ACF Finance - Loan Deposit

nickyglow_2

Yesterday I applied to ACF finance for a car loan. This was a last ditch effort by myself after exhausting all other avenues of lending. Basically I need a car for work (community carer) and my car has broken down, so no car means no job

I have been told I was accepted on principal and was to go to the show room which was an hour away. Upon getting there I was informed that they still needed a decision on the finance and asked me how much deposit I had for the finance!

Now I have never heard of having to pay £500 - £1000 just to get finance before, generally fi you need a loan its because you need the money so putting down that amount is stupid in the first place.

I'm not being stupid am I? The sales boy is not willing to help me unless I have the deposit to put down so I'm sort of in a no win situation really. Does anyone else have any advice on this deposit thing.

thanks

paulmcerlean

Even with mainstream car finance, certain agreements require a deposit in order to secure specified APRs etc, and generally most lenders will like to see a healthy customer deposit especially if the finance is for a large amount - in lease agreements for example this is 3 payments in advance.

It is however possible to get mainstream finance as well without a deposit. ACF being subprime however may require a customer contribution in the form of a deposit.