I am Looking for Car Finance. Can I Use My Old Car as a Deposit?

Hello Rachel, i'm after some car finance but have a part exchange. Can a car dealer take this in swap against a new vehicle as a deposit?

Asked by Jamie Daws
October 12, 2011

Hi Jamie, thank you for your question.

In short, Yes, a car dealer can take your old car off you in part exchange and as full deposit. The car dealer will give you a price for your current car and that will be offset against the price of the car you are purchasing.

However, we can provide the finance for your new car and we can also beat dealer rates as we have over 15 lenders on our panel offering exclusive deals. We can even help people with past credit problems.

The only stumbling black may be any outstanding finance you have on your part exchange. If you don't have any then that's fine, but if you do the deposit you have will reduce as the car dealer will need to settle the outstanding finance and give you the difference. This is worked out by subtracting the amount owed to the finance company from the price the car dealer is willing to pay for your car. If you are in negative equity you can read all about that here.

When you're ready please make an online application and once accepted we provide a no obligation quote and you can buy a car from any dealer. Kind Regards, Rachel

My monthly budget is

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Rates from 8.9% APR. Representative APR 19.9%

My monthly budget is

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Rates from 8.9%: the exact rate you will be offered will be based on your circumstances, subject to status.

Representative example: borrowing £10,000 over 5 years with a representative APR of 19.9%, an annual interest rate of 19.9% (Fixed) and a deposit of £0.00, the amount payable would be £255.50 per month, with a total cost of credit of £5,329.80 and a total amount payable of £15,030.

We look to find the best rate from our panel of lenders and 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.

Amount to borrow

To pay over

5 years

Assuming your credit profile is:

Total cost of credit	£ 2000
Total repayment	£ 2000

48 monthly
payments of

£ 245 98

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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.

I have a part exchange 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?

Asked by Dexter
October 12, 2011

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

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

Asked by Denise macdonald
October 12, 2011

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

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?

Asked by Veronica Wilson
October 12, 2011

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

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.

Asked by Wendy carruthers
October 12, 2011

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

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?

Asked by Les Mundin
October 12, 2011

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

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
October 12, 2011

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

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.

Asked by Jeffrey Halley
October 12, 2011

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

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

Asked by Brenda Mitchell
October 12, 2011

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

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

Asked by Susan Gannon
October 12, 2011

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

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
October 12, 2011

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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