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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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Existing Moneyway customer - Want to px current car with a new car

I have car finance with Moneyway and have had it since October 2010.

I want to part exchange this car for a new car but don't know what my allowance will be on new car. Also, what if i fail the credit check this time but got a car last time and I have not missed a payment? Thanks

Posted by Rachel pickering on

Answer.

Hi Rachel, thank you for your question.

I'm reasonably confident we could get you approved for finance again as you have kept all of your payments up to date so i wouldn't let this concern you for now. There is also a possibility we can get you a better deal too.

How much is your current car worth and what do you owe on the existing finance agreement to Moneyway (you may need to call to get a settlement figure)? If you could find this out it'd give us a greater indication on what deposit/equity (if any) you have in your existing car.

The good news is that we can guide you through the process and we can usually beat car dealer rates. So, please make an application when you're ready and if approved we provide a no obligation quote and you can buy a car from any dealer. Kind Regards, Edwin

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Question.

I've a car loan with moneyway and want to purchase a new car using this one as PX. Can I do this? I am seeking to part exchange my existing car. It's worth about £3000 and if I settled early it would be about £4000. Would I be able to do this?

Posted by Dexter on

Answer.

Hi Dexter, we can certainly try and help you out but you may need to find a cash deposit to cover the negative equity on your current deal. Have you purchased a car through us in the past? Regards, Edwin

Posted by on

Question.

I have a 60 plate VW Polo on finance with Moneyway and i am struggling to afford £250 a month. Is there any possible way i can trade the car in for something older/cheaper? Also i have a child on the way and the car is too small! I took the finance out in nov 2011 and i think the settlement is £8.5k, would a dealer take my car and let me choose something else from them and carry on my finance? Or even better, can i sell the car privately? Thanks

Posted by Steffan on

Answer.

Hi Steffan, you can sell the car privately and this is most probably your best option as if you took it back to a dealer they would only give you trade money for the car. What is it worth approximately? Are you in a lot of negative equity? If you sold the car privately you'd need to clear the finance immediately with Moneyway. If you apply on our site for finance let me know your reference number asap. Have a good evening. Edwin

Posted by on

Question.

Hi, my finance agreement with Moneyway finished in August 2013. I would like to upgrade my 2006 Kia Carens.

Would I be eligible for another loan from Moneyway? What could I borrow? Thanks

Posted by Brenda Mitchell on

Answer.

Hi Brenda, thank you for your question.

Quite simply we'd love to be able to help get you a new car finance agreement. We do deal directly with Moneyway but hopefully we may be able to secure you a better deal with another lender.

If not, we should be able to get you approved with Moneyway again as you have recently paid off a loan with them. The amount you can borrow depends upon your income. If you earn £1500 a month for example you can have in the region of £6000. If you earn more then you can finance more. This is how it works.

Please make an application online when you're ready and we'll aim to have you approved within minutes. If accepted we provide a no obligation quote and you can buy a car from any dealer. Kind Regards, Edwin

Posted by on

Question.

HI, I currently have a car loan agreement with Moneyway. I've had the car since November but I am wanting to change cars as the car is very low and I am suffering from a bad back. Am I able to sell the vehicle and buy another willingly as long as I keep up the payments?

Posted by Daniel Jepson on

Question.

Hi Daniel, thank you for your question. You can indeed part exchange your current car and get a new one on finance. What we need to establish though is what your current car is worth (trade value) and how much you owe Moneyway (settlement figure). As long as you're not in too much negative equity we should be able to help get you into a new car. Please apply here.

Posted by Edwin Miles on

Question.

I have had my car for 2 years with Moneyway finance, however someone has offered to buy the car at a very good rate but the problem is it's abroad.

I want to continue with the finance until I pay it off. Can I sell the car privately abroad and continue with the finance and get another car with them?

Posted by Joseph on

Answer.

Hi Joseph, thank you for your question.

Unfortunately what you're proposing isn't an option. Moneyway are actually the legal owners of the car until all payments have been made. In effect the car isn't yours to sell. You would have to clear the finance with the proceeds of selling the car privately.

We could then re-finance a new agreement for you if need be as we do deal with Moneyway and lots more lenders. You never know we may be able to get you a better deal/rate. Please make an application and once approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Edwin

Posted by on

Question.

Hi There, I got a car from you guys about 10 months ago. I want to get a new one and am looking to refinance. I have an agreement with Moneybarn at the moment and they have given me a settlement figure of £5640 on a Vauxhall Corsa VXR 2008 with 60k miles.

I've seen a car that i want. I just wanted to know if it's possible to be accepted for finance on a new car while awaiting the sale of my existing car and current finance agreement. So, basically i would have a finance offer in place for a new car. I would be selling my car to settle my existing finance and when I've done that i can go get my new car? Thanks

Posted by Jeffrey Halley on

Answer.

Hi Jeffrey, thank you for your question and thank you for coming back to us.

In answer to your question we can indeed get you another approval in place while you're in the midst of selling you current car to settle the existing finance. Even if you struggle to sell your current car you could just part exchange the vehicle and let the new dealership supplying your new car settle the finance.

Either way please make an application and once approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Edwin

Posted by on

Question.

I have been with Moneyway for a while & want to update my car but, I have 7 payments left.

Can I renew my car now or do I have to clear all my payments beforehand? Thanks

Posted by Susan Gannon on

Answer.

Hi Susan, thank you for your question.

You can indeed renew your car now. You don't have to wait until all your payments have been made as the dealer where you part exchange your car for a new one will settle the existing finance for you. Do you know what your current car is worth (trade value approx) and how much you owe Moneyway? You may even have equity in your vehicle that can be used as a deposit towards a new one.

Please make an application and once approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Edwin

Posted by on

Question.

Hello, I'm looking at getting a new car. I already have finance with Moneyway but I could finish up with a short fall. The car is valued £3300 to £3600 yet my settlement is £4200. What are my options?

Posted by david hayes on

Answer.

Hi David, thank you for your question.

As you're in negative equity by approx £600 - £800 you can either clear this with a cash deposit or we could possible clear some of this in a new agreement. Either way we'll be able to help get you into a newer car.

Please make an application and once approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Edwin

Posted by on

Question.

Hi there, I have had finance with Money Way for a year on my Corsa. Unfortunately the car is no longer suitable as its only a 3 door.

Would I be able to exchange my car just now or do I have to wait 4 years? I would like to keep my finance with Moneyway. Thank you.

Posted by Wendy carruthers on

Answer.

Hi Wendy, thank you for your question.

You can indeed swap your car if you wish. You don't have to wait until the finance agreement has finished. What you need to find out though is how much your car is currently worth (trade value) from a car dealer and how much you have outstanding on your agreement.

Hopefully you won't be in negative equity (where you owe more that the car is worth). We do deal with Moneyway finance amongst other lenders so can help guide you through the process. When you're ready please make an application and once approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Edwin

Posted by on

Question.

I have an account with Money Way and have 20 months left to pay on the car. We looked at another car today. Do you think that they will be able to do another deal again?

Posted by Les Mundin on

Answer.

Hi Les, thank you for your question.

There may well be a good chance we can get you into a newer car. Do you know what your current settlement figure is with Moneyway and what your current car is worth? The supplying dealer of your new car will simply settle the existing finance with Moneyway. Any equity you have in the car can be used as a deposit towards a newer car too.

Please make an application when you're ready and if approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Edwin

Posted by on

Question.

Hi there, I got a Mini Cooper with your assistance last October, however have since realised that the 3 door is a bit too small for me.

I would like to upgrade to the Mini Countryman, however, the cheapest I can find is about £9000, my car is worth about 4000, but, I still have approx £7500 left on my agreement. What's the chances of being able to alter all of this around to get the bigger car? I currently pay £181 a month, but, at a stretch could go up to £250. Many thanks for any help

Posted by Sarah Thomson on

Question.

Current settlement figure is £4419 and the value of the car in private sale is £3750, I went to view a new car and was accepted for the finance with the garage settling the negative equity (that they see as £1400) and adding it on to the finance.

Then they said they could only do the deal if I stumped up the £1400 as well as the already agreed £2000 deposit! Am I missing something?

Can I go to another garage to get the same deal, seeing as the finance company had accepted me and it was just the garage wanting more cash over there desk? Cheers

Posted by Brett Houghton on

Question.

I have an arrangement with moneyway finance, however i would like to get another car, would i be able to give this one back and start another agreement in its place?

Posted by michael ferguson on

Answer.

Hi Michael, thank you for your question.

You would need to contact Moneyway directly and request a settlement figure, then you could part-exchange your vehicle to cover some or all of this balance. You are more than welcome to make another application with us, have you paid all of the payments in your current agreement on time? We may be able to help.

Please make an application when you're ready and if approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Edwin

Posted by on

Question.

Hi I have had my car for 2 months now. I contacted Moneyway to see about an early settlement they quoted me £7000, I went to dealerships to see what kind of quote I could get for my car, they quoted me £5000. That means i still owe Moneyway £2000 is there any other options?

Posted by Denise macdonald on

Answer.

Hi Denise, thank you for your question.

We do work with some lenders that are able to help with negative equity by adding it onto a new finance deal, but the most they are able to help with is approx £1000 I'm afraid.

Kind Regards, Edwin

Posted by on

Question.

How do I find out how much I have left outstanding on my finance?

Posted by Luanne hill on

Answer.

Hi Luanne, thankyou for your question!

If you would like to find out how much you have owing on your current account, you will need to contact you lender and ask the accounts department for your balance. If you are looking to settle your agreement, you will just need to ask for a settlement figure.

If you would like to upgrade to a new vehicle we may be able to help! Please make an application when you're ready and if approved we provide a no obligation quote and you can buy a car from any dealer. Kind Regards, Edwin

Posted by on

Question.

Hi There,
I have an agreement with Moneyway that should mature in 2017. I am currently on maternity leave and would like to know what, if any, my payment options are? Am I able to trade my car in for a bigger model?

Posted by Veronica Wilson on

Answer.

Hi Veronica, thank you for the question!

What you can do is to ask your finance provider for a settlement figure. This is how much they need you to pay to end your finance & you can part-ex your vehicle with us to cover some or all of this amount.

If your vehicle is worth less than you owe and you cannot find the difference yourself, we actually have lenders that can cover the negative equity and add this on to new finance. This is provided that your application meets their criteria and also depends on how large the amount you need to cover is.

Please make an application when you're ready and if approved we provide a no obligation quote and you can buy a car from any dealer. Kind Regards, Edwin

Posted by on

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