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I am Looking to Buy A New Car, but Have a Car with Finance Outstanding.

Hello, I'm looking to buy a new car around £6000. I have a car at the moment with £1600 finance outstanding. The value of the car is around £2800. I have tried a few companies but have been refused.

I have a poor credit history due to problems last year. Is it worth me trying again or just give up and try again in a few years?

Asked by Michelle

Hi Michelle, £6000 for car finance shouldn't be an issue at all as we specialise in helping those with past credit problems. You say you've been declined elsewhere - can you tell me the companies you've applied with so that i can give you some further advice on whether we'll be able to help?

You also seem to have £1200 equity in your current vehicle which is great news as this can be used as a deposit on a newer car. 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

Tim Carpenter
Answered by Tim Carpenter Car Finance Expert Edited on

Liked by 32 People

5 Years
Total cost of credit £ XXX.XX
Total repayment £ XX,XX.XX
48 monthly
payments of
£ 245 98

Rates from 6.9% APR: the exact rate you will be offered will be based on your circumstances

Representative example: borrowing £6,500 over 5 years with a representative APR of 27.4%, an annual interest rate of 27.4% (Fixed) and a deposit of £0.00, the amount payable would be £188.74 per month, with a total cost of credit of £4,824.37 and a total amount payable of £11,324.37

Rates may differ as they are dependent on individual circumstances. Subject to status.

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