Help & Advice

Can I swap to a cheaper car on finance?

I currently have a year to go on my Vauxhall Corsa that's on finance. I would like to change to a larger car.

Can I do this or do I have to wait until my finance agreement comes to an end? Thank you

Nikki


Answer

Hi Nikki, a great question! The answer is really simple - Yes. Any dealer can take your existing car off you in part exchange and settle the existing finance whilst at the same time getting you into a larger car of your choice. We can guide you through the process and obviously provide the finance for your new car.

A few questions - How much is your current car roughly worth (trade value) and what amount is outstanding with your existing finance company? Would you have a cash deposit to place into the deal as this sometimes helps with certain finance companies? How much are you looking to finance on a new car and what is your monthly budget?

If approved with us we provide a no obligation quote and you can buy a car from any dealer. Please apply when you're ready. Kind Regards, Rachel

Answer correct as of September 2016

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My car is worth about £4500 it's a 2007 Vauxhall Corsa life. I was looking at a ford focus but have no spare cash to put down on it.

I have a poor credit rating as I have an IVA so will that make a difference?

Answer

Hi Nikki, as you're in an IVA we may struggle to get you approved however, we'll try our best and we have helped people obtain finance in the past even though they have been in an IVA.

How much finance outstanding do you have on your Corsa?

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Hi, I am looking to buy a cheaper car but still have my existing car on finance with Santander. I think my car is worth more than what I would still owe on finance. Can I trade it in for another car on finance and get a change?

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Hi Anna, yes - no problem at all. We can take your current car off you in part exchange and settle any existing finance with Santander. If you have any equity left in your current vehicle we can use that as a deposit to go towards your new car. I hope this helps. Kind Regards, Rachel

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Hi Abbey, how long have you had your new Astra and did you place a deposit down into the new deal. How much is your car worth and how much do you owe to Carlyle finance (now MotoNovo finance)? We'll be able to help you out depending upon your circumstances. Kind Regards, Rachel

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I've had my Astra for 2 months since giving my fiesta in. No - I didn't place a deposit as they gave me £3800 for my fiesta and settled the finance and started a new one. I think I owe motonovo £8,000 now. Thanks, Abbey

Answer

Hi Abbey, please apply and we'll see what we can do. The trade value of your car i guess will come in at below £8000 so you may well be in negative equity. Regards, Rachel

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I've got an Audi TT on finance and it's costing me £500 a month to run this including finance of £165/ month. I still owe £7500 and am at a dead end. Is there anyway I can swap for a cheaper to run car?

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My car is worth £6000 and has a settlement of £4993. I need a car that is cheaper to run as is costing a fortune...

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Hi Sarah, you said in your initial question that you owe £7500 and now you say your settlement figure is £4993. If this is the case that's great news as you have equity that you can use as a deposit in your current car. Please confirm. Rachel

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Is it possible to switch to a finance company offering a cheaper monthly rate once I've got a car on finance?

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Hi Grace, it is possible but there may well be early settlement penalties that you'd need to take into account with your current car finance provide. Please speak with them first to find out where you stand. But it is possible. Rachel

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I have an Audi A3 on a PCP and i'm paying just under £300 per month. My car was worth just over £24,000 when i got this in March. Is there any way i could get this monthly payment cheaper? Many Thanks

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Hi Cheryl, in a word - No. It'd be too costly to exit your PCP for starters and there's no way yo'd be guaranteed a better rate and payment.

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Could i give the car back before the 3 years is up to get a cheaper car? I'm not sure how the PCP works. When i had my old car i was on finance and i was able to trade that car in for this one, does PCP work in the same way?

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Hi Cheryl, i'd speak to the finance company to see if you can sell the car privately and settle off the finance. There may well be penalties and you may well be in negative equity. Good luck :-)

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Hiya, I have finance with Mini. I have had it for a year and have £7000 left to pay with a £4000 optional payment. I just wondered what I can do to change to Audi finance? Thanks

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Hi Alex, are you looking to get finance from the Audi dealership? If so, the Audi garage would have to take your Mini in part exchange and then settle the outstanding finance. What is the Mini worth (in the trade) approx and what is your settlement figure.

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Hi, i have a Fiat Grande Punto on a 06 plate. I was looking into getting a bigger car as it's too small and I need a family car on finance. I still owe £2927.64 on it my car is valued at £2250.50.

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Hi Ian, do you have any cash deposit to clear the negative equity? We can help either way but it'd improve your chances of a deal if you had a deposit of some sort. We can take part exchanges and we can settle the existing finance for you. Please apply when you're ready and we'll get you into a new family car. Rachel

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Hi, I have a 2004 VW Golf on finance and still owe approx £4995 on it but I think it will be worth around the same. I need to phone for the early settlement figure, however we want to change for 2 small cars as we now both need a car for work, is this possible? Thanks, Stacey

Answer

Hi Stacey, yes this would be possible. But as you say you need an exact settlement figure from your finance company on your Golf first and then a valuation on your current car - use parkers.co.uk as a guide. If the numbers stack up make an application and we'll try our best to get you approved and into 2 cars in the quickest possible time. Rachel

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Hi there, I have an Alfa Romeo GT blackline on a 57 plate and 65,000 miles on the clock. I have finance of £10k on it and have paid £200 a month for a year now and a £1800 deposit at the start of the finance. My credit rating is poor but no ccjs or ivas etc, and haven't missed a car payment. Could i change for a different car? I still want to pay £200 a month and could afford a £500 deposit? How much could I borrow for a new car?

Answer

Hi Mark, thank you for your question. What is your car worth and what is the settlement figure on the vehicle? If you could get this information to me it would help me a great deal. I'm confident we could get you approved if you have a clean "Car finance" record but i need to make sure that you're not in negative equity with your current Alfa GT :-) Look forward to hearing from you.

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Hi, the car is worth between £6000-£7000. I'm not sure what the settlement fee would be? I've got 36months left and pay £200 a month if that helps?

Answer

Hi Mark, the best thing to do is ring your finance company and ask for a written settlement figure. That way we have a starting point for the new deal :-)

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Hi, the settlement figure is £5623.42

Answer

Hi Mark, great. There is a deal to be done definitely then if we can get you approved. Please apply when you get 5 minutes :-)

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Hey, i am considering changing my car at the minute (2010 Mazda

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Hi Stevy, we'd be able to take your Mazda MX-5 in part exchange and settle the existing finance whilst placing you into a new car of your choice. Just one question - what is the settlement figure on your car finance agreement and what is your car worth (trade value)?

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Hi, I have a Vauxhall Astra on PCP, i re-financed about 18 months ago as i had drastic change in circumstances and needed cheaper monthly premium. Now after a minor accident my insurance has shot up and I can't really afford the finance and insurance. I want to keep the same finance company but think i'm in negative equity with the vehicle. Will the finance company (Lombard) allow me to sell the vehicle and buy a cheaper car and give them any difference as a lump sum to take off my current finance? As my credit isn't great i doubt settling the account and re-applying on a new vehicle will be possible. But i need a car for work purposes. Many thanks, Jazzy

Answer

Hi Jazzy, you'd need to check with Lombard whether the terms of your agreement allow you to sell the car. This may well be possible but i'd advise to check first. What is the car worth and how much do you owe? What's the negative equity? If your credit rating has declined recently it's highly unlikely Lombard will switch the current agreement onto another car or give you a new agreement but you could well try. Rachel

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Hi, i have a Renault Megane on a 56 plate. I still have 2 years finance on it but am looking for a smaller car. Can i change it?

Answer

Hi Nicola, what's the best and worst price?

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Hmmm not good :-( I still owe £2890.52 and Parkers have given me 5 different prices.

Answer

Hi Nicola, what's the best and worst price?

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Hi, i currently have a car on finance, but would like to change for a different model, do you accept buying cars currently on finance?

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Hi Cyrene, yes - we can take your current car in part exchange even though it has finance outstanding. What is your car worth approximately (trade) and what is outstanding to the finance company? Rachel

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Hi, i have a car on finance that i want to swap for a smaller engine size. I spoke to my finance company first response and they said i could. The settlement figure is £2900. How do i do it? Thanks

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Hi Paul, it's very easy to be honest - just make an application on our website (we also deal with First Response) and we can get you into a new smaller car. We can take your current car in part exchange and also settle the existing finance with First Response. You say the settlement figure is £2900 - what is the car worth (trade)?

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£2,200

Answer

Hi Paul, thank you for your question.

You can indeed swap your current car for a cheaper one. The process is really simple. All you need to do is part exchange your current car in at a dealership where you get your new car from. Even better news is that you seem to have £1000 equity in your current car which can be used as a deposit towards your newer (cheaper) car.

We can help guide you through the process and can often beat rates offered by car dealers so please make an application when you're ready and if approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

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no that was given a rough guide over the phone.

Answer

Hi Paul, thank you for your question.

You can indeed swap your current car for a cheaper one. The process is really simple. All you need to do is part exchange your current car in at a dealership where you get your new car from. Even better news is that you seem to have £1000 equity in your current car which can be used as a deposit towards your newer (cheaper) car.

We can help guide you through the process and can often beat rates offered by car dealers so please make an application when you're ready and if approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

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Hi, I have a 61 Ford Ka that I got a year ago now. I took it over a 2 year option scheme and I would now like to change to something a bit bigger, maybe a focus. Is it possible to do this and will my monthly payments in increase? Thanks.

Answer

Hi Tiff, it should be possible to exchange your Ford Ka to a Focus however, i'd imagine the payments will increase unless you take the finance out over a longer period. Would you be looking to go to your local Ford dealer? If so, do you require the finance from us? Regards, Rachel

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Hi, I bought an Astra 8 months ago on finance and would like to downsize, however I still have 4 years in the contract? Do you think I can swap cars and reduce my monthly payment? Cheers

Answer

Hi Dominic, yes this is potentially possible but it depends upon whether you are in negative equity or not. How much is your finance settlement figure and what is the car worth today (trade value)? Regards, Rachel

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Hi Rachel, Thanks for the reply. By finance settlement figure do you mean 'how much money do I still owe', and what is the best way to find out the cars trade value? Thanks

Answer

Hi Dominic, yes - i need to know how much you still owe and if you go to glass.co.uk you'll be able to get a free valuation :-)

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I still owe money on car finance and I want to change my car as it is costing me a lot of money in repairs. Is this possible?

Answer

Hi Christine, yes - this is possible. How much do you owe currently and what is your car worth approximately? Please apply for finance on our site when you get 3 minutes. Have a good evening. Rachel

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Hi, I bought a BMW 3 series for £10k in Feb but since then have had to take a pay cut at work and can no longer afford the car finance can I trade it in for a cheaper car?

Answer

Hi Sean, as long as you're not in a lot of negative equity you can down size no problem. What is the car worth (trade) and how much is your settlement figure? Kind regards, Rachel

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Hi, I have had my mini for almost 1 year. (4 year finance)The settlement figure is around £5,500 and the cars value is around £6,600. Can I get it exchanged for another vehicle?

Answer

Hi Nina, as you have £1100 equity in your current Mini you can use this as a deposit towards a new car. If you need finance for your new car please make an application as we have some great market leading rates at the moment. Have a good evening. Rachel

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Hi, I have had my Mini for almost 1 year. (4 year finance) The settlement figure is around £5,500 and the cars value is around £6,600. Can I get it exchanged for another vehicle?

Answer

Hi Nina, yes - you'd be able to exchange the Mini for another vehicle with no issues as you have £1100 deposit in the equity of your current car. The dealer supplying your new car would just settle the existing finance and use the remainder as the deposit. We can obviously sort the finance for your new car if required and we can provide some superb rates depending upon your credit history. Once approved you can buy a car from any reputable dealer and we don't charge you any fees. Kind Regards, Rachel

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Hi, I have a 04 grand prix with 92000 miles and I was wondering if I could possibly swap loans for another car. I bought the car about 6 months ago and paid 2,000 down and 340 a month since and still owe 2 years on it at the rate of 340 a month. Is there a way I could trade for another car and perhaps have a lower car payment and not pay 13,000 for a 2004 grand prix that is only worth around £6,500

Answer

Hi Rusty, unfortunatelydue to the large amount of negative equity in the vehicle it’s going to be very difficult to get out of the agreement without a large deposit. Alternatively if it is a hire purchase agreement I would suggest you look into the agreement to see whether you can voluntary terminate and hand the car back. It is worth putting an application in with us so we can have a closer look at the figures and see if there is anything we can do.

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I have car finance at the moment, but wish to pay this off and then change my car which I bought last year - is this possible?

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Hi Jean, The answer is yes. Ourselves of the dealer you are purchasing a new car from can take your existing car off you in part exchange and settle the existing finance whilst at the same time getting you into a cheaper vehicle of your choice. Alternatively you can get a settlement quote from the finance company and pay that off first before taking out a new agreement. Kind Regards, Rachel

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Hi Rachel, I bought a car with you almost 2 years ago , and would like to know when I could exchange for another car? thanks

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Hi Giles. I hope you are well. It all depends on how far into your agreement you are. If you are over half way you may be able to voluntary terminate and hand the car back. We could then look to get you approved for finance on a different vehicle. Alternatively you could look to settle the finance on your existing vehicle. Please put a new application through first to make sure we can get you approved again. Thank you, Rachel

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I have a 5 year finance agreement with 3 years left. Do I have the option to swap the car for something newer?

Answer

Hi Sarah, Thanks for your question. It will depend on the lender and the agreement. I would advise that you check your original documentation to see whether you have the option to voluntary terminate and hand the car back. However this usually can't be done until half way through the agreement. Alternatively you could request a settlement figure from the finance company. You would then need to get a valuation on your vehicle from a reputable dealer. Depending on the level (if any) of negative equity we could look to tie it up in to a new deal and get you into a new car. Please make an application when you are ready and we can have a closer look at the figures and look to get you approved with a suitable lender. Thanks Rachel

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I have a mini on finance over half way through a 4 year contract, settlement fee of £7000. Can I part ex for a cheaper but bigger second hand car as a can't fit my expanding family into the mini and its useless to me now.

Answer

Hi Julie, Thank you for using our Q&A. Well you have a few options Julie. You can either voluntary terminate your car and hand it back as you are half way through the agreement (check your documents to see if you have this option - most finance companies include it).Alternatively you can get a valuation from a reputable dealer on your current vehicle. Hopefully the value will cover the settlement figure which you can pay off. However if there is some negative equity in the car we can look to tie this up in to a new agreement. Please make an application so we can see what we can do. Thanks, Rachel

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Hello I have recently bought an audi a3 worth £15000 on finance for £201 a month for 3 years then a balloon payment for £5000. Is there any way to put up my payments so I dont have to pay that balloon payment. my APR is very high, is it worth getting a loan from the bank and repaying that way? thanks.

Answer

Hi Harriet. There is a chance that we could refinance the vehicle for you or alternatively when it comes to it we could finance the balloon payment for you (turn it into monthly payments rather than one lump sum). I would advise that you make an application now so we can see if we would be able to obtain you the interest rates you are looking for. Im sorry I couldnt be of more help at this stage. Kind regards, Rachel

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Hi There, I have a car out on finance and i missed 3 payments as i was jobless, I Have caught up with payments but now i know i'll have a bad credit history and my car is costing me too much to run. Is it possible to swap for a cheaper more economical car?

Answer

Hi Matt, thank you for your question. As long as you're not in too much negative equity on your current vehicle then yes we'd be able to help as you're noe back up to date with your payments. How much is your car worth (trade value) and what is your settlement figure from your current finance company? Kind regards, Rachel

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Hi, i have car finance with Barcleys. The dealer put me on this scheme. I got car in 2010. I pay £274 mnth over 4 years with ballon payment. The settlement quote is £998.42. What's the best thing to do to get out of this mess car was £14000 and end up paying £18000 back. How can they get away with this? Be cheaper with loan sharks

Answer

Hi Ally, you'd have to sell your current car and then settle the finance with Barclays. What is the car worth and how much do you owe? Rachel

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I still owe £998.42. Would i be better getting a bank loan if not got outstanding balance by next year? I will be charged milage and more interest if I wanted to keep car

Answer

Hi Ally, can you confirm the amount you owe on finance? Is it £998 or £9998? If it is £9998 we can help settle the £1000 negative equity potentially. If it is just £998 and your car's worth £8000 / £9000 then you have a £7000 deposit approx to place into a new deal. Please let me know. Rachel

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Its a Honda accord EX 58/08 probably worth £8000/£9000

Answer

Hi Ally, can you confirm the amount you owe on finance? Is it £998 or £9998? If it is £9998 we can help settle the £1000 negative equity potentially. If it is just £998 and your car's worth £8000 / £9000 then you have a £7000 deposit approx to place into a new deal. Please let me know. Rachel

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Hi, I have a car on finance at the moment. I've had it for 8 months and now want to swap it for a bigger car (a mondeo st 220 to be exact) I have a 2005 Subaru impreza gx sport, with only 54.000 miles. I would have no money to put down as a deposit and am wandering if there is any way I could swap this car for one I want. Any help greatly appreciated. Thanks

Answer

Hi Tom, we'd love to be able to help. How much is your car current;y worth (trade) and how much do you owe the current finance company (settlement figure)? As you have no deposit this is important as we need to find out whether you are in negative equity or not. Regards, Rachel

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Hi, I bought a Ford Fiesta on a 5 year finance deal. I am only just 6 months into the first year and paying £220 a month on it and I struggling to make the payments due to the birth of my son. Is there any way I could swap my car or a cheaper one and lower my payments? My settlement figure was £9264.24 and my car is Valued at £7691. Thanks

Answer

Hi Matthew, It seems as though you're in negative equity to the tune of £1500 approx. Do you have a deposit at all to help clear that figure in some way? If not, you may struggle. Rachel

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Hi, i've just recently purchased a 2011 Renault Clio on HP. I was wondering how long it would be before i can change car as i feel that i need something bigger.

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Hi Gareth, there's no real reason why you can't swap your car today as long as you're not in too much negative equity. How much is your current car worth and what is the amount of outstanding finance? Kind Regards, Rachel

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Hi, I have a car on finance. It's an 06 Sport Ford Ka with 55000 miles on the clock. It's also in mint condition. There is £2400 outstanding but they'll do early settlement for £1700. I need a bigger car with a baby on the way. What are my options? Thanks

Answer

Hi Jade, do you know what your Ford Ka is worth approximately to a car dealer (trade value)? The £1700 doesn't seem like a large settlement figure and as you say the car is in mint condition hopefully you'll get a good price for it. We can certainly help you with a new finance agreement and it's as simple as applying with us, getting approved, choosing a new car and then signing some simple documents. The finance outstanding on your current car will simply be settled by the dealer where you part exchange your car. Say the dealer gives you £2000 for your car that will mean you will have a £300 deposit towards a new car too. I hope this helps. Kind Regards, Rachel

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I don't know the trade value - how would I find that out? Thanks for your help

Answer

Hi Jade, if you got to www.glass.co.uk you'll be able to get an idea of the trade valuation. Good luck!

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I bought my 55 reg Mercedes E280 Auto Avantgarde on finance and now after 3 years i want to change my car. I have a settlement figure of £5710.00, paying £298.48 p/month and now i want to get a Skoda for my business purposes. What are my options? Thanks.

Answer

Hi Bahadir, quite simply you need to trade your current Mercedes in at a local dealer and we can help with the finance you require on the Skoda you want. Have you located a vehicle already? Regarding your Mercedes what is it worth approximately? If it is more that the settlement figure you can use this amount as a deposit towards the Skoda you want. If it is valued lower would you have a cash deposit to cover the negative equity? As long as you have a UK licence, proof of income and some current clean credit we'll be able to get you approved. Rachel

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Hi, I've got a Ford Focus of finance (pay as you go) I've still got 2 years to go and still owe around £4500. My credit is poor and would like to change my car as I need an auto and don't have a lot for a deposit. Can you help?

Answer

Hi Stuart, you'd be able to change your car with no issue at all. We need to find out what your car is worth approx (trade value) to see whether you are in negative equity or not. Please let me know the approx value of the car when you get a moment. I'll then be better placed to advise on whether we can help or not. We do have lenders on our panel that help people with poor credit though. Kind Regards, Rachel

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Hi, I've just taken my car out on finance (February 2013). I've got finance for 4 years but I would like to change my car and the car I'm looking at is cheaper. Can I swap my finance over to the new car?

Answer

Hi Jordan, thank you for your question and apologies for the delayed response. You can change your car but you won't be able to transfer the finance from one car to another.

To put it as simply as i can - you would need to part exchange your current car at the dealer where you want to get the cheaper car. They would have to settle the finance and you'd need to take out a new finance agreement which can be with the same finance company potentially for your new car.

The only issue comes if you are in negative equity (where you owe more than the car is worth). Is this the case? Do you know how much finance you owe and how much your car is worth (trade value)?

We can guide you through the process and i'm hoping you're not in too much negative equity. Please apply when you feel ready. Kind Regards, Rachel

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I signed up to a Peugeot deal 14 months ago paying £335 per month with a final balloon payment due in August 2015 for a Peugeot 207cc (12 plate).

The payments are too much and I am looking to get a cheaper car. I appear to owe around £14,000 but the car is only worth £8500 for trade. Surely I haven't lost this much in one year? How do I go about getting out of this deal?

Could the negative equity be spread over a different Peugeot loan for a more basic car? Or should I wait until I'm 50% in to the agreement and cancel then and just give the car back? How does it work? Thanks

Answer

Hi Dawn, thank you for your question and apologies for the delayed response.

From what you have described it sounds like you're in a bit of a hole in terms of the amount of negative equity you are in. You could well change your car now but the difference between the cars value and what you owe would need to be cleared first which isn't ideal. As you mention the best thing to do is to "VT" your agreement when you reach the 50% point. If you call your finance company they will be able to guide you through the next actions to take. Finance companies don't like doing this so they may try and put you off but persist. Also, make sure the car is serviced and in good condition when it gets handed back (to prevent excessive charges).

Moving forward we'd obviously love to get you into a better finance deal on a cheaper car so please come back to us when you're ready to re-apply. Once approved we provide a no obligation quote and you can get a car from any dealer nationwide. Rachel

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Hi, I have an Audi A5 black edition which I took out on finance in September. My settlement agreement comes to approximately £33,000.

The monthly payments are more than I can afford. Would I be able to trade in or swap my car for something cheaper i.e. Audi A1? If I can would I need to put down a deposit?

Answer

Hi Eisha, thank you for your question.

As you only recently took out finance on your Audi A5 you may well be in negative equity. Do you know what your car is currently worth (trade value) as if this is below your settlement figure amount you may need to make up the difference in cash. Would this be possible?

We'd love to get you into a cheaper car but you need to find out this information first. When you have the details please come back and let me know. We can then guide you through the process of part exchanging your car. Please make an application here when you can proceed and once approved we provide a no obligation quote and you can buy a car from any dealer. Kind Regards, Rachel

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Hi, in June 2013 I took out a finance deal with Evans Halshaw for a Fiat 500.

I pay £149.97 a month and my finance settlement price is £5402. I'd really like to change my car to a Mini. Is it possible to do so? Thanks, Charlotte

Answer

Hi Charlotte, thank you for your question.

It is indeed possible to change your current car for a Mini. All we need to know is what your current Fiat 500 is worth? You say you owe £5402 on the car but we need to know approximately what a dealer would give you in part exchange. Could you find this out for me? There are free services on the web such as Parkers.co.uk to get a car valuation.

Once we have the details the process is simple. Please make an application here and once approved we provide a no obligation quote and you can buy your new car from any dealer. We'll guide you through each step of the process and make sure you're getting a good deal. We can even beat car dealer finance rates too. Kind Regards, Rachel

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Hi, I currently have a Ford Ka on a PCP with Ford Finance which is finishing in 1 month.

I have the option of returning the car, keeping it or part exchanging the vehicle. I wondered - Do I have to stick with Ford or can I go to another dealer with the Ka? The Ford Ka is worth £6000 and the finance to settle is £4750.

Answer

Hi Tracey, thank you for your question.

You are in a great position as you have equity in the current car to use as a deposit towards a newer one (£1250) and you can indeed go to any car dealer in the UK to get a new car.

We have some great rates available at the moment and can beat what a car dealer can offer. We'll also guide you through the whole process of part exchanging the car and valuing your new one.

Please make an application and once approved you can choose a car from any dealer and we also provide a no obligation quote. Kind Regards, Rachel

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Hi, I got a Ford Fiesta 56 plate on finance in August 2013 over 3 years.

Would it be possible to change it for a 5 door car and stay with same finance company as I had bad credit at the time and there were the only ones willing to give me finance?

I want to change car as I am pregnant and it would be more convenient with a 5 door car rather than a 3. Thank you

Answer

Hi Jessica, thank you for your question.

We can indeed help you change your car to a 5Dr rather than the 3Dr Fiesta you currently have. As you've only had the car under a year into a 3 year agreement do you know what your current car is worth and how much you owe on finance?

We can guide you through the process but need to know if you're in negative equity or not. Please make an application and once approved you can choose a car from any dealer and we also provide a no obligation quote. Kind Regards, Rachel

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Hi there, I have a quick question?

I bought a Peugeot 208 GTI in October 2013 on a passport (PCP) deal for 3 years. It was £14,000 and I pay £290 a month.

Unfortunately the car is now too small for me and my partner with a family on the way. Would it be possible to use it as a trade in against a larger car, maybe a VW that I can convert for the family (as I can use it for work and holidays too)? Thanks for your help!

Answer

Hi Steve, thank you for your question.

Yes - you can indeed swap your current car. We can guide you through the process but we need to know what your car is worth (trade value) and what your current settlement figure is on your PCP deal.

Basically, a dealer would give you a price for your current car and they would be responsible for settling any finance. Hopefully you're not in negative equity. Then we simply finance the new vehicle you want.

Please make an application and once approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

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Hi, I recently purchased an Audi A3 in August last year and i would like to change it for a cheaper car.

I am currently paying £274 p/m and would like to decrease this monthly figure. I have had a settlement figure of £10,000 and i have a trade in value of just over £11000.

I'm looking at spending between £6-7k on a new car, ideally i would like monthly payments to be around the £150 mark. Is this possible?

Answer

Hi Paul, thank you for your question.

You can indeed swap your current car for a cheaper one. The process is really simple. All you need to do is part exchange your current car in at a dealership where you get your new car from. Even better news is that you seem to have £1000 equity in your current car which can be used as a deposit towards your newer (cheaper) car.

We can help guide you through the process and can often beat rates offered by car dealers so please make an application when you're ready and if approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

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Hi, I'm six months into a personal contract plan paying £186 a month for a 64plate top of the range mazda 2. I've recently moved out and my car requirements have changed therefore I could do with a cheaper car to save some money. Is there a way to downgrade the car so I pay less a month? My current settlement figure is £9308.52 and autotrader values my car at £7100 part-ex or £8250 private (personally think it's worth a bit more). Is there a way for me to downgrade so I pay less a month? Thanks

Answer

Hi Alice, thank you for your question.

If you wan't to downgrade to a more inexpensive vehicle, my advice would be to settle you existing finance. With a private sale, it seems as though you would have just over £1000 negative equity. We work with a few lenders that may be able to help by adding this negative equity (up to £1000) onto a new finance deal with lower monthly payments.

One thing to consider is that by adding the negative equity onto a new finance deal, there may not be too much of a difference to what you are currently paying, depending on how much your new car costed monthly.

If you do decide to attempt to obtain a finance deal with lower monthly payments, I do advise you apply for this prior to part-exchanging your current vehicle to ensure we can help you.

Please make an application when you're ready and if approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

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I have a Vauxhall Corsa 1.2 limited edition 64 plate on finance. I have had it a year so far and made all the payments on the car. I am looking for a change in model and maybe a cheaper payment plan as i'm currently paying 168 per month. When I bought the car I put a £3000 deposit on the car. Would I be able to change the car for a cheaper deal or a newer model? Thanks.

Answer

Hi Kate, thank you for your question.

You would need to request a settlement figure from your finance provider, and could part-exchange your car to cover some or all of this cost. You could then apply for a finance deal on a new car. The fact that you have paid all of the payments on your current deal will help.

Please make an application when you're ready and if approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

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I currently have a Hyundai i30 14 plate. I am paying £242 per month, and have had the car a year at the end of this month. I am looking at reducing my monthly payments to save money! I'm wanting to trade my car in for something with cheaper payments per month, is this possible? What do I do if the settlement figure is more than what the car is worth?

Answer

Hi Hannah, Thank you for your question,

If you are less than 50% of the way through your agreement, you do have the option of settling your old contract and part-exchanging your vehicle to cover some or all of the settlement amount. If your car is worth less than you owe, the negative equity can simply be added to your new loan. Your advisor will be able to help you with this should you be approved with one of our lenders.

Please make an application when you're ready and if approved we provide a no obligation quote and you can buy a car from any dealer. Kind Regards, Rachel

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Hi, I am 8 months into a 36 month finance with Motonovo. I need to upgrade to a newer car for work costing around 12! I won't have any money for a deposit or money to cover any negative equity. Do you think it would be possible to get a new deal to cover the negative equity and the new car amount? I quite a good credit rating if that helps. Thanks

Answer

Hi Peter!

Yes this is something we can look into for you! You would need to settle your existing finance in order to swap the vehicle, so get in touch with your finance company for a settlement figure, once you have got that, make an application with us so that we can look into getting you a new approval and providing you with the options.

We do have a number of lenders that can help with refinancing by adding negative equity (when your car is worth less than you owe) onto new car finance, so we may be able to help.

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Hi there, I am over half way through my payments for my HP, is it possible to change my car? It's 3 years old and has done a lot of miles - with minor scratches and a few dents but mechanically it works fine. What are my options?

Answer

Hi Steven,

Yes this is something we can look into for you. If you are over 50% of the way through the agreement, you are entitled to opt for ‘Voluntary Termination’, which is where you simply hand back the vehicle and end the finance agreement. Or you can settle your existing finance in order to swap the vehicle, so get in touch with your finance company for a settlement figure, once you have got that, make an application with us so that we can look into getting you a new approval and providing you with the options.

Thanks, Rachel!

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