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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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New Volkswagen Car Finance Deal

Hi, I've got a 58 plate VW Polo with just over 1 years finance of a 5 year period still to pay. My plan is to upgrade my car with a new finance deal and trade my current VW in to pay the remaining balance on previous the finance with a bit left over for deposit. If I was to go with car finance 24/7 to do this what valuation would you accept as a value for the car (e.g. dealer, well known car sale website etc)?

Posted by Joseph on

Answer.

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

The first step would be to ask your finance provider for a settlement figure, while also getting a part-ex valuation for your car. With only 1 year left of a 5 year agreement, you may well find that your car is worth more than you owe, leaving you a good situation. If this were the case, you could use the excess to put towards a new car. Please get the figures together (settlement & valuation) so that you can see if this is the case.

Once you have the figures, please make an application. If approved, we'll then work with you in settling your old finance and getting you a new VW finance deal. Kind regards, Edwin.

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