I am Looking for Car Finance. Can I Use My Old Car as a Deposit?
September 6, 2012
Total cost of credit | £ 2000 |
---|---|
Total repayment | £ 2000 |
48
monthly
payments of |
£
245
98
|
Rates from 9.9%: the exact rate you will be offered will be based on your circumstances, subject to status.
Representative example: borrowing £25,000 over 48 months, £3,750.00 deposit, on PCP, with annual mileage of 8,000pa, and a representative APR of 11.9%, an annual interest rate of 11.9% (Fixed), the amount payable would be £394.51 per month, an optional final payment of £7,194.33, with a total cost of credit of £9,912.36 and a total amount payable of £28,444.33.
We look to find the best product from our panel of lenders and will offer you the best deal that you’re eligible for. We earn a commission for providing our services, but this does not influence the interest rate you’re offered in any way.
Hi, 2 years ago i bought a car on finance (in my mums name) with CarFinance 247 (back then i think it was just called motor mart) because my credit history was not very good and i didn't pass the credit check that Andy Tam had done for me. Does he still w
Asked by Jenni
September 6, 2012
Hi Jenni, thank you for coming back to us again. Unfortunately Andy Tam left for pastures new about 12 months ago now but, yes he was a good guy. We'd love to be able to help you out but we may well need to place the finance in your Mum's name again as your credit score does seem very low. The issue being that when you place the finance in your mum's name it improves her credit rating and not yours when you make all the monthly payments on time. I'd advise to make an application in your name but with your mum as a joint hirer again and we'll try and get you approved on your own first. If we can't help you we'll be able to get your Mum approved again. We could also use your part ex as a deposit but it depends upon what the car is worth and how much outstanding finance there is. You may well find that what you owe is greater than the cars value. In that case you wouldn't have a deposit but we could still take the car in swap and settle the existing finance for you. You'd just have to come up with a cash deposit to cover the negative equity but then again you may well not be in negative equity :-) Please apply and i'll look out for the joint application. Regards, Rachel
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
Asked by Steffan
September 6, 2012
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
Hi, I have a car on finance which is in my mums name. I have 2 years left and the settlement figure is £3300.
I now want to part exchange the car for a new car but want to put the new finance in my name. Can you help paying off old finance
Asked by Emma Wortham
September 6, 2012
Hi Emma, we can certainly help. As long as your Mum agrees to part exchange the car (as it is her car legally) we can get you into a new car with your own agreement.
All you need to do is apply with us, get approved and then choose a car from a local dealer. The dealer where you purchase your car will take the current car on part exchange and settle any outstanding finance.
Hopefully they will give you the £3300 that you need. Is this realistic - what is the car worth approximately? Kind Regards, Rachel
I currently have a 2010 Vauxhall Corsa with £7500 left to pay on finance. Would you settle the outstanding balance and use the car for part exchange? Also, we have had a few minor scratches which have been masked by an aerosol spray. We got a quote of £75
Asked by Elizabeth
September 6, 2012
I have asked via email if i could px my freelander that I have which I got from you in June 2010 and have been told to reapply for finance again. The Freelander is still under finance but on the form it asks amount to finance and amount of deposit - how d
Asked by Betty Warren
September 6, 2012
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 w
Asked by Joseph
September 6, 2012
Yes the car has no finance on it at all, however I want to if possible take the £9000 px and then pay off the personal loan and obviously then carry out the finance on the £17000. I only have two direct debits, my phone and loan, I also have a credit card
Asked by Tom
September 6, 2012
Hi, i have some current finance on a car but we are looking to find another car. We owe about £1400 to settle the existing finance and are looking to borrow £3795 for a newer car we have seen. Will it be better to re finance or settle the existing finance
Asked by Lisa Davis
September 6, 2012
Hi, i really need help as unsure on how it all works if it can work. I have a one year old car on finance but need to get something bigger but cheaper! Problem is i have outstanding finance which will be more than what the vehicle is worth that i want to
Asked by Kassy
September 6, 2012
Our Manchester based team are ready to help you.
* The UK's largest online car finance broker by unique users to the website. Based on Similar Web data – 1,137,647 to CarFinance 247 vs. 753,819 for nearest competitor. January to June 2023.
CarFinance 247 is a trading name of CarFinance 247 Limited. Registered office: Universal Square, Devonshire Street North, Manchester, M12 6JH. Registered in England. (Registration Number 06035525).
CarFinance 247 is authorised and regulated by the Financial Conduct Authority for insurance distribution and credit broking (Firm Reference Number: 653019). CarFinance 247 is registered with the ICO (Registration Number Z1897658).
Finance is subject to status and is only available to UK residents aged 18 and over. Written quotations are available on request.
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