Key highlights
- No-deposit finance may be available for eligible applicants
- Fund the full purchase price and preserve working capital
- Larger loan usually means higher repayments
- Clean history and a newer ute strengthen an application
- Soft check to see if it may suit your situation
Keeping cash in the business is often the priority, which is why no-deposit ute finance is a common question. In some cases eligible applicants can finance the full purchase without an upfront deposit. Here is how it generally works and what to keep in mind.
How does no-deposit ute finance work?
With a no-deposit structure, the lender funds the full purchase price rather than requiring money down. This preserves working capital for tools, stock or wages. Availability depends on the lender, your ABN and credit profile, the ute and the loan size, so it is offered subject to lender criteria rather than guaranteed.
What are the downsides of no deposit?
Borrowing the full amount means a larger loan and, usually, higher repayments than if you had put money down. It can also affect the rate an applicant is offered. That said, for a business that would rather keep cash on hand, the trade-off can make sense. Consider your cash flow and speak with your accountant about the right approach.
How do you qualify for no-deposit finance?
A clean repayment history, an established ABN and a newer ute can all strengthen an application for no-deposit finance. Where a full no-deposit loan is not on offer, a modest deposit may open up better terms. Comparing across the Overdrive panel of more than 80 lenders helps identify who is most likely to suit.
Simon and the team can check whether no-deposit finance may be available for your situation and provide an obligation-free quote. The first step is a soft check with no impact on your credit score. Contact Overdrive to find out more.
Ready to compare cheap rates?
Free quote in minutes, decisions in 24–48 hours. No credit-score impact to enquire.