Help & Advice

Existing Moneyway customer - Want to px current car with a new car

I have car finance with Moneyway and have had it since October 2010.

I want to part exchange this car for a new car but don't know what my allowance will be on new car. Also, what if i fail the credit check this time but got a car last time and I have not missed a payment? Thanks

Rachel pickering


Answer

Hi Rachel, thank you for your question.

I'm reasonably confident we could get you approved for finance again as you have kept all of your payments up to date so i wouldn't let this concern you for now. There is also a possibility we can get you a better deal too.

How much is your current car worth and what do you owe on the existing finance agreement to Moneyway (you may need to call to get a settlement figure)? If you could find this out it'd give us a greater indication on what deposit/equity (if any) you have in your existing car.

The good news is that we can guide you through the process and we can usually beat car dealer rates. So, 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

Answer correct as of September 2016

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More related questions

I've a car loan with moneyway and want to purchase a new car using this one as PX. Can I do this? I am seeking to part exchange my existing car. It's worth about £3000 and if I settled early it would be about £4000. Would I be able to do this?

Answer

Hi Dexter, we can certainly try and help you out but you may need to find a cash deposit to cover the negative equity on your current deal. Have you purchased a car through us in the past? Regards, Rachel

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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

Answer

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

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Hi, my finance agreement with Moneyway finished in August 2013. I would like to upgrade my 2006 Kia Carens.

Would I be eligible for another loan from Moneyway? What could I borrow? Thanks

Answer

Hi Brenda, thank you for your question.

Quite simply we'd love to be able to help get you a new car finance agreement. We do deal directly with Moneyway but hopefully we may be able to secure you a better deal with another lender.

If not, we should be able to get you approved with Moneyway again as you have recently paid off a loan with them. The amount you can borrow depends upon your income. If you earn £1500 a month for example you can have in the region of £6000. If you earn more then you can finance more. This is how it works.

Please make an application online when you're ready and we'll aim to have you approved within minutes. If accepted we provide a no obligation quote and you can buy a car from any dealer. Kind Regards, Rachel

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I have had my car for 2 years with Moneyway finance, however someone has offered to buy the car at a very good rate but the problem is it's abroad.

I want to continue with the finance until I pay it off. Can I sell the car privately abroad and continue with the finance and get another car with them?

Answer

Hi Joseph, thank you for your question.

Unfortunately what you're proposing isn't an option. Moneyway are actually the legal owners of the car until all payments have been made. In effect the car isn't yours to sell. You would have to clear the finance with the proceeds of selling the car privately.

We could then re-finance a new agreement for you if need be as we do deal with Moneyway and lots more lenders. You never know we may be able to get you a better deal/rate. 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 There, I got a car from you guys about 10 months ago. I want to get a new one and am looking to refinance. I have an agreement with Moneybarn at the moment and they have given me a settlement figure of £5640 on a Vauxhall Corsa VXR 2008 with 60k miles.

I've seen a car that i want. I just wanted to know if it's possible to be accepted for finance on a new car while awaiting the sale of my existing car and current finance agreement. So, basically i would have a finance offer in place for a new car. I would be selling my car to settle my existing finance and when I've done that i can go get my new car? Thanks

Answer

Hi Jeffrey, thank you for your question and thank you for coming back to us.

In answer to your question we can indeed get you another approval in place while you're in the midst of selling you current car to settle the existing finance. Even if you struggle to sell your current car you could just part exchange the vehicle and let the new dealership supplying your new car settle the finance.

Either way 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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I have been with Moneyway for a while & want to update my car but, I have 7 payments left.

Can I renew my car now or do I have to clear all my payments beforehand? Thanks

Answer

Hi Susan, thank you for your question.

You can indeed renew your car now. You don't have to wait until all your payments have been made as the dealer where you part exchange your car for a new one will settle the existing finance for you. Do you know what your current car is worth (trade value approx) and how much you owe Moneyway? You may even have equity in your vehicle that can be used as a deposit towards a new one.

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 there, I have had finance with Money Way for a year on my Corsa. Unfortunately the car is no longer suitable as its only a 3 door.

Would I be able to exchange my car just now or do I have to wait 4 years? I would like to keep my finance with Moneyway. Thank you.

Answer

Hi Wendy, thank you for your question.

You can indeed swap your car if you wish. You don't have to wait until the finance agreement has finished. What you need to find out though is how much your car is currently worth (trade value) from a car dealer and how much you have outstanding on your agreement.

Hopefully you won't be in negative equity (where you owe more that the car is worth). We do deal with Moneyway finance amongst other lenders so can help guide you through the process. When you're ready 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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I have an account with Money Way and have 20 months left to pay on the car. We looked at another car today. Do you think that they will be able to do another deal again?

Answer

Hi Les, thank you for your question.

There may well be a good chance we can get you into a newer car. Do you know what your current settlement figure is with Moneyway and what your current car is worth? The supplying dealer of your new car will simply settle the existing finance with Moneyway. Any equity you have in the car can be used as a deposit towards a newer car too.

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 had my car for 2 months now. I contacted Moneyway to see about an early settlement they quoted me £7000, I went to dealerships to see what kind of quote I could get for my car, they quoted me £5000. That means i still owe Moneyway £2000 is there any other options?

Answer

Hi Denise, thank you for your question.

We do work with some lenders that are able to help with negative equity by adding it onto a new finance deal, but the most they are able to help with is approx £1000 I'm afraid.

Kind Regards, Rachel

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How do I find out how much I have left outstanding on my finance?

Answer

Hi Luanne, thankyou for your question!

If you would like to find out how much you have owing on your current account, you will need to contact you lender and ask the accounts department for your balance. If you are looking to settle your agreement, you will just need to ask for a settlement figure.

If you would like to upgrade to a new vehicle we may be able to help! 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 There,
I have an agreement with Moneyway that should mature in 2017. I am currently on maternity leave and would like to know what, if any, my payment options are? Am I able to trade my car in for a bigger model?

Answer

Hi Veronica, thank you for the question!

What you can do is to ask your finance provider for a settlement figure. This is how much they need you to pay to end your finance & you can part-ex your vehicle with us to cover some or all of this amount.

If your vehicle is worth less than you owe and you cannot find the difference yourself, we actually have lenders that can cover the negative equity and add this on to new finance. This is provided that your application meets their criteria and also depends on how large the amount you need to cover is.

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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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