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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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Downgrade car on finance

I have a car on finance and the settlement figure is £10100 but I would now like to get something cheaper because my circumstances have changed. My car is worth between £9800 and £12500 (i've been quoted different figures for it). Can i trade in my current car for something that costs a couple grand cheaper making my monthly repayments a bit less?

Posted by Ren on

Answer.

Hi Ren, sorry for the late reply. Yes you can downgrade your car no problem. Whichever dealer you get your new (cheaper) car from will take your current car off you and settle the existing finance. Any equity you have in the car will be used as a deposit towards the new car. We can obviously supply you with the finance for your new car if required. We have some great finance offers available at the moment. Thank you.

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