What is a deposit and do I need one?

A deposit is the cash amount that you need to pay up front for a new car. This amount is then deducted from the final amount you’re required to pay for the car. 

 

The deposit amount depends on the cost of the vehicle and how much the dealer requires. But generally, deposits are 10% of the overall value. 

 

When you borrow from Oodle you can pay for the deposit yourself or add it to your loan. Your monthly repayments will simply reflect this.

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