Car finance advice

daisy100

Hi ,

I currently have 1 year left on my car finance, roughly still owe €2,000, what are my chances of trading in my car and refinacing. Is this possible, i would have tried to hang on to the car until the year is up however the car is giving me constant bother and rather then continue to pump money in to it, i just want to get rid of it.
Any advice is welcome.

Thank you.

pcardin

daisy100 wrote: »

Hi ,

I currently have 1 year left on my car finance, roughly still owe €2,000, what are my chances of trading in my car and refinacing. Is this possible, i would have tried to hang on to the car until the year is up however the car is giving me constant bother and rather then continue to pump money in to it, i just want to get rid of it.
Any advice is welcome.

Thank you.

there. Tecnically not your car yet. :pac: Ring lenders and tell that their car is crap and you want to borrow a different car with a new bill pay. See what they say. Talk to the finance institution first. I think it is possible but not 100% sure as all the cars I had in my life were mine.

rcdk1

If your loan is from a bank/ credit union, then unless you put the car up as collateral (which is unlikely) you are free to change car whenever you want (obviously you'll still have to pay off the loan).

But since you referred to "finance", I guess you financed the car through the garage? In that case you've most likely entered into a Hire Purchase agreement. If so, as pcardin said, you don't own the car until the final payment is made and therefore can't trade it in. The only exception would be to go back to the same garage and see what kind of a deal they'll do.

More info on Hire Purchase

SJT1

I'm sure your car is worth more than €2k which means you have equity in your car to put down on a new one. When you trade in your car and we'll say for example the garage gives you €4k for your car, €2k of that will go to clear your loan and you put the other €2k towards a new car, get a new loan and away you go.....job done!

pcardin

SJT1 wrote: »

I'm sure their car is worth more than €2k which means you have equity in their car to put down on a new one. When you trade in their car and we'll say for example the garage gives you €4k for their car, €2k of that will go to clear your loan debt and you put the other €2k towards a new car, get a new loan debt and away you go to keep up with the Jones.....job done!

FYP :pac:

SJT1

Bored cpardin?