Help & Advice

I have a part exchange

I have a part exchange


While a deposit isn’t mandatory, we can accept down payments in the form of part-exchanges or cash and this will subsequently reduce the total amount that you are borrowing.

Many finance companies recognise the part exchange as effective as a cash deposit when arranging finance and this has the benefits of increasing your chances of securing the loan as in reducing the amount you need to borrow, which in turn means you will be paying less each month and less interest in total.

Finance companies also recognise a part exchange or deposit as your stake in the purchase of the car. Your own investment in its purchase is likely to make it more certain than otherwise that you are going to keep up the repayments on the vehicle’s finance – rather than risk it being repossessed or having to be sold in the event of your default.

Even with your part exchange, any finance company also has a responsibility for assessing your ability to repay by checking your credit record.

Naturally, a good or even fair credit score, together with the deposit, is likely to stand you in good stead when it comes to making your application. Many of our large panel of lenders can help those with excellent, good or fair credit with finance, and offer competitive rates in doing so.

A number of our lenders actually specialise in bad credit car finance, however, so try not to worry if your credit score is less than perfect. We have lenders that can help customers with CCJs and defaults, and ex-bankrupts too.

Upon approval, you can buy a car from any reputable dealership in the UK. And it isn’t just car finance that we supply, we can offer van, motorbike and motorhome loans too.

Answer correct as of November 2016

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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.

Hitatchi

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

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.

Hitatchi

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