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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 use equity in current car as a deposit?

Hi Edwin, my Corsa is worth about £6000 and have only £3400 left to pay on finance. Could you settle the existing finance and use the balance / equity towards a new car? I have no spare cash and want to get a cheaper Corsa van for my business? Thanks

Posted by Susie on


Hi Susie, thank you for getting in touch.

You can indeed use the equity in your current car as a deposit towards a newer vehicle. All you need to do is get a part exchange valuation from the dealer you wish to buy a new vehicle from and they can use the difference between the settlement figure and the price they give you for your current vehicle as a deposit towards the new vehicle. The supplying dealer would settle the finance and we'd finance any extra funds you'd need.

When you're ready, please make an application here. Kind Regards, Edwin

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