what you can afford and also increase the chances of snapping up your dream car when it is available on the market.

Can I get finance if I am still looking for a car?

Yes, we offer finance even if you haven’t found a car yet.

What if I have some deposit saved up?

Having a deposit saved up is a great way to reduce the amount that you will need to borrow and pay interest on. It can also increase your chances of being approved.

Will I be able to find a loan that allows me to make extra repayments?

Our consultants will work towards finding a loan that allows you to make extra repayments with no penalty fee and additional features that are suitable for your needs.

When will I know if I have been approved?

We have the technology and the team of experts who ensure that you have a smooth and quick application process. You will be notified usually within one business day if you have been approved or not.

Your helpful guides to no-deposit car loans

Do you meet the requirements?

no-deposit car loan can be an answer for people who need a new or used car. But before you jump at the opportunity of applying for, check the application requirement before you make a costly mistake. Not only can this help you avoid the disappointment of having your application rejected, but it can also protect your credit score. Keep in mind that applying too many times in a short period of time can impact your credit score and give lenders a bad impression. It can also give you ample time to consider if this type of car loan will be suitable for you.

Understanding secured loans

Loans come with a range of features that can work for your finances. Not checking these features can cause you to end up with a loan that can strain your finances. No-deposit car loans are secured which is a feature that requires security. Most lenders have included this feature to the loan to protect them from the risk of you defaulting on your loan. This means you will need to provide an asset against the loan which is usually is the vehicle to ensure that the loan is paid off. Remember to compare other features that can affect the payment of the loan.

Avoid common traps

Having a loan that requires no deposit can give many loan borrowers the needed breathing room of owning a car, but be careful not to fall for some common traps. One of these is borrowing too much. Most lenders have a Loan-to-Value ratio which they use to assess how much they will be able to borrow you. Since there is no deposit you will be putting down this means that you will be borrowing more. A loan calculator will let you know if you will be able to afford the amount that you wish to borrow. The interest rate will also affect your repayments.

Should you still save a deposit?

To save or not to save a deposit can be one of the common questions that potential car buyers ask themselves. A no-deposit car loan is designed to bridge the gap for people who need a car but currently, do not have the finances to save up for a deposit. Saving a deposit comes with the benefit of decreasing the amount you need to borrow, which also means a decreased amount of repayments. It can also get your application approved as you are seen as less of a risk. Remember to stick to an amount that you will be able to afford throughout the loan term.

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