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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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Do you have a question about Carfinance247 or its services? If so, please complete the form below for a response within 1 working hours. I have over 7 years experience working for Carfinance247 and have the responsibility to answer all questions asked.

I still owe £4000 on my part ex - Can i get a new car loan?

I would like to part exchange my current car but I still owe around £4000 on the finance. I've only had it just over 2 years.

Since then I think my credit rating has got slightly worse due to late payments on store cards and things but never anything major such as my car, mortgage or council tax. Would this effect me getting finance for a new car?

Posted by Carly on


Hi Carly, thank you for using the our Q&A.

If your current mortgage and hire purchase (car) payments are up to date then we should be able to get you approved with no issues at all. We have lenders who approve customers with missed payments so i'm confident we can help.

The only thing i need to know is what car your currently have and its value. If the car is only worth £2500 and you owe £4000 on it then we may be struggling to do a deal unless you have a big cash deposit to cover the negative equity. But if that's not the case we can guide you through the process of part exchanging your current car and getting the finance settled.

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

Posted by on

Rate Edwin’s advice.

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I currently have a car on finance (a 2006 plate Vauxhall Corsa SXi) and I have only had the car for 6 months but it's a bit small for me. I asked if I could swap the car but they won't! Would I still be able to get fiance with you?

Posted by Anthony Hamill on


Hi Anthony, thank you for using the Q&A.

From what you have said we should be able to help you out with no issues as long as you're not in too much negative equity, if any. What is your car worth (trade value) and how much do you owe the current finance company? If you don't have this info try a valuation site such as and ring your finance company for a settlement figure.

Once you have this information we'll be able to proceed knowing the facts. Please apply when you're ready and once approved with us we provide a no obligation quote and you can choose a car from nay dealer. In most cases no deposit is required. Kind Regards, Edwin

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