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[av_heading heading=’Do I Need a Deposit for My Car Loan?’ tag=’h1′ style=’blockquote modern-quote modern-centered’ subheading_active=’subheading_below’ show_icon=” icon=’ue800′ font=’entypo-fontello’ size=’6vw’ av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” subheading_size=’20’ av-medium-font-size=” av-small-font-size=” av-mini-font-size=” icon_size=” av-medium-font-size-1=” av-small-font-size-1=” av-mini-font-size-1=” color=’custom-color-heading’ custom_font=’#000000′ subheading_color=” seperator_color=” icon_color=” margin=’0′ margin_sync=’true’ padding=’0′ icon_padding=’10’ headline_padding=” headline_padding_sync=’true’ link=’manually,http://’ link_target=” id=” custom_class=” template_class=” av_uid=’av-kt9srbyl’ sc_version=’1.0′ admin_preview_bg=’rgb(34, 34, 34)’][/av_heading]

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[/av_one_third][/av_section][av_section min_height=” min_height_pc=’25’ min_height_px=’500px’ padding=’no-padding’ shadow=’no-border-styling’ bottom_border=’no-border-styling’ bottom_border_diagonal_color=’#333333′ bottom_border_diagonal_direction=” bottom_border_style=” margin=’aviaTBmargin’ custom_margin=’50px’ custom_margin_sync=’true’ custom_arrow_bg=” id=” color=’main_color’ background=’bg_color’ custom_bg=” background_gradient_color1=” background_gradient_color2=” background_gradient_direction=’vertical’ src=” attachment=” attachment_size=” attach=’scroll’ position=’top left’ repeat=’no-repeat’ video=” video_ratio=’16:9′ overlay_opacity=’0.5′ overlay_color=” overlay_pattern=” overlay_custom_pattern=” av_element_hidden_in_editor=’0′ av_uid=’av-rygxgj’ custom_class=”]
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[av_heading heading=’Introduction’ tag=’h1′ style=” subheading_active=” show_icon=” icon=’ue800′ font=’entypo-fontello’ size=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” subheading_size=’15’ av-medium-font-size=” av-small-font-size=” av-mini-font-size=” icon_size=” av-medium-font-size-1=” av-small-font-size-1=” av-mini-font-size-1=” color=” custom_font=” subheading_color=” seperator_color=” icon_color=” margin=’15,,,’ padding=’10’ icon_padding=’10’ link=’manually,http://’ link_target=” id=” custom_class=” template_class=” av_uid=’av-kt9srgah’ sc_version=’1.0′ admin_preview_bg=’rgb(255, 255, 255)’][/av_heading]

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If you’re hoping to get a loan for a property, it’s highly likely that a lender is going to require you to put down a deposit.

Fortunately, if you’re in the market for a new car, the requirement to come up with a deposit isn’t quite as strict. In fact, there are several options available to you, with some lenders prepared to lend more than 100% of the value of the car.

There will, however, be some situations where a lender will need you to put down a deposit, and this is often linked to your credit history.
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[av_heading heading=’No Credit History’ tag=’h1′ style=” subheading_active=” show_icon=” icon=’ue800′ font=’entypo-fontello’ size=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” subheading_size=’15’ av-medium-font-size=” av-small-font-size=” av-mini-font-size=” icon_size=” av-medium-font-size-1=” av-small-font-size-1=” av-mini-font-size-1=” color=” custom_font=’#000000′ subheading_color=” seperator_color=” icon_color=” margin=’25,,,’ padding=’10’ icon_padding=’10’ link=’manually,http://’ link_target=” id=” custom_class=” template_class=” av_uid=’av-kt9sroub’ sc_version=’1.0′ admin_preview_bg=’rgb(34, 34, 34)’][/av_heading]

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If you’ve never borrowed money before and never had something like a credit card, then you might be required to put down a deposit. In this case, the lender doesn’t know the type of borrower you’re going to be and will likely want to see a deposit to help mitigate any risk to them.
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[av_heading heading=’If You Already Owe Money on Another Car’ tag=’h1′ style=” subheading_active=” show_icon=” icon=’ue800′ font=’entypo-fontello’ size=’30’ av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” subheading_size=’15’ av-medium-font-size=” av-small-font-size=” av-mini-font-size=” icon_size=” av-medium-font-size-1=” av-small-font-size-1=” av-mini-font-size-1=” color=’custom-color-heading’ custom_font=’#000000′ subheading_color=” seperator_color=” icon_color=” margin=’25,,,’ padding=’10’ icon_padding=’10’ link=’manually,http://’ link_target=” id=” custom_class=” template_class=” av_uid=’av-kt9ss025′ sc_version=’1.0′ admin_preview_bg=’rgb(34, 34, 34)’][/av_heading]

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If you already have another car with a loan attached to it and the outstanding balance of the loan is greater than the value of the car, this represents an increased risk to the lender. This is what’s known as having negative equity. It means that if you take out a new loan, you will be increasing the overall debt level significantly.
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[av_heading heading=’Poor Credit History’ tag=’h1′ style=” subheading_active=” show_icon=” icon=’ue800′ font=’entypo-fontello’ size=’30’ av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” subheading_size=’15’ av-medium-font-size=” av-small-font-size=” av-mini-font-size=” icon_size=” av-medium-font-size-1=” av-small-font-size-1=” av-mini-font-size-1=” color=’custom-color-heading’ custom_font=’#000000′ subheading_color=” seperator_color=” icon_color=” margin=’25,,,’ padding=’10’ icon_padding=’10’ link=’manually,http://’ link_target=” id=” custom_class=” template_class=” av_uid=’av-kt9st2pv’ sc_version=’1.0′ admin_preview_bg=’rgb(34, 34, 34)’][/av_heading]

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If you’ve had credit in the past but have had some issues making your repayments on time or have been unable to pay, that will likely be reflected in your overall credit score. If you have poor credit standing, then lenders will be less inclined to lend to you. One way to help ease their concerns is to come up with a deposit to reduce their risk. If you do have bad credit, you will probably be required to pay higher rates of interest and the pool of lenders available to you will be reduced.
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[av_heading heading=’Benefits of a Deposit’ tag=’h1′ style=” subheading_active=” show_icon=” icon=’ue800′ font=’entypo-fontello’ size=’30’ av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” subheading_size=’15’ av-medium-font-size=” av-small-font-size=” av-mini-font-size=” icon_size=” av-medium-font-size-1=” av-small-font-size-1=” av-mini-font-size-1=” color=’custom-color-heading’ custom_font=’#000000′ subheading_color=” seperator_color=” icon_color=” margin=’25,,,’ padding=’10’ icon_padding=’10’ link=’manually,http://’ link_target=” id=” custom_class=” template_class=” av_uid=’av-kt9stgcl’ sc_version=’1.0′ admin_preview_bg=’rgb(34, 34, 34)’][/av_heading]

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If you are able to put down a deposit for a car loan, then it might be worth considering as there are some benefits that come with it. Many lenders will be prepared to offer you a lower interest rate as it means the overall LVR is going to be lower, and your loan is less risky to them. The odds of you getting the loan approved will be better as well. These two factors mean that you will be able to access a larger variety of lenders and you will qualify for more flexible and competitive loan products.
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Disclaimer: This is general information only and is subject to change at any time. Your complete financial situation will need to be assessed before acceptance of any proposal or product. The Content provided herein has been prepared for informational purposes only. The Content does not constitute tax, legal or accounting advice and should not be relied upon as such. You should seek tax, legal or accounting advice before acting or relying on any Content.

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[av_heading heading=’Have questions in Tax, Mortgage and SMSFs? ‘ tag=’h1′ style=’blockquote modern-quote modern-centered’ subheading_active=’subheading_below’ show_icon=” icon=’ue800′ font=’entypo-fontello’ size=’27’ av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” subheading_size=’15’ av-medium-font-size=” av-small-font-size=” av-mini-font-size=” icon_size=” av-medium-font-size-1=” av-small-font-size-1=” av-mini-font-size-1=” color=’custom-color-heading’ custom_font=’#000000′ icon_color=” margin=” margin_sync=’true’ padding=’30’ icon_padding=’10’ link=’manually,http://’ link_target=” id=” custom_class=” template_class=” av_uid=’av-avoihf’ sc_version=’1.0′ admin_preview_bg=’rgb(34, 34, 34)’]
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