Best 0 deposit car finance deals of 2023
Check back soon for new zero-deposit deals
Car makers’ finance houses have historically offered all sorts of incentives to reduce the costs associated with new cars, but in recent years - as demand for new vehicles remains steady and their supply becomes constrained - such discounts have become thin on the ground, to the extent that there are currently no zero-deposit car finance deals available on carwow.
There are still some great finance deals out there with low-deposit options though.
Best low deposit deals of 2023
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What is no deposit car finance?
The vast majority of new cars are purchased using personal contract purchase (PCP) agreements, which comprise three parts: a deposit, monthly repayments over a fixed period (typically three or four years), and a final, optional balloon payment.
A no-deposit car finance deal sees the first of those three sections waived by the finance provider, meaning buyers only need to meet monthly repayments in order to get behind the wheel of a new car.
No-deposit finance deals either amount to outright discounts - possibly when a car is nearing the end of production or isn’t as popular as its maker might like - or the lack of a deposit can be an attractive incentive that removes a barrier to purchase, but is made up for by proportionally higher monthly repayments.
What are the pros and cons of no deposit car finance?
If a no-deposit finance deal effectively equates to a discount in a car’s overall price (much in the same way a zero-interest deal can), then there are significant savings to be had.
If, however, a no-deposit deal is made up for with increased monthly repayments, the overall financial picture may not be so attractive. Interest rates may also be higher with no-deposit deals, as you are likely to be borrowing more money than if you had put down a deposit.
It’s also worth noting that no-deposit finance deals tend to be attached to very specific models of car, being offered only if you opt for a specific engine and trim combination, for example, meaning that even if a car you’re after can be had without a deposit, you may need to compromise on its specification in order to take advantage of the deal.
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0 deposit car finance deals FAQs
It may be possible to find a used car with a no-deposit finance deal, but this is likely to increase your monthly repayments, so be prepared not to save money overall.
If you can find the car you want, in the specification you want, and are confident you can make the monthly repayments for the duration of the contract, then yes, a no-deposit finance deal can make sense.
You’ll most likely need to have an excellent credit history in order to be eligible for no-deposit car finance, and the financial assessment you’ll be put through before being able to take out a deal may well be more stringent than if you were putting down a deposit.
No deposit finance agreements helps customers unable to pay an initial fee to get into new car ownership. By spreading the cost of a vehicle throughout the duration of the finance agreement, it means buyers without savings to contribute initially are still able to afford the car that they want.
The large majority of car brands in the UK offer no-deposit finance deals in their ranges – regardless of the type of car you’re looking for or, indeed, your monthly budget. For more information on precisely which cars are available, take a look at our extensive list of the cars with no deposit finance.
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