car finance

wr1ght

anyone know how it works ? i have existing finance with car craft still got 2 years left but want to change my car. on the website it says this isnt a problem and can often reduce monthly payments. what happens to the existing finance ?

hewhoisnotintheknow

i assume you pay the full amount back then pay an admin charge/early payment fee

harveybobbles

Just get a settlement figure and then work it into the new car's payments.
Even if the new car is from a different garage with a different finance company.

Jvic28

That's correct. You get additional finance on the new car to pay off the balance remaining on the old car. Personally I would rather stick with it until it's paid off otherwise it essentially means you're still paying for a car you haven't got years later.