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I have car finance with first response - can i upgrade?
Hi, I currently have car finance with First Response paying £153 p/month and it's due to finish next December (2013). I have been paying this since Dec 2011 and have never missed a payment.
The settlement figure on the car is around £2k, although not sure what trade in cost i would get for the 53 Plate Volvo S40. I really need a bigger car, do i have any options to trade the Volvo in for something bigger?
I can afford to pay around £50-£70 a month more. Although my Experian credit report has me in the 'poor' category, i have never missed any payments in over a year and every account is up to date. Can you help?
I already have a car through First response but due to change in circumstances the car i have is not big enough for the extended family. I took the car over 2 years and I have paid one year off. Would I be able to upgrade my car or would I need to pay off my car first? Thanks
Hi Susan, this happens all the time and i'm confident we can help. We'd need to settle your current agreement and get you into a new one and a newer car. Do you have a deposit at all? Also, how much do you owe First Response and how much finance is outstanding as this will need to be settled. We can help guide you through the process so please feel free to apply when you feel ready. Kind Regards, Edwin
Upgrading your current car to a new one is quite an easy task even though it is on finance with First Response. You have 2 options really. You can either part exchange your current car at a local dealer but you'll only be able to do this as long as you aren't in too much negative equity. How much do you owe First Response and how much is your car worth (trade value)?
It looks as though you're in £1400 worth of negative equity which will be a challenge to get out of. Do you have any cash deposit to make up some of the difference? If so, that'll certainly improve our chances.
It's not an impossible task but we need to get you approved with a lender that offers more flexible rates and terms than First Response. Has your credit history been well maintained over the past 12 months?
Hi Stacey, thank you for your question and apologies for the delayed response.
The good news is that we can help people with poor credit get finance and as you have a clean HP agreement already with First Response this will go in your favour.
Do you know what your car is currently worth in part exchange and how much you currently owe First Response? Hopefully you won't be in negative equity and getting you into a new car and finance deal won't be an issue.
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, Edwin
Hi Gary, thanks for your question. It's really simple to get a settlement figure. All you need to do is contact First Response and request this over the phone. A figure will most likely be posted out to you.
As you've had your agreement for 2 years i'd like to think that you're not in negative equity. This means you can part exchange your car at any dealership and they will settle the existing finance for you. We can then help secure you the best finance rate for your circumstances by searching our large panel of lenders. 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, Edwin