Help & Advice

Can i swap my car that is on car finance?

I have a car on finance, but i have recently had a baby and need a bigger car but i have bad credit. Is there any way i could swap my car?

Amanda


Answer

Hi Amanda, thank you for using our Q&A.

We could help you get approved for finance as we help people with credit problems. My only slight concern is that you may be in negative equity if you've recently purchased your car. Basically, what you owe the finance company may be more than the car is worth. Even if this is the case we may still be able to help though.

This however, may not be the case if you placed a deposit or part exchange into the initial deal. To get a settlement figure you just need to call your finance company and to get a rough valuation on your car you can just use Parkers.co.uk for example.

Once approved we'll be able to guide you through the process and we offer a no obligation quote. We also allow you to buy a car from any dealer so please apply when you can. Kind Regards, Rachel

Answer correct as of September 2016

Rate our advice

Liked by 77 People

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.

Hitatchi

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

More related questions

Hi there, I have recently bought a new Fiat 500C on finance and want to find out how easy it would be to 'swap' to an Audi A1? Would I lose an awful lot of money? Thanks

Answer

Hi Charlie, Thanks for your question.

Unfortunately as you have only recently taken the finance out on the fiat 500 you would struggle to get out of the agreement (unless you are still in your 14 day cooling off period - check your documents). You would need to wait until you are half way through the agreement and voluntary terminate (if you have this option). You can then just hand the vehicle back and look to take out a new agreement on a an Audi A1.

Alternatively you could take your vehicle to a reputable dealer and get a part exchange quotation. Then you could get a settlement figure from the finance company you have your fiat with. If there is no negative equity you could use the fiat to settle the finance and take out a new agreement on an Audi. However if there is negative equity in the car (you owe more than it is worth) then you may struggle. It may be worth seeing if you could get approved on an Audi A1 first as they are are generally more expensive and have larger engines than fiats. Hope this helps, Rachel :)

Rate our advice

Liked by 15 People

I have recently got a vauxhall astra on finance and the settlement is £8500 which is slightly less that what the car is woth but I want to buy my friends golf which is 14500. I'm happy to pay the difference so my monthly repayments are the same. Can my finance company swap the finance from one car to another and will they also finance a car that is currently privately owned and not from a dealership?

Answer

Hi Chris, thanks for your question.

As you'd like to buy your friends car we can simply provide a personal loan for you to make the purchase. All you'd need to do then is sell your current car and with the proceeds clear the existing finance. You won't be allowed to just swap the agreement from one car to another.

Please make an application when you're ready and if approved we also provide a no obligation quote. Kind Regards, Rachel

Rate our advice

Liked by 5 People

That sounds great. Would it be possible to purchase the golf on finance even though it is being privately sound and is not for sale through a dealership?

Answer

Hi Chris, Yes - if approved for a personal loan with ourselves you can use the funds (paid into your account) to buy the car from your friend.

Rate our advice

Liked by 7 People

Hi, me and my mate are looking to swap cars. Mine has finance on it. Is there any way i can transfer the finance over to his car?

Answer

Hi James, unfortunately you can't just swap finance agreements from one car to another. You'd have to settle the current finance first and then take out a new agreement on your friends car. Have you got a settlement figure for your car yet? Also is your friend wanting your car? If so, we could finance your friend on your car and get you approved on his car (personal loan). I hope this helps. Kind Regards, Rachel

Rate our advice

Liked by 6 People

I bought my car on finance back in February at £13k, however i need to upsize and i found a car dealership selling a decent car at £8k which is less than the value of my car. Is there anyway at all that the finance agreement can be moved onto the other car and we do pretty much a straight swap? I'm only 20 so the chances of my getting a second loan in 6 months is pretty much impossible i'm guessing. Thanks

Answer

Hi Jonathan, thank you for your question. What needs to happen is your current agreement needs settling and a new agreement for the new car needs to be organised. I suggest you apply with us, get approved and then we'll guide you through the paperwork process. What is the settlement figure on your current loan and what is the car worth approximately? Hopefully you won't be in negative equity and that the dealer gives you a good price for your car. Kind Regards, Rachel

Rate our advice

Liked by 5 People

In April of this year (2013) I took finance out on a car, which I now pay monthly. I am now pregnant (due February 2014) and require an up-size. Is it possible to terminate a contract 9 months into it? I am happy to forward information of finance.

Answer

Hi Laura, you can indeed swap your car if you want to even though you're only 9 months into your agreement. You need to find out how much you owe your current finance company and what your car is worth approximately. Hopefully you're not in negative equity as you may need a cash deposit to make up the difference between how much the car is worth and how much you owe on finance. We'd be able to help guide you through the process though and secure you finance on another car. Kind Regards, Rachel

Rate our advice

Liked by 6 People

Hello, In March I had a brand new Mini Roadster on finance however I've recently found out that I'm pregnant and there is no way I will be able to manage with this car. It is only a 2 seater.

I am hoping to swap the car but as I will be swapping the car early in my agreement (I know they depreciate a lot in the first year) I will be in quite a bit of negative equity.

Say my car is worth £16000 but I owe £20000 could I go for a car which is roughly £10000 and use the remainder of what my car is worth to pay the excess? Many thanks.

Answer

Hi S. Rogers, thank you for using our Q&A!

If your Mini is worth £16k and you owe £20k then the £20k will need settling when you swap your car for a new one. As the dealer will only give you £16k (approx) this will leave you in £4k worth of negative equity. Would you have any cash to reduce the difference at all?

You may however be surprised in terms of what the dealer may give you for your current Mini Roadster and the amount you owe. Have you had a settlement figure yet? If not just call up and request one. It may be worth ringing around a few dealers to get the best price you can.

We can obviously help guide you through the process and if you have a goo credit history we can wrap some of the negative equity up into your new deal. Once approved with us we provide a no obligation quote and you can buy a car from any dealer. Please apply when you are ready. Kind Regards, Rachel

Rate our advice

Liked by 6 People

I have recently taken out finance on a Seat Ibiza for £10,000. I am unhappy with the car and am willing to pay higher finance for a car which uses the same finance company.

What are the chances of the finance company allowing me to do this / is this possible?

Answer

Hi Lizzi, thank you for your question.

You can indeed swap your car if you wish. What we need to establish though is what a car dealer will give you for your current car (trade in value) and what you owe on finance. Have you any idea currently?

The current agreement will need settling though and a new one taking out. We can obviously guide you through the process though. Please make an application when you're ready (we have some great offers at present with high street lenders such as Barclays, Santander & Hitachi) and once approved we provide a no obligation quote and you can buy a car from any dealer of your choice. Kind Regards, Rachel

Rate our advice

Liked by 7 People

Hi! I've got Citroen C5 on finance with black horse for over a year now,but now I'd like to swap my car to Audi which costs more.

I don't mind to make a bigger monthly payment. Is any chance to swap them, without making big payments upfront? I have a good credit history.

Answer

Hi Ivo, thank you for your question.

You can indeed swap your car for a newer one if you wish. You can simply part exchange your Citroen in at an Audi dealership of your choice. They will be responsible for settling any finance - hopefully you're not in any negative equity.

We can provide the finance obviously and have access to some exclusive rates currently. 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

Rate our advice

Liked by 9 People

Rachel Wilson, Underwriting manager

Asset 1 Just get in touch,

we'll try to help Asset 2

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.

Hitatchi

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