Can You Swap A Car Under Finance

Megan

10 Jul, 2018

As mentioned above this transition can be tricky when you already have an existing car loan which is why it is important to discuss your individual circumstances with qualified experts. With payment swap you can change your car if its still on finance.

Can You Swap Car Finance To Another Vehicle Accept Car

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Getting new car finance.

Can you swap a car under finance. When you purchase a car under finance it is not technically speaking yours not until you pay out the loan completely. A standard car loan uses the car as a safeguard in case you cant make repayments. Yes you can indeed swap your current car.

Simply put your reg number in tell us about your current car and finance and well add your equity as a deposit for your next car. So if your current car is on a hire purchase hp or a personal contract purchase pcp then payment swap is for you. Theres no need to accept a high rate on the spot from a car dealer if you can find a better deal elsewhere.

The idea is that if you cant meet the loan repayments the lender can repossess the car and sell it to recoup costs. With a secured car loan its the car itself that the loan is taken against not the original buyer. If you want to upgrade your car the chances are good that you also want to get a new car loan to cover the costs.

Another bit of good news for yourself is it doesnt matter that you have only had your car just under a year we have lenders that would look to cover any difference between your cars valuation and what you have outstanding with your finance company if there was any. While you can sell a car thats still under finance there are a number of potential issues you will need to consider. Your car finance interest rate it can be easy to overlook when youre in a rush to swap cars but low rate finance can make a big difference to your monthly repayments.

So if you want to sell the vehicle and it is still under finance you need to get the finance companys permission to do so first. This is known as a secured loan where the vehicle itself is the security. Basically a dealer would give you a price for your current car and they would be responsible for settling any finance.

Can you sell a car thats under finance. We can guide you through the process but we need to know what your car is worth trade value and what your current settlement figure is on your pcp deal. You cant transfer a finance agreement from one car to another unfortunately but you can indeed swap the current bmw for a cheaper vehicle.

The buyer of the vehicle should also continue reading i sold my car and its still. Do you know what your current settlement figure is for the bmw and what the car is worth approximately trade value. Can i swap my current car on finance for a new car on finance.

Can You Swap Your Car During A Finance Agreement