No Deposit Car Finance
One of the most challenging parts of getting a new car is having to come up with a substantial deposit. Not a lot of people are keen on the idea, especially if they have not really saved up that much, to begin with. However, there is a reason that deposits are important. After all, they do help reduce the amount needed to make the car purchase. Still, it is a fact that scrapping up enough funds to afford a deposit is not always easy. This is why, a lot of people tend to look for no deposit car finance.
At MoneyScout, we assess car loan applications based on your individual circumstances. This is to ensure that we can connect you with lenders that will better suit your needs. We are patented with over 25 of the most trusted lenders in Australia today that can offer you the most ideal no deposit car finance.
Understanding your needs
It can be overwhelming trying to find the right car financing when there are so many choices out there. Having to compare and contrast all potential options can sometimes drive you up the wall. This is why, if you’re looking for no deposit car finance, it is very reassuring to have experts that can assist you every step of the way. Not only will they help smoothen the process but will also see to it that your loan application is assessed based on your specific needs and financial circumstances.
This is where MoneyScout comes in. We have been in the lender finding service for years and we have the experience in helping customers from all walks of life get the best offers in car financing, long term loans and payday loans. Not only that, we have a dedicated team of expert loan specialists who will see to it that your application is processed and assessed so you are paired with the best lenders out there. Our goal is to get you the best car financing to suit your finances and your specific car preferences.
Why choose MoneyScout?
MoneyScout aims to help people get financed for a car. We work with a panel of trustworthy lenders who will see to it that you are only offered the best car financing deal.
Flexible loan repayments
Choose your preferred pace of repaying the online loan to ensure that the state of your finances are taken into consideration. You can choose to pay the loan as fast as you can or you can spread the repayments so they will be more manageable. Most of our lenders will give you the option to pay off the loan within 1-7 years.
Reasonable, competitive rates
To make sure that you are only offered the best loans, we source financing from a number of Australia’s top and most trusted lenders to ensure that the rates you are getting are nothing less than competitive.
No surprise fees
When you take out no deposit car finance through MoneyScout, you can expect that our lenders will have the loan fees and charges enumerated on your loan contract. These are all fixed figures, so you know they are going to stay the same through the term of the financing. This also makes it easier to budget and ensure that you will never have to deal with surprise and hidden fees along the way.
Dealer are private sales supported
Our lender partners support financing for both dealerships and private sales. What they offer is a personalised loan that is banked on what you can actually afford comfortably while making sure that you won’t be put in a precarious position, money-wise.
How much can I take out?
When getting a no deposit car finance, the amount you will be approved for will depend on your credit score and the lender offering the service. It is common for lenders to offer a minimum amount of $5000. However, since you will not put down a deposit for buying the car, then you will have to borrow more than usual. It is best to refer to your personal loan consultants to ensure that the figure isn’t going to hurt your finances.
Is security necessary?
Since you are taking out a no deposit car finance, it is technically a secured loan where a valuable asset is needed to serve as collateral. In this case, it is the vehicle itself that will serve as the loan security. The reason for this is to ensure that the lender is protected against situations where you are unable to fulfil your financial obligations of repaying the loan.
Do you offer pre-approved loans?
Our lender partners are known for offering loan pre-approval for those wanting to take out no deposit car finance. This is ideal for those people that want to have an idea of how much they are likely going to be approved for if they are to sign up with a particular lender. This way, they can check out what the market has to offer as far as cars go considering the amount of financing they will be granted with.
Making extra repayments
There is no telling how your financial situation might change during the term you’re paying off your car loan. However, if you do end up finding yourself in better financial waters at some point, you might want to speed up your loan repayments so you can settle the debt as soon as possible. Not all lenders will be happy with these developments with most charging early repayment fees as a result. However, our loan specialist can look for potential lenders that will not burden you with extra penalties should you decide to pay off your car loan early.
A helpful guide on no deposit car finance
Find out what the requirements are
Getting car financing without a deposit can be ideal for people that want to own a used or new car but do not have a substantial amount saved up to pay for the down payment. However, before sending out a loan application, see to it that you have researched the specific requirements to qualify for the loan. You can boost your chances of getting approved when you have all the documents and paperwork needed for the loan to push through. The last thing you want is to send out another car loan application shortly after you have been rejected. Since every loan application requires a credit check to be performed, this can leave a dent in your credit rating each time. So, find out what the lender’s qualifications are and make sure you meet them.
Know how secured loans work
There is a whole range of features that come with secured loans and a good understanding of these specifics will help you make the right financial decisions. No deposit car finance means it is considered a secured loan. The car itself that you are buying is going to serve as loan security. This means that the lender can take the vehicle away in the event that you are unable to fulfil your obligations in paying off the loan.
Is a deposit necessary?
If you can, it is still ideal to make a deposit towards the car you are getting. When you do, you will need to borrow less since you are taking a good chunk off of the final figure that you need to borrow. Do remember that the rates and fees attached to a car financing will be dependent on how big the loan amount is on top of what your credit score indicates. So, the smaller amount you will borrow, the less the borrowing costs will be. This is why if you can, making a deposit is still the way to go.