Looking to trade in your existing car for a new set of wheels?
Many finance companies recognise part exchange as just as effective as a deposit when arranging finance. Here at CarFinance 247, you could part-exchange your car and use it as a deposit in a new finance deal.
While no deposit finance is available, a part-exchange can help you sell your existing car and use the value as a deposit to reduce the amount you need to borrow. And reducing the amount you borrow means your monthly repayments and the interest paid for your new car could be less.
If you already have finance on the car you want to part exchange, your existing finance will need to be settled. We could help - just let your account manager know that you have an existing agreement in place.
Can I still part exchange with bad credit?
We work with a panel of lenders and some of them can help customers secure bad credit car finance, so try not to worry if your credit score is less than perfect. We also work with lenders that can help people with CCJs, defaults, or an IVA.
Find out more about bad credit car finance and how you could secure car finance with bad credit.
Benefits of part exchange
Convenience – Your old car will be taken care of quickly and easily, leaving plenty of space on the drive for your new motor.
Time saving - Once everything is agreed, you can simply head to the dealership in your old car and drive away in your new one.
Hassle-free – We'll handle all the paperwork and can help you settle any existing finance as part of your new deal.
Keep in mind that when you opt to part exchange, the dealer may offer you less than market value. This is usually due to the costs involved in getting the car ready for re-sale, including an MOT, valet and any repairs needed
How does part exchange work?
1. Use our car finance calculator to decide how much you would like to borrow and get a quote. If approved in principle, you can use our car search, which has over 100,000 used cars, or find a vehicle from any reputable dealer.
2. Once you’ve decided on your new car, your dedicated account manager will help you negotiate with the dealer to determine the value of your current car.
3. We always encourage customers to read their agreement carefully before making a decision. But if you’re happy to proceed, we’ll take care of all the admin, so all you’ll need to do is sign on the dotted line and drive away!
The value of your current car is typically based on its age, mileage, condition and service history. Mechanical and cosmetic checks may be carried out to make sure the valuation is correct.
What documents do I need for part exchange?
When trading in your vehicle and securing finance for a new one, you’ll need to prepare the below. Some of these documents can be easily uploaded to our mobile app:
- Driving licence
- Proof of address
The dealer or lender may also need you to send:
- Logbook (V5C)
- MOT Certificate (if applicable)
- Service history documentation
- Spare keys
- Vehicle manual
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