Check what finance offers are available to you in your circumstances.
No deposit car finance
Get a car finance deal without paying a deposit.
Car Finance 247 Limited is credit broker, not a lender. The rate you are offered will depend on your individual circumstances.
What is no deposit car finance?
No deposit car finance is when the total cost of the car is financed, meaning you don’t have to put any up front deposit towards the vehicle. You'll only have to find your monthly payments, to be paid in instalments.
This type of finance is typically only available on used cars, and will depend on the lender as to whether they can offer it. If no deposit isn’t an option, many lenders will offer finance with low levels of deposit.
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Choose PCP and you'll pay an initial deposit and monthly payments to cover the remaining value of the car, plus interest. At the end of the term, you can buy the car or walk away.
Optional purchase lump sum
At the end of your PCP, you will have the option to keep the car if you pay lump sum. We've estimated this to be taking your total cost to .
Find car finance loanChoose HP and you'll make monthly payments and usually pay a deposit. At the end of the contract term, you'll own the car.
Who is Car Finance 247?
Car Finance 247 is the UKs largest online car finance platform*, seamlessly connecting car buyers, sellers and finance providers to make car finance simple, transparent and accessible.
With access to over 270 finance products and a network of more than 3,500 trusted dealers, they match eligible customers with a personalised finance offer based on their individual circumstances.
Join over 500,000 customers who have trusted Car Finance 247 to help them get on the road.
*The UK's largest online car finance platform by unique users to the website. Based on Similar Web data – 1,184,130 to Car Finance 247 vs. 658,656 for nearest competitor. December 2024 to May 2025.
What are the pros and cons of no deposit car finance deals?
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Pros
No upfront cost for the vehicle
Offered by several lenders in the market
You may still be able to use your existing vehicle as a part exchange
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Cons
With no deposit you’ll need to borrow more for the vehicle
Borrowing more would lead to higher monthly payments & a higher interest rate
There may be some lender restrictions on no deposit deals, such as your credit profile or the vehicle
How do I choose the best no deposit car finance deal?
Set a realistic budget
Choose a finance deal that fits within your monthly budget. Remember, a more expensive car means higher repayments and more interest over time.
Review your credit report
Check your credit file for any errors and take steps to improve your score if needed. A better credit rating can help you secure lower interest rates.
Access over 270 finance products
When you apply for finance through our partner, Car Finance 247, you’ll have access to over 270 finance products from a wide range of trusted lenders, helping you to find a no deposit deal that’s right for you.
Understand the terms
Look beyond the monthly payments and consider the total amount borrowed, the interest rate, and any fees for early repayment to ensure the deal works for you.
Is it a good idea to get a no deposit car finance deal?
No deposit car finance can be a good idea depending on your personal circumstances. If you don’t have any savings for a deposit, it’s a quick a sensible way to help finance your next car.
However, if you are able to put down a deposit that will likely reduce your monthly repayments & overall cost of finance. Having a deposit may make getting finance more likely, as it may improve your affordability position and more lenders may be comfortable with the risk of the deal.
Can I get car finance?
To qualify for car finance, you’ll generally need to meet the following criteria:
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Meet the age requirement
The minimum age varies by lender, but you’ll typically need to be at least 18. Some finance providers also set an upper age limit, often only lending to those under 79.
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Provide proof of income
Lenders will ask for evidence of a regular income, but this doesn’t mean you need to be in full-time employment. Payslips and bank statements are commonly accepted, and you can still qualify if you're self-employed, a sole trader, a pensioner, or receiving long-term disability benefits.
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Show proof of ID and address
As with any type of borrowing, finance companies will need to verify your identity and address. A passport or driver’s licence is usually required, along with a utility bill or similar document as proof of residence.
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Have a suitable credit history
Lenders will assess your credit history and current financial commitments to determine whether you’re a responsible borrower. While requirements vary, a positive credit record will improve your chances of approval.
What happens if I miss a payment on car finance?
Let your lender know. If you’re struggling to make a payment, contact your finance provider as soon as possible. They may be able to offer solutions like a temporary payment plan
Late fees and charges. Missing a payment could lead to penalty fees and a formal warning from your lender
Risk of default. Continued missed payments may result in a default notice, which can have serious consequences
Possible repossession. If you have HP or PCP and haven’t paid a significant portion of your loan, the lender may recover the vehicle. With a personal loan, the car isn’t at risk, but legal action could follow
Damage to credit score. Late or missed payments will be recorded on your credit file, making future borrowing more difficult
What happens at the end of a car finance deal?
At the end of a no deposit car finance deal, what happens next depends on whether it's a Hire Purchase (HP) or Personal Contract Purchase (PCP) agreement.
For HP, once you’ve made all the agreed payments, the car is yours to keep. There are no further costs, and ownership is transferred to you.
With PCP, you’ll have the option to either pay the remaining value of the car (a balloon payment) to own it, return the car with no further obligations, or trade it in for a new vehicle and start a new deal.
Experience a simpler, smarter way to get car finance with MoneySuperMarket and our partner Car Finance 247
What are the alternatives to car finance?
What are the alternatives to car finance?
If you’re looking for options other than Hire Purchase (HP) and Personal Contract Purchase (PCP), consider these alternatives:
Personal contract hire or leasing
With PCH, you make an initial deposit followed by fixed monthly payments to lease the car. At the end of the term, you simply return the vehicle, with no option to purchase it
Car loan
A personal loan lets you borrow the full price of the car. You own the car immediately and repay the loan over a set period
Save up to buy outright
If you’d rather avoid finance, you can save the full amount to purchase the car outright, without any interest or monthly payments.
Can I get a no deposit car finance deal with bad credit?
You may still be able to get a finance deal with no deposit even if you havebad credit. The lender will still need to be comfortable you can afford to repay the loan and that the vehicle fits within its lending criteria.
Are there any restrictions on mileage or usage with no deposit car finance?
If you take out a hire purchase agreement, you won’t have any mileage restrictions. Whilst if you take out a PCP agreement, there will be mileage restrictions. You will be able to set these with your lender and if you go over these there will be an excess mileage charge.
Is it possible to get no deposit car finance for a used car?
Yes it is. In fact, it is much more likely you’ll be able to get no deposit car finance for a used car, rather than a new car.
What happens at the end of the no deposit car finance agreement?
This will depend on the type of agreement you take out. HP or PCP.
What happens if I miss a payment on my no deposit car finance agreement?
If you miss a payment getting in touch with your lender is usually the best next step. You can then discuss your personal circumstances and what options there are with the lender.
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You might be wondering if we work with all the companies in the market, or if our commercial relationships with our partners might make us feature one company above another. We’ve got nothing to hide, and we want to give you clear answers when it comes to questions like these, so we’ve pulled together everything you need to know on this page.
Reviewed on 20 Aug 2026 by
