Your Community

‹ Back to News

No Deposit Car Finance

Posted on 27 August 2018

One common question that we get asked is “what sort of deposit do I need to finance a car?” and the answer is: well, that depends.

To help make things a little clearer, here’s what it can depend on. When you apply for car finance, the finance company (in our case Community Financial Services or CFS) are making a decision about risk. What are the risks that you won’t be able to afford to keep up your car payments? Because the last thing that CFS or Enterprise wants is for our customers to struggle with their everyday living because their car payments are too high.

So why do you sometimes ask people for a deposit on a car loan?
Well, the more deposit you pay the lower the amount of money you borrow and the lower your car payments are.

Does the deposit need to be in cash?
No, most of our customer will trade in their existing car and use that as a deposit.
Even customers who still owe money on their old car can trade it in. We simply deduct what you still owe on the car from your trade in value and settle your old car loan for you.

What are the criteria for a No Deposit Car Loan?
There are three main areas that are considered when you apply for a no deposit car loan; these are:

  • How easily can you afford the payments?
  • What do you do for a job and how long have you worked there?
  • How long have you lived at your house?

But there are always exceptions to the rule. For example, we have helped countless customers who are on a benefit buy a car with no deposit finance.

So what’s the easy answer?
If you need car finance and you don’t have a deposit, the best thing you can do is complete our easy online finance application form HERE and talk to one of our friendly staff about arranging a car loan that is right for you.

Budget Calculator

Not sure what you can afford? Work out your weekly budget using our handy calculator.

Learn More


We pride ourselves on good customer care and service but don't just take our word for this.

Learn More

Book a Service

You can book your next service directly from this website. Don't waste time, book today!

Learn More

Order Parts

We supply genuine Holden & Nissan parts for all makes and models, order today.

Learn More