Financing difference between more expensive PX
Discussion
Afternoon,
Finance noob here, fully expect this to be a stupid question.. but here we go.
Own 100k car outright
wish to PX privately and get into a 130k car.
Is financing the 30k easy as the other 100k of the new car has been paid.Not sure if there's different terms/ structure to a deal done this way because there a PX involved.
Many thanks
Finance noob here, fully expect this to be a stupid question.. but here we go.
Own 100k car outright
wish to PX privately and get into a 130k car.
Is financing the 30k easy as the other 100k of the new car has been paid.Not sure if there's different terms/ structure to a deal done this way because there a PX involved.
Many thanks
It's not completely clear to me what you are asking but I'll try and cover off some of the issues you raise.
In assessing your application the finance company won't make any distinction regarding the source of your deposit, whether that is in the form of cash or a part exchange.
They may ask you to stipulate the source on the application but this is only to ensure that the finance document matches the dealer invoice.
As you mentioned "part exchanging privately", there will be a dealer invoice for the new car, won't there? Few, if any, finance companies will offer agreements secured on a vehicle purchased privately. This won't be a issue if it's actually a personal loan that you have applied for.
Will it be easy? The application will be, yes. Just fill in the form and wait for the answer, usually within 24 hours. Is the approval easy to get? Yes, usually. Provided that you can demonstrate enough disposable income to cover the monthly payment and you have conducted your previous credit agreements responsibly then it shouldn't be any problem at all.
In assessing your application the finance company won't make any distinction regarding the source of your deposit, whether that is in the form of cash or a part exchange.
They may ask you to stipulate the source on the application but this is only to ensure that the finance document matches the dealer invoice.
As you mentioned "part exchanging privately", there will be a dealer invoice for the new car, won't there? Few, if any, finance companies will offer agreements secured on a vehicle purchased privately. This won't be a issue if it's actually a personal loan that you have applied for.
Will it be easy? The application will be, yes. Just fill in the form and wait for the answer, usually within 24 hours. Is the approval easy to get? Yes, usually. Provided that you can demonstrate enough disposable income to cover the monthly payment and you have conducted your previous credit agreements responsibly then it shouldn't be any problem at all.
The finance application will be dependant on your credit history and your financial position, any financer be it bank or otherwise will assess if you can afford the repayments on a 30k loan. The fact is part of a 130k purchase won't have any bearing unless you are.getting a loan secured on the car you purchase which "may" work better for you.
That's it really as no one on here other than you knows your financial position.
That's it really as no one on here other than you knows your financial position.
thanks guys for willingness to help, appreciated.
No new cars involved , its a 991.1 being exchanged for a Huracan (privately with a friend of a friend of a friends friend!)
So the 30k i need to finance would just be seen as a normal hire purchase and the 100k (technically the deposit) from the gt3 is irrelevant to the application.. gotcha.
To finance here we come!
No new cars involved , its a 991.1 being exchanged for a Huracan (privately with a friend of a friend of a friends friend!)
So the 30k i need to finance would just be seen as a normal hire purchase and the 100k (technically the deposit) from the gt3 is irrelevant to the application.. gotcha.
To finance here we come!
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