If you’re in the market for a personal car loan or business vehicle finance, then your probably don’t want to use your existing cash reserves for the purchase. We understand that completely, which is why Jade Finance offers no deposit car finance across our full range of car loans and motor vehicle finance products, dependent on individual lender requirements.
That means, there is no deposit requested by whichever lender we arrange your car loan with. You can include the total purchase price of the car and some extra expenses, in the loan amount and keep your cash for other purposes.
This ‘no deposit’ feature is distinct from a deposit which may be requested by the seller. If purchasing say a new car from a motor dealer, they will most likely ask for a ‘holding deposit’ to confirm the sale while they prepare your vehicle for delivery.
If buying from a private seller and you need time to arrange your car loan, the seller may want you to put some money up to secure the sale so they can take it off the market. If buying at auction, you will definitely need to pay a deposit ‘on the hammer’.
However, these seller deposits are usually refundable – sometimes a dealer or auction house will take a credit card imprint as security.
Key Points for Consideration
- Your Jade Finance consultant will arrange your car loan for 100% of the price of the car. No deposit is required by the lender. We know what lenders will extend this loan feature and we will source your car loan from them.
- No deposit finance is available for business motor vehicle finance and personal secured car loans.
- Depending on the condition of a used car will determine the preparedness of a lender to extend a no deposit car loan offer. If you definitely require a no deposit loan for a used car, your Jade Finance consultant is ideally positioned with a great network of contacts to source an offer for you.
- For business finance customers, Chattel Mortgage, CHP, Car Lease and Rent to Own can all be arranged with no deposit.
- When assessing your financial objectives moving forward, take into account that if you do pay a deposit to the seller, say 10-15% of the price of the car and borrow the remaining 85-90% from the lender, you are reducing your overall loan amount. This will reduce your monthly repayments and/or reduce your loan term. So you can pay off your car faster.
- If you’re purchasing in an environment that requires a significant deposit by the seller and you want to avoid large sums of your cash being held for a length of time, we have a solution. You can contact Jade Finance before you start car shopping and arrange pre-approved car finance. With your application approved and car loan in place, your Jade consultant will be able to quickly complete the sale for you. Handling the paperwork, liaising with the seller and checking REVs and other regs.
Jade Finance are car loan professionals with a wealth of knowledge and information to assist with your car purchase. So please contact us to ask all the questions you have in regard to car finance.
Speak with a Jade Finance Consultant to discuss a no deposit car loan. Call 1300 000 003