No Deposit Car Loans. 100% Finance, Done Properly

A no deposit car loan, also known as 100% finance or zero deposit car finance, lets you borrow the entire purchase price of a vehicle without putting money down upfront. It can make a car possible before you have had the chance to save a deposit.

At Simple Loans, we compare no deposit car loan options from a panel of 50+ banks and specialist lenders. Whether you are buying from a dealership or a private seller, we look at which lenders on our panel write this structure for someone in your situation, and explain what each one would cost.

No lender can guarantee approval. Every licensed lender in Australia has to make reasonable inquiries about your situation and verify your income and expenses before it lends. An ad that promises guaranteed car finance before anyone has looked at your circumstances is a reason to slow down, not speed up.

True no credit check car loans are rare from licensed lenders. When you see the phrase, it usually means one of these:

• The first step is a soft enquiry, and a full credit check happens before a formal application.
• The lender puts more weight on your income and bank statements than on your credit score, but still checks your file.
• The product is not a regulated car loan, such as some rent to own or lease arrangements. These may cost more over time and may not give you the same protections.

What a no deposit car loan actually needs:

• Income you can verify, such as payslips, bank statements or other income the lender accepts
• A repayment that is affordable after your living costs and existing debts
• A car the lender will take as security, priced close to its market value
• Australian residency or a visa the lender accepts
• An explanation for any past credit issues, which do not automatically rule you out

Submitting this enquiry does not itself create a hard credit enquiry. If you choose to proceed with a lender, a credit check may be required. We will explain that step before a formal application is submitted.

Different lenders use different credit criteria. We can check whether options on our panel may be worth discussing, but approval, rate and loan amount depend on the lender's assessment and responsible-lending requirements.

We compare eligible options from a panel of 50+ lenders. We do not compare every lender or product in the market, and the lenders considered depend on your circumstances and eligibility. Simple Loans may receive commission from a lender if your loan settles; see our Credit Guide.

Eligibility depends on income, the vehicle and responsible lending. Generally you will need:

• Stable, verifiable income
• Australian residency or a visa the lender accepts
• To be at least 18 years old
• A vehicle the lender will take as security

Past credit issues do not automatically rule you out. We look for a lender that writes this structure rather than one that advertises zero down and declines at assessment.

Single parents can read how lenders may treat Parenting Payment and Family Tax Benefit on our car loans for single parents page.

Borrowing the full purchase price is convenient, but it is not free. A no deposit loan usually attracts a higher rate than the same loan with 10 to 20 per cent down, and you pay interest on a larger balance for the whole term.

You are also more likely to owe more than the car is worth early on. If you can put even a small amount down, or trade in an existing vehicle, it usually reduces both your rate and your total interest. If you cannot, a no deposit loan is still a legitimate option. Pick a term that keeps the repayment comfortable rather than the longest term available.

Every loan we arrange is regulated credit. Simple Loans holds an Australian Credit Licence and is a member of the Australian Financial Complaints Authority. You are entitled to a written preliminary assessment on request, to hardship consideration if your circumstances change, and to free external dispute resolution through AFCA.

This page is general information and does not take your personal circumstances into account.

• Usually covered: the vehicle purchase price from a dealer or private seller.
• Sometimes covered: on road costs, stamp duty, registration transfer, extended warranty and insurance products, depending on the lender and the vehicle's valuation.
• Rarely covered: anything that pushes the loan well above the vehicle's market value, since most lenders cap lending at a percentage of valuation.

Ask what your loan amount actually includes before you sign. A quote that covers the car but not the on road costs still leaves you needing cash at settlement.