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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 you take over the car finance from another company?

Hi Edwin. I was lucky enough to be approved for a loan from yourselves today and what I would like to know is can you buy the finance (attached to a particular car) from another company?

My cousin and fiancee are moving to Australia on January 2nd 2013 and they have a great little car we would like to get from them. It is a Mazda 2 (08 reg) and we know the car has been well maintained with full service history.

My fiancee has got her heart set on the car and it would be a massive help to my cousin not having to stress over payments. Is this possible? Regards, John

Posted by John on


Hi John, thank you for your question and this is certainly possible.

We basically need to get you approved for finance first, find out how much finance is outstanding on the car and then settle this amount with the existing finance company.

The new agreement would then be in your name and you would start making the monthly payments. The car would then have to be registered in your name for insurance purposes.

How much is the car worth and what is the current settlement figure? Please make an application and once approved we provide a no obligation quote. Kind Regards, Edwin

Posted by on

Rate Edwin’s advice.

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Thanks for the quick reply Edwin.

They are paying £171.42 a month with about 30 months left, so there is about £5142 left on finance but would come down with a final settlement figure.

Looking at sites like Autotrader and Mazda used car websites this car goes for £5000. I will get my cousin to get a proper settlement figure, but if you roughly based it on this what sort of time length and repayments do you think it would be?

I know you can't be accurate but if you could give me some idea that would be great. Thanks for you help. Regards John

Posted by John on


Hi John, £5000 over 48 months would be £130 per month if you have superb credit. £150 per month with fair credit and up to £180 per month if you have poor credit. All examples are approximate obviously. Kind Regards, Edwin

Posted by on


Thanks for the estimates Edwin, it gives us a rough idea. My cousin is contacting the finance company tomorrow for a settlement figure.

When I have the settlement figure do I just ring the number in the email and explain that I have been talking to you on the q&a and go from there? Regards John

Posted by John on


Correct - that would be perfect. As this is slightly abnormal you may be best to refer your sales agent to our sales manager as he'll have to approve this deal you see.

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Posted by Christina Mcgrail on

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