Possible to refinance?

tootyflutty

Hi all,

I have a 171 Hyundai on finance, and will be coming to the end of my initial payment term in March 2020. But have the following options:
-refinance the remaining two years worth of payments
-pay a lump sum of roughly €5500
-trade up with the same company

The garage have already phoned a number of times asking if I want to upgrade within the same garage, which I have declined to date. I find them extremely pushy so want to have all my information before going back to them with my decision, and this is where I need your help.

I want to switch car, but not stay with Hynudai. Come March, will it be possible for me to go to a different dealership, trade in my car and refinance the remaining amount all into one?
Or
Will I first need to pay the €5500 off my car. Then trade it in at the new garage, and go on finance again there?

I reckon my car will be worth about €12-13k by then, so could I sell it privately pay the lump sum and then go to the new dealership with the remaining amount as a down payment, or would I be better off to trade it in?

Sorry for the long winded questions, my head is racing with all this, and really dont want to go to them with my queries as I found them incredibly pushy..

Dia_Anseo

Hi,

The finance on your Hyundai is not with Hyundai, the Hyundai dealer got paid in full before your car left the forecourt.
Your Hyundai finance is with Bank of Ireland.

You can go to any car dealer and trade your Hyundai and they will manage the BOI car finance provided they are credit intermediaries for BOI. They can refinance it, pay it off etc.

Yes you can also sell your Hyundai privately and ring up BOI finance and settle the loan yourself.

colm_mcm

Dia_Anseo wrote: »

Yes you can also sell your Hyundai privately and ring up BOI finance and settle the loan yourself.

Small detail, but those things would be done in reverse order as the car belongs to the bank.

Dia_Anseo

colm_mcm wrote: »

Small detail, but those things would be done in reverse order as the car belongs to the bank.

Oh Christ of course!

Wouldn't want to be illegality

tootyflutty

Dia_Anseo wrote: »

Hi,

The finance on your Hyundai is not with Hyundai, the Hyundai dealer got paid in full before your car left the forecourt.
Your Hyundai finance is with Bank of Ireland.

You can go to any car dealer and trade your Hyundai and they will manage the BOI car finance provided they are credit intermediaries for BOI. They can refinance it, pay it off etc.

Yes you can also sell your Hyundai privately and ring up BOI finance and settle the loan yourself.

Fantastic, and thanks for the quick reply!

Planning to go with a (probably secondhand 181+) Audi, but from what I have researched, they have their own bank. So either I will need to settle with BoI first, then sell car privatly, and start finance with Audi bank or find an independent dealer who banks with BoI but has the car I want, is that correct?

bazz26

If it's on PCP then you don't need to deal with your own bank. The Audi dealer will include your existing settlement amount when you do the deal with them and start a new PCP deal with the Audi's VW bank.

One thing to note though is that you may not get a very favourable PCP deal on a used car. The best PCP incentives are against brand new cars as the manufacturer is pushing to sell new cars.

Lantus

So yes just walk into dealer and point at car you want and they will settle finance, anything left is your deposit minus dealers profit to sell car. Some haggling required.