Can I transfer my current car finance to another car

princessnadi

Hi ya

I have finance of my 09 hyundai I20 8 months old under the scrappage scheme and (guess what i'm going to ask) and want to take advantage of the ugrade offer to the 10 plate.

Will i be able to transfer my current finance on 09 car to the 10 car and pay the £599 cash.

I really want the new car and there are no t&C which i can find just the same article saying that "scrappage customers can take advantage of the upgrade"

thanks

standupguy

If you have a loan agreement then yes.

If you have a hp agreement then you will need to settle the old agreement and take out a new one

princessnadi

sorry can you simplfy your answer please - i don't really understand the variations of finance - my huby was with me.

Basically we own the car when we have paid the finance off so - yes it is a loan that we have.

Paul_the_Painter

If you have a loan, you borrow money and what you do with it is your concern - you may well choose to buy a car, but you could stick it all on red and spin the roulette wheel!

On the other hand, if you have an HP agreement, the debt is secured against the car, HP = Hire Purchase. You don't own the car until you have paid the final payment.

It sounds like you have an HP agreement, now Hyundai may well have an agreement on place to transfer HP agreements across to the new car - it would make sense to the HP company, as the value of the security has gone up (a newer car) but the debt stays the same. It's worth asking Hyundai, they've probably already thought about it, and they may well chuck on an admin fee (fair enough as the finance company has to do more paperwork, as do Hyundai)