Help & Advice

I've recently taken out car finance with Barclays but need a bigger car. Can i change?

Hi Rachel, i have recently taken out car finance with barclays finance but i now need a bigger car. Is there any way i can change it without paying off the full amount?

Bethan Davies


Answer

Hi Bethan, we'd need to establish whether the finance you have from Barclays is a personal loan or whether it's secured against the vehicle.

If it is a personal loan you could sell your current vehicle with no problems (as the finance isn't associated with the vehicle) and pay Barclays back an amount that you are comfortable with. You could also keep the existing arrangement in place with Barclays if you wished. You may have to check this though.

You could then apply for a new finance agreement on a bigger car with us and we'd provide a no obligation quote and you could choose a car from any dealer. So the answer to your question is yes but you'd have to check what type of loan agreement you have with Barclays first. Kind Regards, Rachel

Answer correct as of September 2016

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More related questions

I have Barclays car finance and its not a personal loan. Could I still change my car?

Answer

Hi Stephanie, thank you for your question.

Even though you have finance associated with your car you can still swap it. All you need to do is part exchange the car in at a dealership where you want to purchase a newer car. The dealer will give you a price for your current car and hopefully it is more that what you owe Barclays. The dealer will then settle the finance and use any equity as a deposit towards a newer vehicle.

We can usually beat dealer rates and once approved with us we provide a no obligation quote and you can choose a car from any dealer. Please make an application when you are ready and we'll help guide you through the process. Kind Regards, Rachel

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Rachel Wilson, Underwriting Manager

Set your budget

£
4 years

In this illustration your credit score is set to

Best available rate
Total repayment
Total cost of credit

Best available rate

Total repayment

Total cost of credit

We compare products from 18 of the UK's top lenders to get you the best deal.

Representative example. Excellent Credit

Borrowing £7,500 over 48 months with a representative APR of 16.8%, an annual interest rate of 16.8% and a deposit of £0.00, the amount payable would be: £211.25 a month, with a total cost of credit of £2,640 and a total amount payable of £10,140.

CarFinance 247 is a broker and not a lender