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No deposit car loans

100% car finance: who offers it and what it costs.

A no deposit car loan finances 100% of the car’s price, so you drive away without putting money down. Pepper Money, for example, publishes finance of the full price from $5,000 to $150,000 with a $0 deposit, subject to eligibility, and several banks publish no-deposit business vehicle loans. The catch is cost: on a $35,000 car over five years at 8%, borrowing the full price costs about $710 a month against $568 with a 20% deposit.

What are the repayments on a no deposit car loan?

Monthly principal and interest repayments over 5 years, by loan amount and interest rate
Loan amountMonthly repayment at
6%p.a.8%p.a.10%p.a.12%p.a.
$20,000$387$406$425$445
$30,000$580$608$637$667
$40,000$773$811$850$890
$50,000$967$1,014$1,062$1,112
$60,000$1,160$1,217$1,275$1,335

Scroll the table sideways for more rates

Illustrative monthly principal and interest repayments over 5 years, before fees and charges. Rates are examples, not offers; your rate depends on the lender and your circumstances. With no deposit the loan amount is the full price of the car, plus any on-road costs the lender agrees to finance. Run your own numbers.

Calculator

No deposit car loan calculator

100% financing, full purchase price

Loan amount$35,000
$5,000$150,000
Interest rate6.99% p.a.
5.00% p.a.15.00% p.a.
Loan term5 years
1 year7 years
Monthly repayment
$692.88
Total interest
$6,573
Total repayment
$41,573
Principal 84.2%Interest 15.8%
Get a personalised quote

Estimates only. Actual rate and repayment depend on your lender, loan structure and credit assessment.

No deposit car loan lenders a broker can compare

The car lenders in our directory. Deposit rules differ by lender, car and credit file: Pepper Money publishes a $0 deposit option, for example. The broker checks which lenders will finance the full price for your application.

No deposit car loan lenders a broker can compare: each lender's type, the products it offers and its current rate
Commonwealth Bank of AustraliaMajor bankProducts:
  • Secured (new vehicle)
  • Secured (used vehicle)
Current rate:
6.79%p.a.
8.20% p.a. comparison rate*
Personal Loan Secured (New Vehicle) · Secured Fixed Rate Car Loan, secured by the car being bought: from rate for excellent credit (rates up to 11.29% p.a.); comparison on a $30,000 loan over 5 years.
Westpac Banking CorporationMajor bankProducts:
  • Secured (new vehicle)
  • Secured (used vehicle)
  • EV / Green
Current rate:
6.49%p.a.
7.90% p.a. comparison rate*
Car Loan Secured · Car Loan for petrol, diesel or LPG cars, fixed rate, secured by the car: from rate; the rate offered depends on your credit assessment.
Bank AustraliaCustomer-ownedProducts:
  • EV / Green
  • Secured (used vehicle)
Current rate:
6.29%p.a.
6.29% p.a. comparison rate*
Clean Energy Car Loan · Electric Vehicle Loan, fixed rate, secured, new electric vehicles; establishment fee waived for fully electric vehicles; comparison on a $30,000 secured loan over 5 years.
Liberty FinancialNon-bankProducts:
  • Secured (new vehicle)
  • Secured (used vehicle)
Current rate:
8.99%p.a.
10.65% p.a. comparison rate*
Liberty Drive Secured · Flexible car loan, secured, new and used cars: from rate; comparison on a $30,000 new-car loan over 5 years with no balloon.
MoneyMeSpecialistProducts:
  • Secured (new vehicle)
Current rate:
6.24%p.a.
7.13% p.a. comparison rate*
MoneyMe Secured Car Loan · Secured car loan, variable rate, new or used vehicles: from rate for excellent credit history (maximum 26.10% p.a.); $12.50 monthly fee.
Now FinanceSpecialistProducts:
  • Secured (new vehicle)
Current rate:
7.59%p.a.
8.43% p.a. comparison rate*
NF Secured Car Loan (Tier 1) · Vehicle Loan secured by the vehicle, new or used: from rate (rates up to 15.39% p.a.); establishment fee up to $595.
PlentiSpecialistProducts:
  • Secured (new vehicle)
  • Secured (used vehicle)
  • EV / Green
Current rate:
7.99%p.a.
9.78% p.a. comparison rate*
Plenti Car Loan (Tier 1) · Secured car loan, new or demo vehicle, homeowner with exceptional credit: from rate (rates up to 12.99% p.a.); comparison on $30,000 over 60 months including a $14.90 monthly fee.
Australia and New Zealand Banking GroupMajor bankProducts:
  • Unsecured
Current rate: ANZ rate card (opens in a new tab)
National Australia BankMajor bankProducts:
  • Secured (new vehicle)
  • Secured (used vehicle)
Current rate: NAB rate card (opens in a new tab)
BankSAMajor-bank brandProducts:
  • Secured (new vehicle)
  • Secured (used vehicle)
Current rate: BankSA rate card (opens in a new tab)
Show all 16 lenders
No deposit car loan lenders a broker can compare, continued
ING AustraliaTier-2 bankProducts:
  • Unsecured
Current rate: ING rate card (opens in a new tab)
IMB BankCustomer-ownedProducts:
  • Secured (new vehicle)
  • Secured (used vehicle)
Current rate: IMB rate card (opens in a new tab)
Newcastle Permanent (Newcastle Greater Mutual Group)Customer-ownedProducts:
  • Secured (new vehicle)
Current rate: Newcastle Permanent rate card (opens in a new tab)
Teachers Mutual BankCustomer-ownedProducts:
  • Secured (new vehicle)
  • Secured (used vehicle)
Current rate: Teachers Mutual rate card (opens in a new tab)
Pepper MoneyNon-bankProducts:
  • Secured (new vehicle)
  • Secured (used vehicle)
  • Unsecured
Current rate: Pepper Money rate card (opens in a new tab)
Angle FinanceSpecialistProducts:
  • Secured (new vehicle)
Current rate: Angle Finance rate card (opens in a new tab)

Inclusion is editorial reference, not a recommendation. Rates change often, so we only show a rate we captured from the lender's own page in the last 60 days, with a link to that page; otherwise we link to the lender's rate card where it publishes one. The broker you are matched with compares the lenders on their own panel.

See all 20 car loan lenders

* WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees, or other loan amounts might result in a different comparison rate. Car loan comparison rates are based on a secured loan of $30,000 over 5 years.

No deposit car loans at a glance
  • Borrow 100% of the purchase price: Pepper Money publishes $5,000 to $150,000 with a $0 deposit, subject to eligibility
  • ANZ, CommBank and Great Southern Bank publish no-deposit business vehicle loans
  • A bigger loan means bigger repayments and more interest than with a deposit
  • Newer cars and clean credit files get the widest choice; older cars narrow it
  • Negative equity is the risk: a new car loses value fastest in its first years

How 100% car finance works

A no deposit car loan, also called 100% finance, lets you borrow the full purchase price without putting any savings towards it. The lender advances the whole amount and you repay it over the term.

Some lenders will also finance on-road costs such as stamp duty, registration and compulsory third party insurance, so you can drive away without spending anything upfront. Ask the lender what it will include before you sign.

The trade-off is a higher loan balance from day one, larger repayments and more interest over the term than if you put a deposit down.

Who qualifies for no deposit finance

Lenders look harder at a no-deposit application because they are lending the car's full value. Expect them to want:

  • A good credit history with no recent missed payments
  • Stable employment; Pepper Money, for example, publishes that direct applicants must not be on probation and that casual work must have run more than six months
  • Income that comfortably covers the repayments plus living expenses
  • A car inside the lender's age and condition rules
Understanding negative equity

With no deposit you start owing the car's full price. Youi's rule of thumb is that a new car loses about 15% of its value as soon as it is sold and roughly 15% a year after that, so for the first years you may owe more than the car is worth. If it is stolen, written off or sold, the payout or sale price may not cover the balance; gap insurance is designed to cover that shortfall.

Should you save a deposit or finance 100%?

The same $35,000 car over five years at 8%, with and without a 20% deposit:

ScenarioNo deposit (100%)With a 20% deposit
Car price$35,000$35,000
Loan amount$35,000$28,000
Monthly repayment$710$568
Total interest$7,580$6,064
Total repaid$42,580$34,064 (plus the $7,000 deposit)

Computed before fees at the same rate for both; if a deposit also wins you a lower rate, the gap widens. If you need a car now, no deposit finance gets you moving; if you can wait a few months to save, you pay less each month and less interest overall.

How no deposit car finance works, step by step

1
Get matched
Tell a broker how much you need and the type of car.
2
Pre-approval
The broker confirms which lenders will finance the full price, and at what rate.
3
Find your car
Shop with the pre-approval in hand and negotiate like a cash buyer.
4
Drive away
The lender pays the seller at settlement.
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More car loan guides

Car loan interest rates
Published ranges by lender
New car loans
Financing a new vehicle
Used car loans
Pre-owned vehicle finance
Secured car loans
Lower rates with security
Bad credit car loans
Options for poor credit
Running costs and depreciation
How fast the car loses value

WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees, or other loan amounts might result in a different comparison rate. Comparison rates are calculated on a secured loan of $150,000 over 25 years for home loans, a loan of $30,000 over 5 years for car and personal loans, and $50,000 over 5 years for equipment finance, unless the lender states another basis.

No deposit car loan FAQs

Can I buy a car with 0% deposit?
Yes. Several lenders publish no-deposit car finance: Pepper Money publishes finance of the full purchase price, from $5,000 to $150,000, with a $0 deposit subject to eligibility, and for business buyers ANZ, CommBank and Great Southern Bank publish no-deposit vehicle loans. You borrow the whole price, so the repayments and the total interest are higher than with a deposit, and the loan can be worth more than the car for the first few years.
Which bank gives the lowest vehicle loan?
No bank is cheapest for everyone, because each one prices you inside its own published range. On the ranges published in September 2026, the lowest starting secured rates were CommBank’s 5.79% special rate for an eligible electric or plug-in hybrid, loans.com.au’s 5.94% on a new car and NAB’s 5.99% discounted rate. Which is lowest for you depends on your credit file and the car, and the comparison rate after fees is the number to compare; the car loan interest rates guide lists each range.
Will I pay a higher rate with no deposit?
Not necessarily, but the loan costs more either way because you borrow more. For a borrower with good credit buying a newer car, some lenders price a no-deposit loan much like any other; for an older car or an impaired file, a deposit can be the difference between a better rate and a higher one. Ask for the comparison rate with and without a deposit.
What are the risks of a no deposit car loan?
The main risk is negative equity: owing more on the loan than the car is worth. Youi’s rule of thumb is that a new car loses about 15% of its value as soon as it is sold and roughly 15% a year after that, so with no deposit the balance can sit above the car’s value for the first years. If you need to sell, or the car is written off, the sale price or insurance payout may not clear the loan.
Can I get no deposit finance for a used car?
Yes, though options narrow as the car gets older. Pepper Money publishes its $0 deposit option on new, demo and used cars, subject to its vehicle age and condition rules, and the banks cap the car’s age for secured loans (seven years at Westpac, CommBank and Great Southern Bank; 12 at application at NAB). An older car, or an impaired credit file, is where a deposit helps most.
What credit score do I need for a no deposit car loan?
There is no published minimum; each lender sets its own criteria. Equifax says a rating from very good (735 to 852) to excellent (853 to 1,200) may be considered suitable for applying for a loan. With a lower score, a deposit improves the approval odds and can bring the rate down.
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