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Edwin Miles. Underwriting Manager

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Exchange car on finance with Moneybarn

Hi, I've recently had a car with Moneybarn, the major problem being unexpected change of work distance, now the car i have costs far too much on fuel.

Could i exchange it with another car with Moneybarn? Thanks.

Posted by Nick C on

Answer.

Hi Nick, how long have you had your current agreement with Moneybarn? If you've not had you current car for long there is a good chance you may be in negative equity.

You need to get a settlement figure from Moneybarn for your current agreement and a part exchange valuation for your car at a local dealer. Hopefully you won't be in negative equity (where the amount you owe Moneybarn is greater than the cars value).

Once you have this information please let me know. However, if you have a large enough cash deposit currently you could well get into a newer more economical car quicker. All in all i'm reasonably confident we could get you re-approved with Moneybarn but we'd need to know a few facts first.

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

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Question.

I've recently got a car from Moneybarn about 6 months back and I have the agreement for 48 months but don't intend to keep it that long. I like to chop and change my cars regularly, sort of like every 1.5/2 years. How do I go about getting a new car and what's the whole process with the old car? Kind regards, Bobby

Posted by Bobby Gill on

Answer.

Hi Bobby, apologies for the delayed response. The process is quite simple really. If you have a 48 month agreement with Moneybarn you can actually terminate (VT) the agreement after 24 months and hand the car back to them.

Please make sure you keep all payments up to date though and maintain the car in a good condition as some finance companies can charge you depending upon the condition of the car and its re-sale value. You will then be free to get a newer car under a new agreement and hopefully at a better rate too.

If you were to change your car before 24 months is up you can simply part exchange it at a local dealer and they will settle the finance with Moneybarn on your behalf. Beware though as there may be negative equity attached to your car (it's worth less than what you owe Moneybarn). If that is the case you'd need to make up the difference with a cash deposit. Kind Regards, Edwin

Posted by on

Question.

Ok, what is vt? And also I rang a member of moneybarn and they said something about the half rule. I didn't quite get what they meant? So after the 24 months moneybarn have to take the car back? Does that mean I would have to take another car deal with them out straight away? And also would I have to pay anything after giving them the car back?

Posted by Bobby Gill on

Answer.

Hi Bobby, "VT" means to voluntarily terminate your agreement - it gives you the right to hand the car back to Moneybarn after you've completed 50% of your HP agreement basically.

When you have handed the vehicle back you do not have to get another vehicle via Moneybarn - you can choose another car and get financed via another company if you wish. If there are any charges related to terminating your agreement after 24 months you'd have to look at your finance agreement. Kind Regards, Edwin

Posted by on

Question.

Hi, I'm in a position to settle my loan with money barn early, which it says on my agreement I can do.

Do I get a refund on the interest paid from when I settle until the end of the loan term? Thank you

Posted by Jennifer McKenzie on

Answer.

Hi Jennifer, thank you for your question.

As you haven't yet paid all of the interest i don't believe you will get any interest refunded. However, as you'll be settling early you won't have to pay all of the interest due on the HP agreement. All you need to do is ring Moneybarn and request a settlement figure.

If you need a cheaper car loan for a newer car please make an application 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 3-4 months left on my car loan and i want to part ex the Range Rover for a newer one. Would i get a better deal with moneybarn this time round as i have paid every month for virtually two years?

Or should i go to another company? Also do moneybarn payout on a new car from the dealer or only second hand cars?

Posted by Simon Homer on

Answer.

Hi Simon, thank you for your question.

As you have kept up to date with your repayments i'd be quite confident we could now get you approved with a lender that offers better rates than your current deal. You can simply part-ex your current car at a reputable dealership of your choice and they would be responsible for giving you a price for your car and settling the existing finance with Moneybarn. You could use any equity in the vehicle as a deposit towards a newer one.

We can simply supply the new finance agreement for you and we'll search the market to get you the best deal. Please make an application 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.

I have my car with moneybarn I want to change. What are my options?

Posted by Sally byrne on

Answer.

Hi Sally, thank you for your question.

Firstly we need to know what your settlement figure is with Moneybarn and what your car is worth approximately (trade value). You can ring Moneybarn for a settlement figure which they will post or email to you. Then you can get an online valuation for your car from websites like glass.co.uk or parkers.co.uk.

Once we have this information we'll be able to see whether you're in negative equity or not (where you owe MB more than the car is worth). Are you more that half-way through your agreement too? If so, you may be able to hand the car back to Moneybarn (VT your agreement).

Either way as long as you're nit in a large amount of negative equity we should be able to help get you into a new car. Please find out the above information first before making an application for finance. Kind Regards, Edwin

Posted by on

Question.

Hi, I took out a 48 month finance agreement in September 2014. Due to work requirements the car is no longer practical.

I've had a look into the settlement and what the part ex value is and its worth a couple of hundred over the settlement balance. Am I able to just get a different car and swap it over?

Or do I have to do a complete new agreement? Last time it took so long and can't be without a car. Do I need to do the whole showing ID, providing payslips and bank account statements again? Thanks,

Posted by Claudia Chapman on

Answer.

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

The good news is that your car is worth more than the settlement figure. This means that you're not in negative equity. However, you can't just change cars on the existing agreement. You'll have to settle the current agreement (the car dealer where you part ex your current car will do this for you) and take out a new agreement. Unfortunately, you'll have to go through the whole process again. As you'll know what's involved this time hopefully it'll be a lot quicker. We'll be on hand to guide you through the whole process though.

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 already have a car with Moneybarn am i able to get another car and pay for both?

Posted by Karl Piper on

Answer.

Hi Karl, thank you for your question.

You are more than welcome to apply for finance for a second vehicle! If you are paying your current finance on time then your chances of an approval on a second deal will be improved greatly!

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

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