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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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Refinace a car with bad credit

Hi, me and my husband are on a DMP (bad credit) and we have a car on finance which is coming up to its 3 year end. We want to keep the car (so re-finance it), but when speaking to the finance company that we are with they said that they can not re finance the car for us.

We have a bad credit rating and we don't know what to do and where to get help from?

Posted by Shelly on

Answer.

Hi Shelly, we can certainly try and help you out here as we do have lenders that finance people when they are in DMP's. We would have to take your current car from you in part exchange however, and get you into a newer car with similar payments to what you are paying now. How does that sound?

If there's any outstanding finance to settle we can settle that off for you and we can use the equity in your current car as a deposit towards a newer vehicle for you.

Once approved with us we do provide a no obligation quote and if you decide you can actually get a new car from any dealer nationwide with the finance we offer. Kind Regards, Edwin

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Question.

Hi Edwin, i was wondering if you could help? I have entered into a trust deed and i have car at the moment. It was a car loan off a building society, it's meant to be over 5years. Can i trade my car in for another? I have only had my car for nearly two years?

Posted by John on

Answer.

Hi John, this may be possible but i need to establish how much finance you currently owe to your existing finance company and what your car is currently worth as a trade value? Could you possibly supply this information to me then i'll be able to assist further? Thank you.

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