A common question when financing a work ute is how much deposit you'll need upfront. The honest answer is that it depends on your profile and the lender, and in many cases little or no deposit is required.
Do you need a deposit for ute finance?
Many lenders offer business ute finance with no deposit for eligible applicants, funding the full purchase price. A deposit becomes more relevant if your ABN is newer, your credit history has blemishes, or the ute is higher value. In those cases, a deposit can strengthen the application.
When does a deposit help?
Putting money down reduces the amount financed and can potentially improve the terms available or help a borderline application over the line. If you have a trade-in, its value can often be applied like a deposit. How much, if any, is needed is always subject to lender criteria.
How do deposit requirements compare?
Deposit expectations vary widely between lenders. Simon Kendrick at Overdrive compares more than 80 banks and non-bank lenders, so you can see which options suit your deposit position, whether that's nil or something more substantial.
How do you check your deposit needs?
Wondering what deposit applies to you? Ask Overdrive for an obligation-free quote. It's a soft check that won't affect your credit score, and you'll get a clear answer.
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