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I Have Existing Car Finance. Can I Part Exchange My Current Car for 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

Asked by Rachel pickering

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

Tim Carpenter
Answered by Tim Carpenter Car Finance Expert Edited on

Liked by 117 People

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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