I Have Existing Car Finance. Can I Part Exchange My Current Car for a New Car?
I have a 60 plate VW Polo on finance with Moneyway and i am struggling to afford £250 a month. Is there any possible way i can trade the car in for something older/cheaper? Also i have a child on the way and the car is too small! I took the finance out in nov 2011 and i think the settlement is £8.5k, would a dealer take my car and let me choose something else from them and carry on my finance? Or even better, can i sell the car privately? Thanks
October 22, 2012
Hi Steffan, you can sell the car privately and this is most probably your best option as if you took it back to a dealer they would only give you trade money for the car. What is it worth approximately? Are you in a lot of negative equity? If you sold the car privately you'd need to clear the finance immediately with Moneyway. If you apply on our site for finance let me know your reference number asap. Have a good evening. Rachel