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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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Audi A1 on Finance

I have an Audi A1 on a 4 year finance agreement and I'm 2 years in now. I pay £260 a month and I think the outstanding balance is around £13000.

Is it possible now to swap it for something more economical and cheaper per month?

Posted by Josh Grafton on


Hi Josh, thanks for your question.

You can indeed swap your current Audi A1 for a cheaper & more economical car. You mention that the outstanding finance balance is £13k. Do you know what your current car is worth approximately?

If you're in negative equity (where you owe more that the car is worth) you can simply hand the car back to the finance company (voluntary termination) as you're 50% of the way through the agreement. If you're not in negative equity you can simply part exchange your current car at a dealership of your choice and we should be able to help you to finance a new vehicle.

The dealer will be in charge of settling the existing finance for you and possibly using any equity you have in the car as a deposit towards a newer vehicle. So, if you'd like to see what we can offer you please make an application. If approved, we provide a no obligation quote and you can buy a car from any reputable dealership. Kind Regards, Edwin

Posted by on

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Good Day, I am a 25 year old female who studies and works from home. I work as a debt collector and work on commission.

I'm interested in purchasing an Audi A1 and I've decided to save £22,500 over a period of 15 months as deposit for the car. I have not checked my credit rating but I have 2 direct debits that are always paid on time. I also try not leave my bank account empty even when i'm flat broke, and i've been with the same bank for over 2 years.

My saving isn't all that good, but I try. Can you please advice me on how can I check my credit rating? How do I calculate car monthly repayments and how does car finance work?

Lastly, are there any tips or advice on how I can better my chances of getting my dream car over the next 15 months while I save up? Hope you can help me on this. Kind Regards

Posted by Kopano Mogale on


Hi Kopano, thank you for your question.

You can check your credit rating by using an online service such as "Credit Expert " from Experian! Just Google it and it'll take you to their website. Here you'll see what our lenders see when they assess your credit profile.

To calculate you monthly payments please use our finance calculator here. It seems as though you're doing the correct things to build up your credit profile - just make sure you're on the electoral roll at your current address, pay all your bills on time and don't over-commit yourself with too many loans or credit cards.

Please make an application when you're ready to see what we can do for you. If approved, we provide a no obligation quote and you can buy a car from any reputable dealership in the UK. Kind Regards, Edwin

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