No-Deposit Car Loans
Looking to finance your new or used wheels but don’t have a deposit? Get Savvy on your side.
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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.
Why choose Savvy to finance your car?
Flexible repayments
Great rates
We source loans from over 40 of Australia’s reputable lenders to give you competitively rates.
No surprises
Personalised loan offers
We'll help you find the best available car loan tailored to your needs as a borrower.
Private & dealer sales
Whether you are planning on purchasing a car privately or through a dealer, we have you covered.
Personalised consultant
What our customers say about their finance experience
Savvy is rated 4.9 for customer satisfaction by 3771 customers.
Common questions about no-deposit car loans answered
Your helpful guides to no-deposit car loans
Do you meet the requirements?
A 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.
