BillyCabrio

iTrader: (1)

Wonder if some smart arse can clear something up for me, as i can't seem to get my head round it ..........

Say for instance you have a car worth £10k-ish but you want something smaller and cheaper, say around £5k-ish mark.

How does it work with the £10k car and the £5k difference?

Also taking into account:

The £11k Finance outstanding on a £10k car.

Will it mean that the £5k difference gets taken off of the over all amount outstanding on the £11k finance, leaving only £6k finance outstanding?

Confused? I am

*Anna*

Your confused????? That's the most confusing thing you have ever said!!!!

I'm sure someone will know though

FLO

Fookin ell !!

Take him home and look after him Anna..he well needs it!

Can see exactly why you two are such a great couple now

mart.rs

Either way you would still have to fork out cash whatever happens! car dealers always want to make cash on top its there job>

*Anna*

Cheers Flop, does it show that much!!!!!

Think he needs his tempreature taken and a cold shower, all that confusing conversation. Bless

Love you baby,

Katie

I think he's got a little stressed bless him, cold flannel on the forehead and a beer lol!!

Depends if you are going to be charged more than a grand to do something with changing the finance around? or you could just sell the 10k car, pay off the 11 finance, then get new finance on the 5k vehicle....obviously that depends on how much they'd charge you for changing, as you'd probably lose a few k there, for the 1k ''extra'' owed on the 10k car, but also on the interest you'd pay financing the new one....

This probably hasn't helped at all, but at least there's a few of us confused now!

petet

You would need to take out £6000 finance on the new car - £5000 to pay for it and an extra £1000 to make the difference between the part exchange value and finance outstanding.

Any dealer who deals with finance should be able to do this for you.

BillyCabrio

iTrader: (1)

WTF

I'm more confooozed now

BillyCabrio

iTrader: (1)

for the people with brain cell or 2

bud-weis

your best bet would be to sell the £10k car, take out a personal loan to settle the finance on it and then start from scratch by financing the £5k car.

TheBishMan

Okay not totally sure what you mean but...

You give the £10k car back leaving you with £1k outstanding
You take £5k car and still have £1k outstanding
You owe £6k

Sounds quite simple to me!

Lee Reynolds

You take the car to the dealer. They will then pay off the existing finance...11k, they take the 10k car, then add the 1k outstanding to the new finance on the 5k car...meaning you owe 6k plus interest on the 5k car. So the 5k car will cost you about 7500-8k.......

Paddy

Tthis is the easiest way to think about it:

Whatever finance you have at the moment can't be swapped [it's a loan secured on that particular car].

If you owe £11k to the finance company, you sell it for £10k, thats a £1k short fall [plus any penalty payments for early settlement].

You want a car for £5k.

You want to borrow £5k from a finance company to buy the car.

You still owe £1k for settlement on the other car.

£5k + £1k = £6k to borrow.

In reality, thats all done there and then, there's obviously no bridging period.

Thats the idiots guide , but any salesman will be able to sort it for you in one fell swoop

FLO

what you do is you bend over and let the finance man shag you up the arse as well !!!!

bank loan is the way to go...loads cheaper and the bank manager only wants to tickle your balls!!

Paddy

How do you think he got such a good rate last time?

FLO