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Edwin Miles. Underwriting Manager

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Can i trade in my car that is on finance with Black Horse?

Hi, I have a car on finance with black horse. The car is not in working order! Can I trade it in on a new deal?

Posted by mark on

Answer.

Hi Mark, thank you for your question.

Yes - you can trade in your current car for a newer one but we need to establish how much your car is worth and what you still owe Black Horse.

As long as you're not in too much negative equity you can simply part ex the car at a dealer of your choice and we can finance your new car. Once approved with us we provide a no obligation quote and you can buy a car from any dealer.

Please apply when you are ready. Thanks, Edwin

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Question.

Not sure what car is worth settlememt is about 4000

Posted by Mark on

Answer.

Thanks Mark, please get a valuation for it's condition from a local garage and then we'd need to asses whether you'd be in negative equity. Thank you.

Posted by on

Question.

The turbo has blown and been told I need a new engine in working order the car is selling for £2500 to £3000.

Posted by Mark on

Answer.

Hi Mark, it's going to be difficult as if your car needs a new engine it won't be worth a great deal at all and as you owe £4000 on the vehicle we won't be able to cover that much negative equity i'm afraid. How much is a new engine. That may be your best option. Sorry i cannot help further.

Posted by on

Question.

I have a car through Black Horse finance with 2 years to pay and i owe around £3000. Would it be possible to px my car with the finace being settled and any extra added to the next car finace?

Posted by Gary on

Answer.

Hi Gary, yes - this is possible. How much exactly do you have left to pay Black Horse and what is the trade value of your current car? We can cover up to £1000 negative equity at a maximum but if you're not in negative equity then that's obviously great news. Kind Regards, Edwin

Posted by on

Question.

Hi Edwin last check i owed around £3000 and was offered £1800

Posted by Gary on

Answer.

Thanks for the feedback Gary. Do you have any cash deposit to cover the negative equity as we wouldn't be able to add £1200 on to a new finance agreement.

Posted by on

Question.

I hope you can help? I'm just after some advice really. I've got car finance with black horse and am still in an agreement for 3 years but would like to change my vehicle. Is this possible and if so how would i do this? What's the best way to target it?

Posted by Katie Hamer on

Answer.

Hi Katie, we deal with Black Horse so what we could do is take your current car in as part exchange and settle the finance with Black Horse (as long as you're not in negative equity) and provide you with a newer car. Does this work for you? Lastly, are you payments up to date with Black Horse? Regards, Edwin

Posted by on

Question.

Thats great news. I am up to date with all payments and have never missed a payment. I've already checked with blackhorse and i owe £8600 on my car i got over a year ago. It's a 59 reg renault megane coupe deisel 3 door. I've checked and for trade i should easily get £9000 for it.

Posted by Katie Hamer on

Answer.

Excellent Katie, please apply and we'll go from there. Edwin

Posted by on

Question.

I've got a Citroen C1 on finance and i've had it over a year. It's a 57 plate and after trading it on for another car i think I'm after a VW Polo. Would this be possible and what do I need to do?

Posted by Louise on

Answer.

Hi Louise, thank you for your question. As long as you're not in negative equity by a large amount we'd be able to take your current Citroen C1 in part exchange settling the existing finance and get you into a VW Polo with no problems as long as your credit record is sufficient to get you an approval. What is the settlement figure on your current car and how much is the car worth approximately? Regards, Edwin

Posted by on

Question.

Hi, I currently have a 2010 fiesta on finance with black horse. Settlement figure is £8000 and I am 12 months into a 5 year term. The car is worth around 6500-7000. What are my options in regards to getting a different car (need a 5dr car now)?

Posted by Barry on

Answer.

Hi Barry, we could secure you finance and get you into a new car but we'd have to deal with the negative equity in your current car in either as follows. You would have to put as much cash deposit in as you could to cover the negative equity. Don't worry if you can't cover the £1500 as we'd be able to cover the rest in the new finance agreement. Kind Regards, Edwin

Posted by on

Question.

How much can you cover in the new agreement?

Posted by Barry on

Answer.

Potentially £1000 depending upon how good/bad your credit is.

Posted by on

Question.

I have had my current car with black horse finance for around 1 year 5 months and the settlement figures is £7500 and the value the car is £8500. I want to know if it is possible to upgrade the car? But the my credit rating is poor at moment.

Posted by Joel on

Answer.

Hi Joel, if we can get you approved we'll be able to help you upgrade your car as we can take your current car off you and settle the existing finance and use the remaining £1000 equity as a deposit. Saying that is the £8500 valuation your own personal valuation or from a car dealer as a trade in?

Posted by on

Question.

I've only had temporary and part time work untill now however, i'm going to start full time work this week with salary of £15000. I'm looking to trade my car in against a £3,000 car. Can i get a loan with this work history?

Posted by Clare Hartnett on

Answer.

Hi Clare, as long as you have an employment contract we'll be able to get you a loan arranged if we can get you approved first. Please apply when you get 5 minutes and we'll go from there. Regards, Edwin

Posted by on

Question.

Hi there, I hope you can help. My current car finance has around £9000 left to pay and i'm looking to upgrade the car to something that is likely to cost more than the current outstanding balance. How does all this work, as i am a bit confused? My car is pretty new as it's a Vauxhall Corsa 2011 limited edition. I'm looking to hopefully get an astra VXR. My car loan is with GMAC and it's all up to date and have never missed a payment and my credit score is very good. Do you take my car and settle the debt with GMAC and then give me a new car on finance?Help please :) Thanks, Emma

Posted by Emma on

Answer.

Hi Emma, thank you for your question. How much is your car worth in the trade - have you had any bids from car dealers? We could settle the existing £9000 finance with GMAC but if your car is worth less you'll be in negative equity and may well have to make up the difference with a cash deposit. Bit, let's say your car is worth £9000 then we'd be able to take your current car off you and settle the finance with GMAC and then get you into an Astra VXR :-) Do you have a cash deposit at all?

Posted by on

Question.

Thanks for your reply. I don't have a cash deposit at the moment and it'll probably only be worth about £6000 to £7000 :-( Could I sell it privately and settle it with a partial settlement through gmac and then start fresh with the much wanted VXR! ?

Posted by Emma on

Answer.

Hi Emma, you could sell privately to get a higher amount but you'd have to settle the agreement in one go rather than in dribs and drabs. I think you'd also need a deposit to get into a VXR.

Posted by on

Question.

Hi, I am considering changing my wife's car which is an 04 VW Golf GT TDi worth around £3k and I'm looking for a Freelander for around £5.5k. My credit rating is fair at the moment as even though I have not missed any payments and don't have ccjs I do have a lot of credit card debt and loans. I just wondered if I would stand a better chance with a black horse car loan as my p/x would be around 50% of he deposit and I have been declined by my bank 3 months ago for an extension of my loan as I went over my overdraft.

Posted by Paul Avison on

Answer.

Hi Paul, with a fair credit rating and a large £3000 deposit i'm confident we'll be able to get you approved with one of our lenders. We do work with Black Horse but they mainly approve "Prime" individuals with good / superb credit. We can try though. Please apply and let e know your reference number so i can look at your case for you. Kind Regards, Edwin

Posted by on

Question.

Hello, I'm interested in the Astra vxr. I currently have finance with a year left on and looking to trade it in for another car, (Astra vxr) do you do this? Thanks, Dan

Posted by Dan Lowrey on

Answer.

Hi Dan, we can do this with no issues. What is your car worth approx (trade value) and how much is left outstanding on your finance agreement? We can take your car in part exchange and use any equity in the vehicle as a deposit and get you in an Astra VXR with no problems. Please apply when you're ready.

Posted by on

Question.

The car has £2400 left and the car is worth between £2500 and £3000, Cheers Dan

Posted by Dan Lowrey on

Answer.

Hi Dan, great news. Please apply and provide me with your reference number when you have done so. Have a good weekend. Edwin

Posted by on

Question.

I currently have a toyota celica 06 plate special blue edition that I had purchased on finance from car giant and finance through blackhorse limited. I currently pay 224 pounds a month and have 1yr 7mths left on my finance. I was interested in changing my car for something more economical on the lines of the honda civic coupe cant remember the model but it looks like a spaceship and has the whole i shift or even the vw golf diesel. I have been upto date with my payments and wanted to know what the procedure will be so I can get a car that is more affordable as I do commute a long way backwards and forward to work and a 1.8 turbo is not doing the job for me. thanx edwin

Posted by Imran on

Answer.

Hi Imran, we'd love to help out. All we need is a settlement figure from Black Horse to settle the existing finance and a trade valuation on your car. As long as you're not in too much negative equity (if any) we'd be able to help you get into a more economical car and deal. Please apply when you have 5 mins. Edwin

Posted by on

Question.

Hi, I wanted to change my car but currently have finance with Blackhorse. The settlement figure is £2000 more than what I believe the car is worth at the moment going by trade valuation; I have seen in previous messages that you have said you can pay up to £1000 on negative equity, if I can provide the other £1000 will that be okay?

Posted by Kadisha on

Answer.

Hi Kadisha, yes - that may well be possible as long as your part exchange values as you describe. Please apply when you're ready.

Posted by on

Question.

Hi, I have a car on finance with black horse. Can I trade it in even though I have only had the car three months? I need a bigger car as i've just had a new born. The car cost £4000 - can I upgrade even though I only have had the car 4 months?

Posted by John on

Answer.

Hi John, this may be possible however i'd need to know what the car is worth in the trade now and how much you have outstanding on finance. Could you find this information out for me? Kind Regards, Edwin

Posted by on

Question.

Hi, I currently own a 1.4 2007 Peugeot 207 on finance with black horse, unfortunately it's a 48 month contract and i still have 21 months left to go, leaving roughly £3750 left to pay. According to parkers car evaluation the car is worth £3135 as private good and £2775 on a part exchange not sure of the trade price but I desperately want something new and faster. Is there anyway you can help me get rid of my current car and into a new one?? Kind Regards Jay

Posted by Jay on

Answer.

Hi Jay, have you rung Black Horse and asked if you can "VT" (voluntarily terminate) your agreement? As you have passed the 50% mark you are within your rights to hand teh car back to them. Please be aware that charges can arise in relation to the condition of the vehicle and excess mileage etc. Let me know how you get on. We will then be able to get you finance on a newer car. If you don't want to VT the agreement then you'll have to find the cash to get yourself out of the negative equity situation. Kind Regards, Edwin

Posted by on

Question.

If i voluntarily terminate my agreement will this give me bad credit for not completing the payments for the 48 months?

Posted by Jay on

Answer.

Hi Jay, no - this is not the case but don;t cancel any payments until the agreement has been settled off. Your finance company will be able to advise you further.

Posted by on

Question.

okay then, thanks for your help Edwin much appreciated!

Posted by Jay on

Question.

Hi there, i currently have car finance of £5000 and the trade value of it is £5000 so no negative equity but i have seen a car i would like to upgrade to that is valued at £8000. How do they work out overall price i would pay for the new car?

Posted by Gareth on

Answer.

Hi Gareth, very simply you'd need £8000 finance for the new car (which we can provide) as the supplying dealer would just take your current car in part exchange at £5000 and settle the finance leaving him to sell the car. Does that make sense? Looking forward to receiving your finance application. Once approved you can buy your car from any dealer and we don't charge any fees. Regards, Edwin

Posted by on

Question.

I have a 58 plate Vauxhall Astra worth about £2200 with a settlement figure of about £4000 from BlackHorse from before Xmas - the settlement now is going to be lower than the £4000. Would you be able to assist me?

Posted by Pete on

Answer.

Hi Pete, It is definitely a possibility and something we have been able to do before. I would advise that you firstly get another valuation from a reputable dealer on your current vehicle. We can then see if we can tie the negative equity into a new deal on a different vehicle. However there is a chance that you would need a deposit (I couldn’t tell you how much at this stage). Alternatively if you are half way through your agreement you may be able to voluntary terminate the agreement (you would need to check your original documentation to see if you have this option). You can then hand the vehicle back to the finance company and we can take a new agreement our for you on a new vehicle. I hope this helps. Edwin

Posted by on

Question.

Hi Edwin thanks very much for replying. I called BlackHorse and was advised that the current settlement figure is now £3750 with 27 payments made of a 60 month agreement. They are going to send me a copy of my agreement as I can't find the original but did say it looks as though I could voluntarily terminate the agreement at the 30 month point (ie at the halfway mark). I am seriously considering this at that point. While I have never missed a payment with Black Horse though I do not have a great - poor to be honest - credit record. Could you please help again and advise if you would be able to help? What sort of finance do you think I might be able to obtain if I were willing to make a monthly payment of up to £200 per month and with a minimal or no deposit? Cheers again, Pete

Posted by Pete on

Answer.

Hi Pete, the best thing to do would be to make an application with us before you VT. We will then be able to give you an idea of whether we would be able to gain you another approval and advise you on your monthly payments etc. I am however confident that we will be able to help. Kind regards Edwin

Posted by on

Question.

Hi I just wanted some advice I've got a 2002 3 door renult clio my finace is with 1st responce finance and I have a year and a half left to go oweing them 1700 the full price was around 4000 can I part exchange my car didn't want anything fancy a small people carrier somethng like a vauxhall I'm up to date on my payments but I have had ccjs in the past year that I'm paying off will I be able to part exchange my car its not in the best condition though if I sold it how it is I would say its worth about £500 but only want a car that's worth about £2000 will I be able to get extra credit for something like 1500 towards a new car

Posted by Natasha on

Answer.

Hi Natasha, There is a possibility we will be able to help. It will depend if on the level of negative equity in the vehicle. You will need to get an actual settlement figure from the finance company and get a value on your vehicle from a reputable dealer. We may be able to gain you finance on a new vehicle and let the dealer take your existing car as a part exchange which should hopefully settle the finance (if it doesn’t quite cover it you may need a deposit to cover the rest or we can see if we can tie it up in a new deal). Alternatively as you are half way through the agreement you may be able to voluntary terminate the agreement and hand the car back to the finance company (you will need to check your documentation to see if you have this option). It may be worth putting an application through so we can see if we can get you approved for a new vehicle first and we can look at getting you into a new vehicle.

Posted by on

Question.

I have a car through blackhorse but i fancy a change i do have equity in the car though would it be possible to swap over the car?

Posted by Mark on

Answer.

Hi Mark, Yes we should be able to help you. How much negative equity is there in the car? Please make an application when you are ready so we can take a closer look at the figures. Kind regards, Edwin

Posted by on

Question.

Hi Edwin, I currently have car finance of £5400 with Black Horse and the trade value of it is £5000. However, I've seen a car I would like to upgrade to that is valued at around £9000. How would I get around to sorting anything out? Thanks Regards, James.

Posted by James on

Answer.

Hi James, the process is pretty simple to be honest. All you need to do is trade in your current car at the dealer where your new car is. They will give you £5000 for your car (hopefully) and they will settle the existing finance of £5400 with Black Horse. This obviously leaves the dealer approx £400 out of pocket. You can either clear this difference with a cash deposit or re-finance it on a new deal. We can supply the finance for the new car and we offer some market leading rates via our lenders. When approved with us you can get your new car from any dealer and we'll help you sort out all the paperwork. Edwin

Posted by on

Question.

Hi there, I have only just got a new car. A Chevrolet Spark which is now worth only £6455 and I owe £9750 on the car so, I obviously have negative equity.

I hate the car and I really want a different one. I feel I was really conned into buying it as i pay £190 a month and everyone says the cars have never even been worth what I'm paying for mine.

I don't enjoy the car at all and I'm looking at getting a new Renault Clio Dynamique and keeping it for the long term so I can eventually get my self out of this mess. What are my options and what am I looking at money wise? Thanks

Posted by Hannah on

Answer.

Hi Hannah, thanks for your question.

Unfortunately, as you have purchased the car recently you only have 2 options. The first is to sell the car privately (or part ex it in at a local dealer) and settle the existing finance. You'll have to make up the difference between what you get for the car and what you owe by way of a cash payment.

The other option is to keep the car until you're half way through the agreement and then just hand the car back to the finance company ("VT" - Voluntarily Terminate the deal).

The choice is your but if you want to get out of the car quickly it's going to cost you a minimum of £3000 approx. Sorry if this comes as a shock. Kind Regards, Edwin

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