Jamie Whitfield

As some of you may know, unfortunately the company I was working for went into liquidation in August so I was wondering are you able to get car finance if you already have it ,if I were to trade for a cheaper car to try and save some pennies while Im looking for another job?

Ive had the chance to get a new MR2 for £50 per month less than my Puma!

LEE P

Hi jamie! depends on your settlement figure, dealers generaly say sell it private then clear youur settlement and start again with a deposit. if your trading down and the car you want is cheaper they will just give you a bid on your puma, hopefully it will be more than your settlement figure, in that case they will clear finance off and yu will have enough in the puma to carry over a deposit on your new one. if the bid is less than s.f you will have to put towards to clear it and then find the deposit, if the dealer is desparate he may juggle the figures to make yours worth more to tie in the descprepency in to your new finance deal, not good idea as it makes it more difficult to get out of should this arise again. if you want cheaper monthlys suggest lease purchase wiih a sensible balloon payment at the end, but that depends on age of car some finance house wont do it on anyhing older than 2 years old. shop arouund for your finance get a quote off the dealer then go somewhere else to see if they can beat it, last 2 cars i bought were through BMW finance and they werent beemers, look for a flat rate of 5-6 percent, 10- 10.6 APR is competative for car finance. or try a loan, but banks arent as keen for large loans on cars unless your a home owner as they have nothing to reposess. i wont go on any more. cheers Lee