Finance Help

[Lylel]

Hi Guys

I Need Some Help, I have a car On Finance but I Have Recently Got a New Job And Need Somthing Bigger, I Still Hve 3 Years Left On My Current Finance.

I'm assuming I will have to take out a loan for the amount for the new car plus outstanding finance, pay off finance and part ex the old car???

HELP!! Thanks

Lyle,

[mnkiboy]

If you're p/x'ing and taking finance on the new car, the dealer can usually pay off the balance, and add it to your new finance deal.

Could work out expensive if you're in negative equity on your old car though.

[Thorny]

The dealer will just work out if you still owe on the car or if your owed something back from the trade in. Then you can use that as deposit on your new car or you may have to cough up if you are in neg equity as mentioned above. There is a penalty for settling early normally but not much, c. 1 month's interest.

They do it all the time - just pop in and ask them.