Finance question

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Tue 26 Sep 2023 13:54
Finance question - K3030

Hey ,I'm quite unsure when it comes to things like this so looking for some advice.

I currently have my car of finance and I have seen another car I am really interested in. The car in question. I have been in touch with the garage and they have told me that they don't do part exchange so wouldn't look at my car. . Now I know selling my car will leave me with some outstanding finance. Ideally I wouldn't like to dip into my savings to pay off the rest in full. Is there anything I can do in this situation as I really don't want to miss out on the other car.

Any advice is much appreciated thanks

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Tue 26 Sep 2023 15:47
Finance question - Adampr

I'm sorry to be the one that says it, but the best advice is not to think about buying things that you can't afford.

The second bit of advice is that, unless your savings interest rate is higher than your finance interest rate, there's not much point having savings and you'd be better off paying off the finance than having money sat in a savings account.

If you really want to buy a the new car, there is nothing to stop you either buying that one on finance or getting a personal loan from a reputable lender to cover the balance. Most will allow you to pay off a chunk of it once you've sold your car.

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Tue 26 Sep 2023 16:19
Finance question - leaseman

In my extensive experience of the Motor Trade and Finance, the instances of reputable dealers refusing part exchanges, without viewing, are rare, if not non-existent.

I would be very wary, whatever method you choose, dealing with the dealer without first checking the credentials of the dealer very carefully. E.g. by searching for any reviews, checking the dealer's position on Companies House, the Directors' prior history and for how long the dealer has been established. Is the dealer local to you???

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Tue 26 Sep 2023 17:44
Finance question - K3030

Yeah the dealer is local

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Tue 26 Sep 2023 17:46
Finance question - K3030

Having savings or not has nothing at all to do with this , I just said I would like to dip my savings to pay off the excess as that savings is for others things so barer of bad new u ain't but barer of pointless news yes

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Tue 26 Sep 2023 18:48
Finance question - Adampr

Having savings or not has nothing at all to do with this , I just said I would like to dip my savings to pay off the excess as that savings is for others things so barer of bad new u ain't but barer of pointless news yes

Charming. I can see why you mean about being 'quite unsure' about these things.

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Tue 26 Sep 2023 21:43
Finance question - alan1302

Having savings or not has nothing at all to do with this , I just said I would like to dip my savings to pay off the excess as that savings is for others things so barer of bad new u ain't but barer of pointless news yes

If you don't want advice, my advice, don't ask for it! :-)

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