Getting finance on a used car with part exchange

[mjw0321]

I have posted this in the Finance forum. It as I am trying to do the deal in the next couple of days, I might get a response sooner in this room.

I bought a Porsche from a main dealer via their finance on PCP in December. I am now looking to part exchange this car for a car of a different make; the new (to me) car is worth less than the Porsche, so I will be clearing the outstanding finance via the part exchange and putting the additional towards the new (to me) car.

I am a bit concerned that as I only took the finance in december, getting new finance for this car make be an issue. The dealer has quoted me via a Barclays deal. The new deal would leave me with less money financed than before, but will Barclays factor in that the deal is clearing the finance on my current car, or will they simply see that I am trying to take out more finance when I only got the Porsche in december?

[Nickp82]

The fact you have fairly recently financed a car shouldn't cause you any issues, if the finance company want to ensure you don't have two agreements running at the same time they will make settlement of the Porsche finance a condition of the acceptance for the new car.