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A normal car loan usually asks you to put down 10 to 20% of the car’s price upfront. A no deposit car loan skips that step. Instead, the full purchase price (sometimes with a bit extra for on-road costs) gets rolled into your loan, and you pay it off over an agreed term instead of handing over a lump sum on day one.
It’s not free money, you’re still borrowing the full amount, so you’ll pay interest on more than you would with a deposit down. But if the choice is between waiting another year to save $5,000 or driving off in the next month, a no deposit loan is how a lot of Australians bridge that gap.
A few things lenders look at:
Your credit history matters more when there’s no deposit cushioning the loan, since the lender is carrying more risk. A steady income, whether that’s PAYG, self-employed, or ABN, helps show you can manage the repayments. And the car itself counts too, most lenders cap no-deposit finance at a maximum vehicle age, so a car that’s a few years old is usually an easier approval than something older.
None of this means a shaky credit file rules you out. It’s exactly why we compare a panel of lenders instead of pushing one product, different lenders weigh these factors differently, and we’re finding the ones who’ll say yes to your situation, not just the easiest applicant on paper.
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A no deposit loan means no upfront payment, but there are still costs baked into any car loan worth knowing about upfront:, and
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Yes. It’s a genuine, common way to finance a vehicle here, you’re borrowing the full purchase price rather than putting money down first. It usually means a slightly higher interest rate than a loan with a deposit, since the lender is taking on more risk.
Generally, a little, since you’re borrowing more and lenders price that extra risk into the rate. The gap is often smaller than people expect though, and for a lot of buyers it’s a better trade-off than waiting years to save a deposit while still paying for transport in the meantime.
No. It’s one factor among several, and our lender panel includes options for people with less-than-perfect credit. The best way to know where you stand is to run the numbers, it takes about a minute and won’t affect your credit file.
Yes, we work with PAYG employees, self-employed applicants, and ABN holders. The documents you’ll need differ slightly, our quiz will point you in the right direction.
Once you’ve completed the quiz and we’ve got your details, most applicants hear back quickly, often the same day. Exact timing depends on your lender match and how fast we get supporting documents back from you.
