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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 i trade in my car even if i still owe on it?

Hello, I currently have a car on finance with you. I would like to trade it in for another newer car? Would you do that when I'm only half way through the finance? Many Thanks

Posted by Michael Jones on


Hi Michael, thank you for your question and it's one we can certainly help with. What we have to do first is establish what the car is currently worth and how much you owe the finance company. Hopefully you may have some equity in the car that you can use as a deposit towards a new car. If approved with Car Finance 247 you can now also choose your car from any dealership in the UK but if you'd like us to source a vehicle that also isn't a problem. So, the first step would be to make an application to get an approval and once approved we'd then help you sort all the paperwork out and part ex the car with us or at a different dealer. Depending upon who takes your current car from you it would be ours or their responsibility to clear the finance. To summarise it is possible to trade your current car in for a newer one even though you still owe money on it. Have a good weekend. Edwin

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