easyscoob

how does it work if you have finance on a car that is worth ten grand and want to trade it in for a car that is 5 grand?
would a dealer swap car then arrange say an agreed figure of the rest of the value, and would that then be used to offset existing finance?

The reason i say is i have finance 14k on blob wrx i would say is worth 10-11k. I have fallen in love with a classic 2 door and it's for sale at dealer for 5 grand just wondered what would happen re: finance.

NormantheDog

The problem you will have is if the finance is tied to the car. The dealer will want the finance cleared and since the car's value is less than the finance you will have to clear the difference. For example if he gave you 10k for yours you would have to put another 4k to this to clear the finance with the existing car and then probably take out a new finance deal for the new one.

easyscoob

i see! my minds made up anyway sell blob get classic, it's a peach of a car as well, 2 doors, white, type r and it 's not even had first uk owner yet looks like it's got a garrett turbo too! dont think the dealer knows what he's got he he

robby

problem with this is you then have a car worth £5k and have finance of £9k + interest - major negative equity.
Most finance companies won't lend due to the NE so you'd have to take out a personal loan.
How old is the blobeye? i'm only asking as when i traded mine in a couple of months back (53 plate with sti spoiler + loads of extras i only got £8200

Probein

If you don't mind me asking, how much roughly do you pay monthly finance for a 14k car?