Car finance

[JonathanSandler]

I’m just wondering if there are any dealers out there that can advise.
I have a Nissan x trail 17 plate with 90k on the miles full service history but now for some reason my car id in negative equity.
Are there any finance companies that would loan if there is negative equity or basically am I stuck with this car??
Thanks

[samoht]

Sorry to hear that, used car values have fallen back over the last couple of years so you car may be worth less than expected. You can have a look on AT for cars of the same make, model and similar mileage and spec to get an idea of current value, but it might be worth about £9250 at a dealer, from a quick look.

"Car finance" can take a few different forms, the classic PCP, a loan against the car which needs paying back at the end of term, or just a standalone personal loan. What arrangement do you have? When did you buy the car? How much do you owe and how much do you think the car's worth? (The more info you can share the more likely someone can help).

I think that a franchised dealer selling a brand new car tends to have the most flexibility to 'roll in' existing negative equity to a new loan. It's certainly something I've heard of dealers doing on both new and nearly-new cars, after all they're motivated to get the sale. However you're then borrowing more money on top of your existing debt and thus paying more interest, and increasing the chance of remaining in negative equity with the new car. So it's worth looking for alternatives, depending on the specifics of your situation.

Edited by samoht on Saturday 5th October 17:18

[Sir Bagalot]

Also check what your finance agreement says. I know some you can walk away from if you've made half the monthly payments