No deposit car finance

Why choose our no deposit finance option

Here are a few reasons why you should consider applying for our no deposit finance option.

No large down payment

It allows you to get a car loan without having to save up for a large down payment. This can be especially helpful if you don’t have a lot of money available upfront or if you have already committed your savings to other expenses.

Potentially more affordable

It can make car ownership more affordable, as you won’t have to come up with a large sum of money upfront. This can help you budget more effectively and may allow you to get a higher priced vehicle than you would be able to afford with a traditional down payments.

Poor credit history

It can be good for people who are rebuilding their credit or for those who may not qualify for traditional car loans due to their credit history. By opting for no deposit car finance, you may be able to get a car loan even if you have a low credit score or a limited credit history.

More flexibility

It can be a more felxible car financing option, as you can tailor the loan terms to your budget and needs. This can help you to find a payment plan that works for you and may allow you to get a car loan even if you don’t have a lot of money saved up.

Electric Car Finance FAQs

Can I get a car on finance if I'm self-employed?

Yes, it is possible to finance a car through your business. This is commonly done through a business car loan or a business car lease. It's important to note that the availability of business car finance options and the specific terms may vary depending on your business structure (e.g., sole proprietorship, partnership, limited company) and the lender's policies. When financing a car through your business, you'll typically need to provide financial documentation for the business, such as profit and loss statements, bank statements, and potentially business tax returns. Additionally, the car may need to be registered in the name of the business.

Can you put car finance through your business?

Yes, being self-employed can potentially impact your credit score, but it's important to understand how: Income Reporting: When you're self-employed, your income may be less predictable or consistent compared to traditional employment. Lenders may consider this when assessing your creditworthiness. Verification of Income: Lenders may require additional documentation to verify your income, such as tax returns, business financial statements, or bank statements. In some cases, this process may be more detailed than for salaried employees. Impact on Creditworthiness: The effect on your credit score will depend on how well you manage your finances and meet your financial obligations. Timely payments on loans, credit cards, and other debts will have a positive impact on your credit score, regardless of employment status.

Can you get finance without payslips?

Yes, it is possible to get finance without payslips, especially if you're self-employed or have alternative sources of income. However, not having payslips may make the application process more complex, as lenders typically use payslips to verify income for traditional employees. If you don't have payslips, you may need to provide alternative documentation to demonstrate your income and financial stability. This could include: Bank Statements: Providing several months' worth of bank statements can show a steady income flow. Tax Returns: For self-employed individuals, tax returns can be a crucial document to verify income. Business Financial Statements: If you own a business, providing financial statements can help prove your income. Other Sources of Income: If you have income from sources other than traditional employment, such as rental income, investments, or freelance work, you should disclose and document these. Proof of Benefits or Pension: If applicable, documentation of government benefits or pension income can be used to support your application. Letter from an Accountant or Financial Advisor: A professional letter attesting to your income and financial stability may also be accepted. It's important to note that not all lenders may accept alternative income documentation, and they may have specific requirements. If you're applying for finance without payslips, it's advisable to discuss your situation with the lender or seek advice from a financial advisor who can help guide you through the application process.