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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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I should have taken out GAP Insurance

Hi, I have recently had a car accident which has written off my car which has caused problems because I didn't have gap insurance! I am now paying off my shortfall to the finance company and also because my partner had bad credit I did a joint finance agreement with him, but I'm know needing a new car, will it go against me because technically I have finance deals? Thanks

Posted by Carl on


Hi Carl, there are many people in your situation! GAP insurance is a great product that covers the difference between your insurance payout and the amount outstanding at the finance company at the time of the accident. We always advise people to take out GAP insurance whenever they buy a new car on finance. This however, doesn't help you in your current situation. Who's name is the finance in and when do you expect the shortfall to be cleared. You will find it difficult getting a new car loan in your name until the current agreement is cleared off in full. If you have good credit then we should be able to help get you approved straight away and get you into a new car. Kind Regards, Edwin

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