Help & Advice

I have car finance with first response - can i upgrade?

Hi, I currently have car finance with First Response paying £153 p/month and it's due to finish next December (2013). I have been paying this since Dec 2011 and have never missed a payment.

The settlement figure on the car is around £2k, although not sure what trade in cost i would get for the 53 Plate Volvo S40. I really need a bigger car, do i have any options to trade the Volvo in for something bigger?

I can afford to pay around £50-£70 a month more. Although my Experian credit report has me in the 'poor' category, i have never missed any payments in over a year and every account is up to date. Can you help?

Avril


Answer

Hi Avril, as you haven't missed a payment for over a year i'm confident that we could get you approved with a lender that may be able to offer better rates that First Response.

In terms of your part ex valuation it'd be best to get a trade valuation from a local dealer and if you're in negative equity would you have any cash deposit to cover the excess?

If approved with us we allow you to choose your next car from any dealer so it's up to you to do the deal with the dealership. Please apply and let me know the reference number. Thank you

Answer correct as of September 2016

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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.

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More related questions

Hi, i have car finance with first responce and i no longer can afford to pay it, i got the car in march 2012 what can i do ? Ria

Answer

Hi Ria, you'd have to speak to First Response to work out your options i'm afraid. You could sell the car privately and clear off the finance but you may well be in negative equity. Rachel

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I already have a car through First response but due to change in circumstances the car i have is not big enough for the extended family. I took the car over 2 years and I have paid one year off. Would I be able to upgrade my car or would I need to pay off my car first? Thanks

Answer

Hi Susan, this happens all the time and i'm confident we can help. We'd need to settle your current agreement and get you into a new one and a newer car. Do you have a deposit at all? Also, how much do you owe First Response and how much finance is outstanding as this will need to be settled. We can help guide you through the process so please feel free to apply when you feel ready. Kind Regards, Rachel

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Hi, I currently have a car finance agreement with First Response which started back in March 2012 over a 3 year agreement.

I would like to get a new car on finance but don't know where to start? Any help would be great!!

Answer

Hi Craig, thank you for your question.

Upgrading your current car to a new one is quite an easy task even though it is on finance with First Response. You have 2 options really. You can either part exchange your current car at a local dealer but you'll only be able to do this as long as you aren't in too much negative equity. How much do you owe First Response and how much is your car worth (trade value)?

Your other option is to "VT" (voluntarily terminate) your agreement if you are in negative equity (where you owe more than the car is worth) as you are over 50% of the way through your current agreement.

Either way we'll be able to guide you through the process and get finance in place for a newer vehicle for you so please make an application when you're ready. Kind Regards, Rachel

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Hi, I took out a car finance with First Response 12 months ago on a 4 year agreement. I currently owe £6,900 and my car is worth around £5,500.

I need to swap it for a bigger car for my family, would this be possible?

Answer

Hi Martin, thank you for your question.

It looks as though you're in £1400 worth of negative equity which will be a challenge to get out of. Do you have any cash deposit to make up some of the difference? If so, that'll certainly improve our chances.

It's not an impossible task but we need to get you approved with a lender that offers more flexible rates and terms than First Response. Has your credit history been well maintained over the past 12 months?

Please make an application when you're ready and if approved you can choose a car from any dealer. Kind Regards, Rachel

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Hi I took a car (second finance agreement) with First Response in March 2012 on a 48 month term. I have 11 payments to make (I pay it on pay day and get 13 pays a year).

I have a very poor credit score according to Experian as i have missed credit payments however, I have never missed a car finance payment though. Could i get accepted elsewhere?

Answer

Hi Stacey, thank you for your question and apologies for the delayed response.

The good news is that we can help people with poor credit get finance and as you have a clean HP agreement already with First Response this will go in your favour.

Do you know what your car is currently worth in part exchange and how much you currently owe First Response? Hopefully you won't be in negative equity and getting you into a new car and finance deal won't be an issue.

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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Rachel Wilson, Underwriting manager

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Rachel Wilson, Underwriting Manager

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