Advice sought regarding finance
Discussion
Hi. New to the forum but I've been a lurker on and off for a few years. Basically in need of a bit of advice.
I've currently got a car in which I got a terrible terrible price on 2 years ago which I want rid of. I'm currently just under £400 a month and have around £13,300 left if I were to terminate the contract just now. My current car is worth around £10,000.
I've saw a car on auto trader that I've sought after for a long time and it's the perfect example of it. Its £10,000.
The issue lies in the fact that it is a private seller and not a trade sale.
I can easily get the approval for the car at under £200 per month provided it was via a trade dealer but nowhere is willing to give me the finance approval via the personal loan route despite the fact a 13k loan would save me around £150 a month and pay off the current car. I can get the finance for the car but they're charging extortionate interest amounts that I'm quite frankly not prepared to pay as I've never missed a single payment for any direct debit.
I'm basically looking for peoples advice based on their experience if they have been in similar situations?
Ordinarily I would just persevere however the car in question is pretty much the perfect spec with all necessary mods/maintenance done to it already (including ceramic coating, paint correction, recent new brakes and injectors). So I really dont want to pass this particular one up!
Apologies for the long post and thanks in advance for any advice.
Cameron.
I've currently got a car in which I got a terrible terrible price on 2 years ago which I want rid of. I'm currently just under £400 a month and have around £13,300 left if I were to terminate the contract just now. My current car is worth around £10,000.
I've saw a car on auto trader that I've sought after for a long time and it's the perfect example of it. Its £10,000.
The issue lies in the fact that it is a private seller and not a trade sale.
I can easily get the approval for the car at under £200 per month provided it was via a trade dealer but nowhere is willing to give me the finance approval via the personal loan route despite the fact a 13k loan would save me around £150 a month and pay off the current car. I can get the finance for the car but they're charging extortionate interest amounts that I'm quite frankly not prepared to pay as I've never missed a single payment for any direct debit.
I'm basically looking for peoples advice based on their experience if they have been in similar situations?
Ordinarily I would just persevere however the car in question is pretty much the perfect spec with all necessary mods/maintenance done to it already (including ceramic coating, paint correction, recent new brakes and injectors). So I really dont want to pass this particular one up!
Apologies for the long post and thanks in advance for any advice.
Cameron.
I would approach this by asking my bank/other lender to consolidate my current loan of £13k.
This is a common reason for borrowing and will not then be connected to the car.
Sell car for £10k, repay that amount and be left with £3k.
Then take out a loan for the new car.
I think?!
This is a common reason for borrowing and will not then be connected to the car.
Sell car for £10k, repay that amount and be left with £3k.
Then take out a loan for the new car.
I think?!
Edited by Firestick on Saturday 14th September 07:38
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