Deposit advice for car finance

Advice about deposits for car fiance

 

Do i need to pay a deposit for car finance?

At Socialmotors, you will not be required to pay a deposit.

Although, if you would like to pay a deposit upfront – This will lower your monthly repayments and the total amount of your car finance loan.

 

Benefits of paying a deposit

Paying a deposit upfront can sometimes be very beneficial, as you will be lowering the amount of money you are requesting from the finance company. This could give you a better chance of being approved.

We have many customers who have been approved using our no deposit car finance packages. So, do not be discouraged if you have no funds to put down initially.


Is there a criteria for no deposit

With over 20 finance lenders on our panel, Socialmotors can help people with Excellent, good, fair and bad credit scores.

We have carefully selected car finance lenders who specialise in providing affordable finance solutions for people looking for no deposit car finance.

Even if you have CCJ’s, arrears, defaults, IVA’s, refused from other lenders, and even those who have no credit score at all.

Application process

Make an application online

Apply now or call us, one of our experienced advisors will take some basic details for our lenders to review. If approved you will be offered a credit limit for your new car.

Choose your car

Once you have your credit limit, one of our advisors will assist you in choosing your new car from our showroom – we have over 1000 vehicles available in group stock, at this stage you will be able to discuss your needs and establish the car you want.

Documents and Delivery

We will now prepare your new car for delivery and get it to you usually within 48 hours, giving you a free 12 month comprehensive warranty & 12 months MOT. Once your car arrives, if your happy you sign your finance documents.

Application Criteria

Do you meet the car finance application criteria?

To be eligable for car finance all you need is to…

  • Be aged 18 or over
  • Hold a full UK/EU driving licence
  • Be UK resident for 3 years
  • Have a Full time, part time job, be self-employed
  • Not bankrupt

Please note: if your income is 100% benefits you must be in receipt of a high rate benefit like DLA or PIP to apply for bad credit car finance.

What our customers think…

Scott Royle
Scott Royle
20:54 22 Feb 19
Really happy with my car and great service car delivered by a really nice bloke and everything felt very personal
Gayle Eaton
Gayle Eaton
12:33 01 Aug 17
Very good service very happy
kim summers
kim summers
13:30 13 Jun 19
Received my new car yesterday..... delivered all the way to Hull..... the gentleman who delivered it was very polite.....A big shout to David for all the hard work and patience finding me a nice car...... I am absolutely thrilled with it........ I would thoroughly recommend this company to anyone, David was very friendly and was helpful through the whole process from beginning to end and would hesitate to recommend this company to my family and friends, thank you 😊
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