Creditplus customers often need help around the subject of deposits and car finance. In this section we explain how deposits work and the benefits of having a deposit.
It's possible to be accepted for a no deposit car finance agreement, but this will depend on your credit rating. If you have a Good credit rating then you'll be eligible for a zero deposit car loan.
You'll see many sites that claim they don’t require a deposit, but this will not always be strictly true. Many of the lenders that will accept people with a Poor credit rating will require a deposit.
To be clear, if you have a good credit history then you'll not be required to pay a deposit for car finance. But, if you have had issues with credit in the past it may well be necessary to pay a small deposit.
Creditplus are no different to any other finance provider, but we like to be honest and ethical with our customers rather than making claims which may end up being misleading.
A deposit may help you to obtain car finance if you have a poor credit history. It'll also help to reduce the amount that you need to borrow, which in turn reduces the amount of interest that you'll be charged over the term of the loan.
Yes. Many of our customers choose to use their current vehicle as a deposit to reduce the amount they need to borrow. This is a really smart move as it'll reduce the total amount you have to repay. We must stress that it's our customer’s choice to pay deposits, not us making it a mandatory requirement. Find out more about part exchanging your car to help you with your deposit for car finance.
Again this will depend on you credit rating. If you have a Good credit file you won't need to pay a deposit. If you're required to pay a deposit due to your credit rating, the amount will vary depending on the loan amount and the vehicle that you're looking to buy.
As an example the range of deposits that we've received range from £300 to £60,000 – this clearly depends on the car you choose.
We can accept payments for a deposit either by credit or debit card. If you pay by credit card you'll be charged 3% on top of the price of the deposit to cover the cost to us from the credit card provider. Please note that this amount may vary depending on your credit car provider (e.g. American Express).
If you can’t find the topic you’re looking for here, please take a look at the rest of our Help section on qualifying for car finance, or talk to one of our Customer Advisors now by using our LiveChat service.
If you require further assistance, our team of Customer Advisors are here to help. We're open six days a week - you can view our opening hours here - and we're more than happy to answer your questions.