Should you put down a deposit to take a car out of the market?

By Lawrence Minnie 

You have found the perfect car, you’ve gone to see it and taken an amazing test drive. It’s the perfect car for you and a great bargain to boot, but you haven’t done your finance yet and there are other potential buyers standing in line.

You have the option of putting down a securing deposit to get the dealership or seller to hold the vehicle for you until you finance is approved.

It’s a good way to secure the sale but it has its pitfalls.

Only do this is if you know your finance will be approved. Its also a matter of trust that should your finance be rejected you will get your deposit back.

Very often the dealer or seller will give you a certain amount of time to sort out the finance, or may offer to assist to push the sale through, that way your holding deposit goes straight to the finance house once the sale goes through.

With your deposit paid and finance secured, you’ll be behind the wheel of your dream car in no time.