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Edwin Miles. Underwriting Manager

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I'm in negative equity on my car. Can i get a new car loan deal?

Due to having a baby at the end of last year we are in need of a bigger car. We have 2 problems. 1. I'm on maternity leave and due back to work in July. 2. we are in negitive equity by around £2500 but have £1000 deposit.

Posted by Donna on

Answer.

Hi Donna, This all depends on your credit profile overall. We do have finance companies that will look at this application for you though. Will you be applying for car finance on your own or with your husband/partner as this may strengthen the application? If you have good credit then i don't see this being an issue as we should be able to get advanced more from the finance company to cover your negative equity. The great news is that you have the £1000 deposit - could you find any more if need be? What is your part exchange and who has valued it? Also what is your current settlement figure? Please make an application and even though you're in negative equity we may be able to do something for you. Kind Regards, Edwin

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