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Car Finance Expert Q&A

Hi, I'm Edwin and I'm here to help you!
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Edwin Miles. Underwriting Manager

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Can I pay off my finance and get a brand new car deal?

Hi, I owe £3000 on my car now and I want to get a brand new car and settle my current car as a part exchange. But would you pay my £3000? If so, would I need to refinance with you? Could you help? I think my car is worth about £3k. The finance company is billing finance.

Posted by Paul M on


Hi Paul, thank you for your question. In a nutshell yes, you can settle your existing finance and get a new car deal.

If you want to settle your current finance, and get a new car, the best thing to do is to contact your finance provider and request a settlement figure. However, all you really need to do is part exchange your current car at the dealership who is supplying your new car. They will be responsible for settling the finance agreement.

Based on what you've told me you shouldn't be in any negative equity so that's great as you say you owe approx £3000 and that's what you think the car is worth.

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, Edwin

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Posted by Paul McHugh on

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