Buy a car now and pay later: flexible finance

Order your next car now with a £199 deposit and have nothing more to pay for at least a month: buy a car now and pay later

BuyaCar team
Apr 5, 2019

When you need a new car but don't want to splash out straight away, some finance agreements will allow you to order one and have it delivered, with nothing to pay for at least a month.

Deferring repayments in this way could give you enough time to budget for the car, or to build up some savings before starting to pay for the vehicle in regular monthly instalments.

The most common types of car finance are available with no deposit, including Personal Contract Purchase (PCP), which offers low monthly payments and flexibility at the end, as well as Hire Purchase (HP), where you own the car after making all payments. 

No-deposit finance does mean that you'll be paying more interst and higher monthly payments than an arrangement where you put down an intitial deposit, and you will need to meet your lender’s criteria. Scroll down for more information or search 60106 cars currently available from BuyaCar, which are eligible for buy now, pay later finance.


Buy a car now and pay later: how it works

If you’re taking out finance on a used or nearly-new car, then you may be eligible for a no-deposit agreement. Once you’ve found a car, reserved it and applied for finance, you'll have the opportunity to request a no-deposit finance quote.

Successful applicants will have nothing to pay for at least a month. Once your car is delivered, you'll have thirty days before starting to pay your fixed monthly fee for the duration of the agreement.

In addition, your reservation fee will be refunded once the car has been delivered, so you won’t have paid a penny - and will have secured a new car to arrive at your door.


Buy a car now and pay later: what’s required?

Most importantly, you’ll need a strong credit profile. No-deposit finance is available to customers who have a good track record of taking out credit and repaying it on time.

All finance applications are put through an affordability test to ensure that car buyers can afford their monthly repayments. This is slightly tougher with no-deposit finance because your monthly repayments will be increased to take the lack of deposit into account.

There’s a chance that you will be able to secure a better interest rate by putting down a deposit and starting to pay for your car immediately. Lenders usually see this as lower risk. You can request quotes for both situations when you apply for finance.


Which cars can you buy now and pay later?

All cars that are in stock and ready for delivery are eligible for this type of arrangement. This includes all used cars, nearly-new vehicles and pre-registered models, which are almost brand new, but have already been fitted with registration plates.

Some brand new cars, which have been built but not yet registered to their first owner, will also be available for a buy now and pay later agreement.

If you are looking for a brand new car that's built to your specification by the factory, then you may be able to take advantage of no-deposit finance from the car manufacturer.


Types of finance available with a buy now, pay later agreement

You can choose from some of the most common types of car finance if you want to buy now and pay later. This includes Personal Contract Purchase (PCP) agreements, which offer some of the lowest fixed monthly payments and flexibility at the end of your term: you can either buy the car for an additional lump sum, return it with nothing more to pay or trade it in for another model - depending on its value at the time.

Hire Purchase (HP) arrangements include the full cost of the car in the monthly payments, so they are higher but you the car is fully paid for at the end of the term.


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