Do I need a deposit to get a car loan?

By Maria Gil · · 2 min read
Fact Checked
Advertiser disclosure
Yellow car on the street

Unlike home loans, you don’t always need to have a deposit for a car loan. However, if you do put down a deposit it may help your approval process and lower your repayments.

Most lenders offer a loan equal to the entire value of the car but you may run into some lenders that ask for a small deposit.

Here are some instances where that might happen:

  • You have no or bad credit history
  • You owe lots of money on other loans
  • There is a specific policy by the lender that requires a deposit from you.

Why is a car loan deposit beneficial?

On any loan, the less you borrow the less interest you’ll pay in the long term. It is better to take out a $20,000 loan versus a $30,000 simply because you’ll pay it off faster and it will pay less interest during the life of the loan.

Here are some perks of having a car loan deposit:

  • It increases your chances of approval
  • You can potentially get a lower interest rate
  • It can make your repayments easier to manage.

While having a deposit for your car loan is beneficial, it can take some time to save up and that is not always doable. There are plenty of car loans out there that don’t ask for any sort of deposit. So if you can’t pay a deposit don’t worry - there are usually other options you can consider.

If you are thinking about buying a car soon, check out Mozo’s car loan repayment calculator to figure out how much you can afford in your budget.

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 91 car loans using the filters.
Last updated 5 December 2025 Important disclosures and comparison rate warning*

Car loan comparisons on Mozo

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    to
    24.98 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $605
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    Monthly repayment
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Showing 8 results from 91 car loans. Use the filters to see more

* WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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