Deposit
Money you pay up front toward the car, with the rest borrowed. A deposit lowers how much you finance, but it is not always required.
A deposit is the cash you put in yourself at the start. If a car costs 12,000 dollars and you put in 2,000, you finance the remaining 10,000. Your deposit can be cash or the trade-in value of your old car.
A bigger deposit means you borrow less, pay less interest overall, and can look lower risk to a lender. It can also help if your credit is not strong.
The good news is you do not always need one. Many of our lenders offer no deposit car finance, where the full price is covered by the loan. Approval and rate depend on the lender and your situation.
Wondering how much to put in? Try the repayment calculator to see how a deposit changes your payments, then get your fair rate.
See your repayments, then get a fair rate.
One application, one soft credit check, no obligation. We match you to the lender most likely to give you a fair go.