By putting down a deposit, you could afford a van that would otherwise be too expensive. This upfront payment can reduce the amount you need to borrow, allowing you to afford a bigger van or one with more modern features.
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No deposit van finance
You might be wondering if you can get no deposit van finance. Our guide explains why our van finance requires a deposit, and how it affects your agreement.
No deposit van finance
You might be wondering if you can get no deposit van finance. Our guide explains why our van finance requires a deposit, and how it affects your agreement.
What is no deposit van finance?
No deposit van finance is an option where you don’t need to make an upfront payment at the start of your finance agreement. Usually, when you start a finance agreement, you pay a deposit. This could be to secure the van or as part of the lender’s requirements for financing your new van.
We understand that saving for a deposit can be tricky, which is why you might be searching for van finance with no deposit. We ensure that our van finance options are affordable, sustainable, and suitable for your needs.
As part of this, we require a deposit at the beginning of your van finance agreement. As one of the UK’s leading specialist lenders, we can help you when other lenders cannot. However, we do not offer van finance without a deposit.
Why do you need a deposit to finance a van?
There are various reasons why you may need to put down a deposit when financing a van:
- If you want to buy a van that would normally be beyond your budget, a deposit can help you secure the right one for your needs. This is especially useful if you’re looking for a bigger or newer van with more advanced features.
- If you have a poor credit score, lenders may consider you a high-risk borrower, which could make it difficult to get approved. We’re a specialist lender that helps people get van finance with poor credit. However, we require a deposit to ensure that our van finance is affordable for you.
Can I get guaranteed van finance with no deposit?
No, guaranteed van finance doesn’t exist, including with no deposit. While some lenders may advertise guaranteed van finance without a deposit, they can’t guarantee finance without first making affordability checks to ensure it’s appropriate for you.
Every person has different circumstances that affect their eligibility for van finance, making it impossible for any lender to claim that van finance is guaranteed. A responsible lender will always ensure that any finance they offer is affordable, which is why no one can make such a claim.
There are several factors that a lender considers before offering you finance, but there are some things you could do that might increase your chances of getting finance. These steps include:
- Checking your credit file and understanding if you have a good credit score
- Avoiding multiple hard searches on your credit file in a short period
- Ensuring that you aren’t financially linked to a bad borrower
- Managing your credit responsibly by only applying for finance that you can afford
Putting down a deposit vs. no deposit van finance
What is no deposit van finance?
No deposit van finance is an option where you don’t need to make an upfront payment at the start of your finance agreement. Usually, when you start a finance agreement, you pay a deposit. This could be to secure the van or as part of the lender’s requirements for financing your new van.
We understand that saving for a deposit can be tricky, which is why you might be searching for van finance with no deposit. We ensure that our van finance options are affordable, sustainable, and suitable for your needs.
As part of this, we require a deposit at the beginning of your van finance agreement. As one of the UK’s leading specialist lenders, we can help you when other lenders cannot. However, we do not offer van finance without a deposit.
Why do you need a deposit to finance a van?
There are various reasons why you may need to put down a deposit when financing a van:
- If you want to buy a van that would normally be beyond your budget, a deposit can help you secure the right one for your needs. This is especially useful if you’re looking for a bigger or newer van with more advanced features.
- If you have a poor credit score, lenders may consider you a high-risk borrower, which could make it difficult to get approved. We’re a specialist lender that helps people get van finance with poor credit. However, we require a deposit to ensure that our van finance is affordable for you.
Can I get guaranteed van finance with no deposit?
No, guaranteed van finance doesn’t exist, including with no deposit. While some lenders may advertise guaranteed van finance without a deposit, they can’t guarantee finance without first making affordability checks to ensure it’s appropriate for you.
Every person has different circumstances that affect their eligibility for van finance, making it impossible for any lender to claim that van finance is guaranteed. A responsible lender will always ensure that any finance they offer is affordable, which is why no one can make such a claim.
There are several factors that a lender considers before offering you finance, but there are some things you could do that might increase your chances of getting finance. These steps include:
- Checking your credit file and understanding if you have a good credit score
- Avoiding multiple hard searches on your credit file in a short period
- Ensuring that you aren’t financially linked to a bad borrower
- Managing your credit responsibly by only applying for finance that you can afford
Putting down a deposit vs. no deposit van finance
By putting down a deposit, you could afford a van that would otherwise be too expensive. This upfront payment can reduce the amount you need to borrow, allowing you to afford a bigger van or one with more modern features.
You could consider using your current van as a deposit by doing a part exchange or saving up money to make a deposit. However, saving up a large amount of money might be difficult, especially if you’re self-employed looking for van finance.
Making a deposit can save you money in the long run compared to not putting down a deposit. This is because if you don’t deposit an amount at the start, you will have to borrow more money, which can result in paying more interest as your repayment period would be longer.
No deposit van finance can make buying a new van more affordable. If your current van is no longer meeting your personal or business needs, choosing a lender that doesn’t require a deposit means that you won’t have to wait until you have the money saved up for a deposit.
Making a deposit can save you money in the long run compared to not putting down a deposit. This is because if you don’t deposit an amount at the start, you will have to borrow more money, which can result in paying more interest as your repayment period would be longer.
You could consider using your current van as a deposit by doing a part exchange or saving up money to make a deposit. However, saving up a large amount of money might be difficult, especially if you’re self-employed looking for van finance.
No deposit van finance can make buying a new van more affordable. If your current van is no longer meeting your personal or business needs, choosing a lender that doesn’t require a deposit means that you won’t have to wait until you have the money saved up for a deposit.
How does a deposit work when getting van finance?
We offer a Conditional Sale (CS) agreement. This means that you will be the registered keeper of the van and responsible for its maintenance. To start our CS finance, you’ll need to make a deposit by using the money you’ve saved up. You could also part exchange your current van.
Please note that our van finance agreements require a deposit. After the deposit, you’ll make monthly payments for an agreed period between 36 and 60 months. Once you have made your final payment, your agreement will end, and you will become the legal owner of the van.
How does a deposit work when getting van finance?
We offer a Conditional Sale (CS) agreement. This means that you will be the registered keeper of the van and responsible for its maintenance.
To start our CS finance, you’ll need to make a deposit by using the money you’ve saved up. You could also part exchange your current van.
Please note that our van finance agreements require a deposit. After the deposit, you’ll make monthly payments for an agreed period between 36 and 60 months.
Once you have made your final payment, your agreement will end, and you will become the legal owner of the van.
Our criteria for financing a van
Our criteria for financing a van
To get van finance, you’ll need:
- Monthly earnings over £1,000 (after tax)*
- To be aged between 20 and 75
- A full valid UK driving licence
- 2 consecutive months of payslips*
- To put down a deposit (subject to affordability)
*Find our lending criteria for self-employed people.
We can finance vans that meet our lending criteria:
- Priced between £4,000 and £35,000
- Up to 125,000 miles on the clock
- No older than 12 years by the end of the agreement
To get van finance, you’ll need:
- Monthly earnings over £1,000 (after tax)*
- To be aged between 20 and 75
- A full valid UK driving licence
- 2 consecutive months of payslips*
- To put down a deposit (subject to affordability)
*Find our lending criteria for self-employed people.
We can finance vans that meet our lending criteria:
- Priced between £4,000 and £35,000
- Up to 125,000 miles on the clock
- No older than 12 years by the end of the agreement
FAQs about no deposit van finance
What are the differences between no deposit van finance and leasing?
The main difference between van finance and leasing is that with leasing, you will never legally own the van. On the other hand, if you choose to get van finance with us, you will become the legal owner once you make your final payment.
Leasing is similar to renting as you can only use the van for a set period of time, and at the end of the lease agreement you must return it to the finance company. With our van finance, you will have complete access to the van and will keep it once you make your final payment. Additionally, you won’t have to pay an extra fee or balloon payment like other finance types such as PCP or HP.
Do you need good credit to get van finance with no deposit?
Lenders often require a deposit for several reasons. This could be to help you secure the van you want or reduce the overall amount you need to borrow. By doing this, you may be able to finance a van that was otherwise outside of your affordability.
Having good credit may increase your chances of getting approved for van finance. However, if you have bad credit, you can still get approved, but you might have to use a specialist lender or provide a higher deposit.
It’s important to know that our van finance agreements require a deposit. This helps ensure your monthly payments are affordable and sustainable for you.
Can you claim van finance with no deposit on a tax return?
It is possible to claim van finance on your tax return regardless of whether you made a deposit or not. However, the process of claiming it as tax relief depends on various factors, such as the type of accounting method you use.
If you need more information, we have a guide that answers common questions about claiming van finance on your tax return. You can also refer to the GOV.UK guide on van expenses to learn what expenses you may be able to claim.
If you need further information, you should seek a qualified tax professional or contact HMRC.
FAQs about no deposit van finance
What are the differences between no deposit van finance and leasing?
The main difference between van finance and leasing is that with leasing, you will never legally own the van. On the other hand, if you choose to get van finance with us, you will become the legal owner once you make your final payment.
Leasing is similar to renting as you can only use the van for a set period of time, and at the end of the lease agreement you must return it to the finance company. With our van finance, you will have complete access to the van and will keep it once you make your final payment. Additionally, you won’t have to pay an extra fee or balloon payment like other finance types such as PCP or HP.
Do you need good credit to get van finance with no deposit?
Lenders often require a deposit for several reasons. This could be to help you secure the van you want or reduce the overall amount you need to borrow. By doing this, you may be able to finance a van that was otherwise outside of your affordability.
Having good credit may increase your chances of getting approved for van finance. However, if you have bad credit, you can still get approved, but you might have to use a specialist lender or provide a higher deposit.
It’s important to know that our van finance agreements require a deposit. This helps ensure your monthly payments are affordable and sustainable for you.
Can you claim van finance with no deposit on a tax return?
It is possible to claim van finance on your tax return regardless of whether you made a deposit or not. However, the process of claiming it as tax relief depends on various factors, such as the type of accounting method you use.
If you need more information, we have a guide that answers common questions about claiming van finance on your tax return. You can also refer to the GOV.UK guide on van expenses to learn what expenses you may be able to claim.
If you need further information, you should seek a qualified tax professional or contact HMRC.
Van finance explained
Learning about the different kinds of van finance and their pros and cons can help you pick the best option for you. Find out more by clicking the button below.
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For a better road ahead
Moneybarn is a member of the Finance and Leasing Association, the official trade organisation of the motor finance industry. The FLA promotes best practice in the motor finance industry for lending and leasing to consumers and businesses.
Moneybarn is the trading style of Moneybarn No. 1 Limited, a company registered in England and Wales with company number 04496573, and Moneybarn Limited, a company registered in England and Wales with company number 02766324. The registered address for these companies is: Athena House, Bedford Road, Petersfield, Hampshire, GU32 3LJ.
Moneybarn’s VAT registration number is 180 5559 52.
Moneybarn Limited is authorised and regulated by the Financial Conduct Authority (Financial Services reference No. 702781)
Moneybarn No. 1 Limited is authorised and regulated by the Financial Conduct Authority (Financial Services reference No. 702780)
