It's not easy to finance or lease a new car without any money. It can be done, but it's hard work and requires some time spent on finding the right sources of information. And if you want everything to go smoothly, then make sure you apply for financing before you actually buy the vehicle because dealerships sometimes will try to put additional fees on your contract (that means more money for them). affordable rent to own cars
The most common question that you will find on the internet is how to finance or lease a car with no deposit? There is not a single answer to this question because it depends on many factors including your credit score, personal financial situation, and others.
The first thing that you need to do is check for yourself what kind of financing is available in your country (although most developed countries offer almost exactly the same package), and how it works.
A favorite vehicle of mine has always been "personal contract purchase" or PCP due to the lack of down payment. The PCP loans normally have fairly low-interest rates which mean that after 10 years you will only pay double the initial price, and after 3-5 years you can sell it and make a decent profit (I bought my Nissan Pulsar for 1200 GBP and sold it 2 years later for 1400 GBP).
If personal contract purchase is not available in your country then go with "personal lease purchase" or Lease P. This type of financing is similar to PCP but does not allow you to sell your car at the end - what most people do is that they extend their lease for another 4-6 years and enjoy a new car every few years.
The second thing you need to understand is how online auto brokers work. Online auto brokers are companies that provide quotes from different dealerships so you can get the best deal for your money. They normally get a commission fee for every quote they provide, so it is in their best interest to provide quotes from as many dealerships as possible.
Unfortunately, some of these companies are trying to screw you over by charging big fees or providing extremely unreliable information - some companies even ask you for upfront payment to "secure" the vehicle at the cheapest price.
Once you have chosen a reputable company it's time to go buy yourself a new ride. You probably know that you should always get a test drive before signing anything - and that's the same with auto brokers.
Always check for return policies, guarantees, and other stuff so if something goes wrong you can easily contact them and resolve any issues. If everything looks good, then sign up and choose your vehicle based on your budget and lifestyle - remember to ask about hidden costs such as yearly registration fees or insurance discounts.
Once you have chosen the vehicle it's time to talk about financing options with an account manager (they should be assigned to you after purchasing a quote). If they ask for upfront payment then just ignore their calls and keep looking for another option because this is either a scam or they are charging too much money for their services (anywhere from 500 to 2500 GBP).
They will present you with 2-3 financing options if the car isn't already in your name. If PCP or Lease P is available then go for it, but only if the deposit is below 2000 GBP (I have seen some dealerships asking for big down payments, so be careful). If not, then look at their "low interest" offers - do not choose anything above 5% because that's just wasting money.
Lastly, always consider cheaper alternatives such as branded second-hand cars or smaller city vehicles - it all depends on your lifestyle and budget. But remember that there are no quick fixes to this kind of issue so make sure you stay within your means. Best of luck!