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Edwin Miles. Underwriting Manager

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Upgrade Peugeot 107 on Car Finance

I currently have a Peugeot 107 which i have on finance and have been paying the agreement for about 13 months with Black Horse.

I pay £115 per month and the entire finance is £7900 (car on its own about £4800) on a 5 year contract. We need a new bigger car for the same amount per month - is it possible? And to not have a big outstanding balance from this car?

Posted by Melissa on

Answer.

Hi Melissa, thank you for your question.

We should be able to help you with a new car finance agreement but first you need to get an exact settlement figure from Black Horse and find out from a local dealer how much they would give you for your Peugeot 107.

This will then dictate whether you are in negative equity or not. If you are, would you have any cash deposit towards a newer car? We do have lenders that will consider covering negative equity and adding this on to new car finance, however your application would need to meet their criteria and the amount of negative equity cannot be too large.

Once you have a settlement figure and approx part ex valuation of your car, please also make an application. If approved, we provide a no obligation quote and you can buy a car from any reputable dealership. Kind Regards, Edwin

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