Index
Can you finance a car without a deposit?
Why financing without a deposit is more expensive
Requirements for getting approved without a deposit
How much more does it cost to finance without a deposit: comparison
Financing without a deposit at a dealership vs bank
When does it make sense to finance without a deposit
Alternatives to financing without a deposit
Dealcar: sell your current car to get a deposit
FAQs
Can you finance a car without a deposit?
Yes. In 2026, most banks, financial institutions, and dealerships offer 100% financing of the vehicle's value without the need to provide a deposit. Approximately 35% of private vehicle financing operations in Spain are carried out without an initial contribution, according to data from the first half of 2026.
There is no law that obliges you to pay a minimum deposit to finance a car. It is a decision of the financial institution, not a legal requirement. What does vary is that without a deposit, the bank assumes more risk, and that risk has a cost that the buyer ends up paying in one way or another.
Why financing without a deposit is more expensive
When you provide a deposit, you reduce the capital that the institution has to lend you. That means less risk for the bank: if you cannot pay, the car is worth more than the remaining loan, and the potential loss is smaller.
Without a deposit, the bank lends 100% of the car's value on day one. The problem is that the car begins to depreciate immediately: a new car loses between 15% and 20% of its value in the first year. If at that moment you cannot pay, the institution has a car that is worth less than what it lent you. This additional risk is compensated for in three ways:
Slightly higher APR for operations without a deposit. Stricter approval criteria (higher income, more job stability, better credit history). Shorter terms or requirements for additional linked insurance.
Requirements for getting approved without a deposit
The basic requirements for any car financing also apply without a deposit, but with a somewhat higher level of demand:
Demonstrable and stable income. Payslip, pension, or self-employed income statement. Job stability (length of time with the company, type of contract) carries a lot of weight: with a temporary contract or less than 6 months with the company, approval without a deposit is more difficult.
No listings in defaulters' registers. ASNEF, RAI, or other non-payment records are a major barrier to financing without a deposit. With active listings, options are reduced to specialised financial institutions with much higher APRs.
Sufficient repayment capacity. The monthly instalment should not exceed 30-35% of net income. Without a deposit, the monthly instalment is higher (because the financed capital is greater), so the bar for necessary income goes up.
To know if your profile meets the necessary income threshold, the article on how much you can finance based on your salary calculates it with concrete examples.
Clean credit history. Institutions consult CIRBE (Risk Information Center of the Bank of Spain) to see what other active debts you have. If you already have a mortgage, another loan, or cards with a high outstanding balance, financing without a deposit without first settling those debts can be complicated.
Standard documentation. Valid DNI or NIE, last 3 payslips or tax return, bank statement for the last 3 months and, if applicable, the vehicle sales contract.
How much more does it cost to finance without a deposit: comparison
The difference in cost between financing with and without a deposit does not come only from the APR: it comes from the total financed capital, which is higher without a deposit and generates more absolute interest.
Example with a €18,000 car, 7% APR, 60-month term:
Scenario | Financed capital | Monthly instalment | Total interest | Total paid |
|---|---|---|---|---|
No deposit (100%) | €18,000 | €356 | €3,384 | €21,384 |
With 10% deposit (€1,800) | €16,200 | €321 | €3,045 | €21,045 |
With 20% deposit (€3,600) | €14,400 | €285 | €2,707 | €20,307 |
With 30% deposit (€5,400) | €12,600 | €249 | €2,368 | €23,768* |
*The total paid includes the deposit plus instalments.
To see how much interest adds up to in different amount and term scenarios, the article on how much it costs to finance a car includes complete tables with real market data.
Financing without a deposit compared to doing so with a 20% deposit means paying €677 more in interest and a monthly instalment that is €71 higher for 5 years. That difference may be irrelevant if you do not have the savings available, but it is best to be clear about it before deciding.
Financing without a deposit at a dealership vs bank
The rules are similar in both channels, but there are nuances:
Dealership: usually more flexible in approving without a deposit, especially for models they want to sell quickly (old stock, electric vehicles with manufacturer campaigns). The downside is that the APR can be higher than at the bank. Some dealerships apply a high final instalment (balloon type) so that the monthly instalment seems lower: with this method you pay reduced instalments during the term and a large final instalment at the end. It is advisable to ask explicitly if there is a final instalment before signing.
Bank: stricter approval criteria but usually lower APR. For solid profiles (permanent contract, good income, no debts), the bank can offer financing without a deposit with an APR of 5-6% compared to the usual 8-10% at a dealership without a campaign.
For intermediate profiles or those with some complexity, the dealership is usually more accessible, although more expensive. For solid profiles, the bank is cheaper, although it requires more prior administration.
The decision between bank and dealership changes according to the profile and available campaign. The article on bank or dealership to finance your car compares the two options with real numbers.
When does it make sense to finance without a deposit
Financing without a deposit is not always a bad decision. It makes sense in these specific situations:
You do not have savings available but you have stable income and the monthly instalment fits into your budget without strain. There is a manufacturer campaign with 0% NIR or a very low APR: in that case, financing 100% with almost zero financial cost is reasonable. That money you do not pay as a deposit is invested by you at a higher yield than the loan's APR. The situation is urgent and you need the car immediately with no time to save for a deposit.
It does not make sense if the APR is high and you could provide even a 10-20% deposit, significantly reducing the total cost, if you already have other debts that consume part of your repayment capacity, or if the instalment without a deposit exceeds 30-35% of your net income.
If you have a current car, the article on how to coordinate selling your old car with buying the new one explains the correct order to maximise your available deposit.
Alternatives to financing without a deposit
If you are not approved for financing without a deposit or the conditions do not convince you, there are alternatives:
Sell your current car. If you own a car, selling it before buying the new one gives you the deposit without touching your savings. With Dealcar, you can receive an offer in less than 18 hours and get paid before delivering the car. It is the most direct alternative for those who currently have a car.
Wait and save. If the situation is not urgent, saving 10-20% of the car's value in 3-6 months can significantly improve financing conditions and reduce the total cost.
Renting/Leasing. Private car leasing has grown by 40% between 2023 and 2025 in Spain. It does not require a deposit, includes insurance and maintenance in the fee, and avoids depreciation. The downside is that at the end of the contract you do not own the car. For those who cover less than 15,000 km per year and want to change cars every 3-4 years, it can be more economical than buying with financing and no deposit.
Apply with multiple entities. A rejection at one bank does not close all doors. Criteria vary between entities and a profile that is not approved at one bank may be approved by a financial institution or dealership.
If you have defaults in credit files, the article on financing a car with ASNEF explains what options you have and what conditions to expect.
Dealcar: sell your current car to get a deposit
If you own a car, selling it before buying the next one is the most direct way to generate the deposit without touching your savings. A 20% deposit on an €18,000 car is €3,600, which reduces the monthly instalment by €71 and the total cost by €677 in interest.
With Dealcar, your car reaches more than 1,000 verified professional dealerships competing for it. You receive the offer in less than 18 hours, get paid before handing over the car, and collection is from your home.
100% free for you. No commissions or hidden costs.
You get paid before handing over the keys. Bank transfer before the car changes hands.
They collect the car from your home. No travel required.
No paperwork. The buyer handles the transfer, DGT, and all the paperwork.
On average, 1,400 euros more than selling on Wallapop.
More than 12,000 cars sold and an average rating of 4.9 out of 5.
FAQs
Is it possible to finance a car without a deposit in 2026?
Yes. Most banks, financial institutions, and dealerships offer 100% financing of the vehicle's value. 35% of private financing operations in Spain in 2026 are carried out without a deposit. There is no legal requirement to pay a minimum deposit.
How much more expensive is financing without a deposit?
The difference comes not only from the APR but from the financed capital, which is higher. For an €18,000 car over 60 months with a 7% APR, financing without a deposit costs €677 more in interest than financing with a 20% deposit, and the monthly instalment is €71 higher.
What is required to approve financing without a deposit?
Demonstrable and stable income, no listings in ASNEF or other defaulters' registers, repayment capacity (instalment not exceeding 30-35% of net income), and a clean credit history. Without a deposit, the approval criteria are somewhat stricter than with a deposit.
Is the dealership easier than the bank for financing without a deposit?
Generally yes, but it is usually more expensive. The dealership has more interest in closing the sale and is usually more flexible with requirements. The bank is stricter but can offer a lower APR for solid profiles.
What is the final instalment in dealership financing without a deposit?
It is a method where you pay reduced monthly instalments during the term and a large final instalment at the end (usually 30-40% of the car's value). It lowers the monthly instalment but does not reduce the total cost. It is advisable to ask if there is a final instalment before signing any financing contract at a dealership.
