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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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Do you have a question about Carfinance247 or its services? If so, please complete the form below for a response within 1 working hours. I have over 7 years experience working for Carfinance247 and have the responsibility to answer all questions asked.

I need to downsize and finance a cheaper car

Hello Edwin, I'm looking to downsize my current car and get into a smaller & more economical option as the cost of petrol, road tax & insurance is killing me.

What cars can you suggest for £200 p/month over 48 months and can you take my current car in part ex?

Posted by Andrew on

Answer.

Hi Andrew, a great question! There are many people in your situation and we'd be glad to help out. The good news is that any dealer can take your part exchange in swap and get you into a smaller and more economical car. Does your current car have finance outstanding at all? If so, don't worry as we can guide you through the process of how we settle it off (all we need to know is the settlement figure and what your car is worth in the trade).

For £200 p/moth over 48 months you'll be looking at Ford Focus's and Vauxhall Astra's (new shape). Did you have anything in particular that you wanted? Once approved with us we provide a no obligation quote and you can choose a car from any dealer nationwide. Please apply when you get a moment. Kind Regards, Edwin

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Question.

hi there, i currently have a 2004 shogun on finance,i have today,24th jan,found a new car,as i need to down scale from the shogun,its too big and expensive now to run.I have been looking since august and finally found a car.My shogun stands at 4.590.43 outstanding,dealer has confirmed in writing a part ex price of 5,000. the car i wish to buy is 6,990.My current payments are 296.00 per month,my current finance co. quoted me 168.00 per month over 4 years.Then after i paid 100 pound deposit on the car, they have turned me down, as i do have credit problems,of which this plan has been unaffected,never missed a payment in 4 years.I am fairly desperate to get the shogun off the road now.So can you help in any way? or should i give up?!Many thanks neill.

Posted by Neil Stanley on

Answer.

Hi Neil, you have come to the right place. Carfinance247.co.uk specialise in helping people with credit problems. We can even take your Shogun in part exchange too. The only thing i need to make you aware of is that we provide the car and the finance as a package so if we get you approved you inform us of what car you want and we'll source it for you (if it's not in stock). Before any action happens you confirm you're happy with the vehicle first etc. Please make an application asap. Kind Regards, Edwin

Posted by on

Question.

I took out a 3 year finance deal with Audi for an Audi A1 last August. I'm not struggling with the payments, so if it wasn't worth while I would be able to keep it, but I am looking to get a cheaper car on finance with lower monthly payments and put mine in as part ex just to free up some money monthly. I have been told that this would not be feasable as the majority of the time you would always part x for a better, more expensive model, so I was just wondering if it would be financially worth it or if I would just be in negative equity? Regards

Posted by Gina on

Answer.

Hi Gina, thank you for your question. I'd like you to do me a big favour is finding out how much you owe Audi and what your A1 is currently worth (an Audi dealer will be able to tell you). Make sure you get a trade price and not a retail price. Also when you first got the car did you place a large deposit down on the car or not? If you only placed a very small deposit the likelihood is that you'll be in negative equity. If you're not however, we can take you're A1 off you and place you into a smaller and cheaper car. Kind Regards, Edwin

Posted by on

Question.

Hi, my partner has a Vauxhall Astra on finance with black horse and he has 16 months left to pay, but we need a more practical car as as we're having a baby and the fuel and insurance is too expensive! The car is worth £5200 book price and he currently owes £6891. Is there any way we could trade the car in for an older and cheaper car as the payments aren't a problem it's just the car? We can't get another higher finance agreement as we have already tried and they declined us. To be honest we wouldn't want to be tied into another 4 years! Some advice would be brilliant.

Posted by Nat on

Answer.

Hi Nat, thank you for your question. Unfortunately with that amount of negative equity we wouldn't be able to take the vehicle in part exchange. However, there may be some good news on the horizon for you. Are you more than 50% of the way through the agreement and have you paid all your monthly payments on time? If so, have you heard of "Voluntary termination"? This basically allows you to hand the car back to Black Horse without having to pay the difference between what the car is worth and what you owe on finance. The criteria is pretty strict but it's certainly worth reading your finance documents and giving black horse a call to see if you qualify. If you can do this then follow their procedures and come to us for finance on your next car. We can't guarantee an acceptance but we work with all car loan lenders in the UK so have the best chance :-)

Posted by on

Question.

Hi, I've had my new Vauxhall Corsa 2012 plate for four months now and I was wondering, would it be possible to part exchange to swap for a bigger car, like an Astra or Vectra at a similar price range of £276 PCM?

Posted by Jason on

Answer.

Hi Jason, this is potentially possible. What is your car worth and is there outstanding finance on the vehicle? Edwin

Posted by on

Question.

My settlement figure is £13,800 and I'm not sure what the current car worth is. I have been going to other finance companies who say they are willing to settle my car for me (so I assume they can get my settlement figure or slightly more for it?) but the monthly payments seem a little high. I like the Citroen C1s but want to pay £150-£180 per month. Thank you, Gina

Posted by Gina on

Answer.

Thanks for the response Gina. Please apply with us and we'll try and get you a quote that you're happy with. How long do you wish to finance the Citroen C1 over and do you want a brand new car?

Posted by on

Question.

I would like it to be a PCP and preferably over 3 years and yes brand new car. Do you think this would be possible? if so how do i apply?

Posted by Gina on

Answer.

Hi Gina, unfortunately we can't provide brand new cars. We can provide C1's that are potentially 3-6 months old or ex demonstrators. Would this be a problem?

Posted by on

Question.

Hi, I currently have a 57 plate Audi A3 on finance which is costing me too much a month and recenlty had a baby. I am paying £360 per month on the car and have for the last 15 months. I want to px for a cheaper car and pay lower payments, i have received a settlement figure of £10000 and think the car is worth around £7500 to £8000 please can you help?

Posted by Barry Paraskeva on

Answer.

Hi Barry, we'd love to help you downsize but you're in £2000 to £2500 negative equity. Do you have a cash deposit at all to fill the void?

Posted by on

Question.

Thanks Edwin for your reply. I can arrange to get the cash deposit. How would this work if I was able to gather the money together?

Posted by Barry Paraskeva on

Answer.

Hi Barry, we'd get you approved and then talk to you regarding the car you wanted. Have you been a UK resident all your life?

Posted by on

Question.

Hi Edwin, I have been a UK resident for the last 50 years. Thanks for your help I shall get back to you shortly.

Posted by Barry Paraskeva on

Answer.

Excellent Barry. Look forward to hearing from you.

Posted by on

Question.

Hi, my husband has a BMW X5 which has done 143,000 miles and is an 2003 model. It is costing a fortune in petrol and things keep going wrong. I'm looking to buy a second hand Mini 1.6 Diesel. Refused car finance in August but was a more expensive and new car. My credit File is not brilliant as arrangement to pay on credit cards but not missed a payment. Salary is £83,000 a year. Cost of mini is £15,000 approx. Would he be able to get finance over 3 or 4 years and how much would it cost

Posted by Julie T on

Answer.

Hi Julie, we should be able to help get you into Mini as you have your part ex as a deposit and a large income. We do help people who have payment arrangements in place so please apply when you get 2-3 minutes and we'll go from there. £15000 over 48 months (4 years) would cost approx £450 per month with a fair credit history. Kind Regards, Edwin

Posted by on

Question.

Hi, I'm in an IVA, but need to change my car as it won't do the job required to travel the country, its worth about £150, the job requires a car, the firm won't supply one, I'm looking for a small est about the size of a 307 est or and older est. I can only aford to pay about £100 pcm. would you be able to help? or advise? Cheers

Posted by David on

Answer.

Hi David, Thank you for your question. Unfortunately all I can suggest is that you make an application. Without seeing your credit profile it is impossible to say whether we would be able to get you the repayments you require. Please put an application through when you are ready and let me know your reference number so I can look at it for you. Thanks, Edwin

Posted by on

Question.

Hello , 1 year ago I bought a Citroen C3 on finance. I am due on maternity leave and my pay will decrease. My finance company advised me to trade the car in for a cheaper car and older car. My settlement figure is £6000 and the car is worth about £4500. Will a dealer do this for me to lower my repayments? Or will I end up paying far to much back? Thanks, Dawn

Posted by Dawn Blakey on

Answer.

Hi Dawn, as you have £1500 negative equity there needs to be a way to bridge this gap. Have you any cash deposit to make up the difference. If you had £500 that'd be a start. Then we'd have to add £1000 finance on top of your new agreement. This would also only work if you have a good credit history. Is this the case? Regards, Edwin

Posted by on

Question.

I'm looking to get a cheap car on finance with insurance. I don't want to pay no more than £150 per month and i don't want a long contract either. I only want a car to take my son out. What's the best car to go for or the best deal?

Posted by Shannon on

Answer.

Hi Shannon, thank you for your question and apologies for the delayed response.

To be honest we just specialise in providing car finance and not the actual car so, in terms of deals out there in the market you'd have to do your own research unfortunately. The good news is that if you're looking to finance under £5000 we can get you £150 monthly payments over 48 months for example. We may be able to improve on the amount you wish to borrow or the monthly payments but this all depends upon your credit history.

Once you have found a car though we'd love to finance it for you and once approved with us we provide a no obligation quote and you can choose a car from any dealer nationwide. Kind Regards, Edwin

Posted by on

Question.

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Posted by hannah eastwick on

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