Changing manufacturer at the end of a finance deal

[Thales]

Hi all,

My current finance deal will expire in about 6 months time. I had decided that I was going to upgrade my current car (Fiesta st, mk 7 to 8), however that was until I saw how many approved used M135i's BMW had in stock, well within my budget.

What would be the best way to release the equity in my current car? In all honesty I really can't be bothered with buying the car then going through the hassle of selling it privately. Could I do some kind of deal with BMW?

Any advice would be appreciated, as I am new to the finance world!

Thanks.

[Mandat]

Just part exchange your Ford at a BWM dealer. You'll need to pay off the remaining Ford finance at the same time.

[Montybaber]

Last time I did this I managed to find a dealer that had multiple sites/brands and it was an easier process and I think I got a better trade in

[Thales]

Montybaber said:

Last time I did this I managed to find a dealer that had multiple sites/brands and it was an easier process and I think I got a better trade in

Interesting, thanks.

[Wagonwheel555]

As others have said, trade in.

Bear in mind the trade in is likely to be lower than going private but if you have plenty of positive equity in the current car then it should be fine.

[anonymous-user]

Get quotes from WBAC and Evans Halsaw's car buying services too. It sounds like a car which is probably in their target market so you may well get a good offer.

If you're going to get finance on the M135i too, don't pay dealer finance rates unless they're genuinely competitive. That's very unlikely, it's almost always better to finance the balance yourself with a personal loan if you can because dealers don't get subsides on used car finance the way they do on new car finance.