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Can I Part Exchange my Car?

Tim Carpenter, Dedicated car finance expert
Written by Tim Carpenter
Edited on

While a deposit isn’t mandatory in most cases, 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.

Get a quote No impact on your credit score

Rates from 6.9% APR. Representative APR 27.4%

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Tim Carpenter, Dedicated car finance expert
Tim Carpenter Car Finance Expert
5 Years
Total cost of credit £ XXX.XX
Total repayment £ XX,XX.XX
48 monthly
payments of
£ 245 98

Rates from 6.9% APR: the exact rate you will be offered will be based on your circumstances

Representative example: borrowing £6,500 over 5 years with a representative APR of 27.4%, an annual interest rate of 27.4% (Fixed) and a deposit of £0.00, the amount payable would be £188.74 per month, with a total cost of credit of £4,824.37 and a total amount payable of £11,324.37

Rates may differ as they are dependent on individual circumstances. Subject to status.

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