Car Finance

Pheny

Hi, I'm new here and I need some advice regarding my car finance.

Last April I bought my first car (a 1.2 Nissan Micra) from a dealer. The car was worth £6000 when I bought it. The dealer gave me a five year finance deal with Capital Bank with an APR of 17.3%. My monthly payments are £142.50 which is quite comfortable on my meagre ASDA wages but the APR is a bit scary. Should I stick with my finance or is it possible for me to get a loan? Or is there another option?

I know very little about this sort of thing so I would really appreciate some advice.

md_14uk

Pheny wrote:

Hi, I'm new here and I need some advice regarding my car finance.

Last April I bought my first car (a 1.2 Nissan Micra) from a dealer. The car was worth £6000 when I bought it. The dealer gave me a five year finance deal with Capital Bank with an APR of 17.3%. My monthly payments are £142.50 which is quite comfortable on my meagre ASDA wages but the APR is a bit scary. Should I stick with my finance or is it possible for me to get a loan? Or is there another option?

I know very little about this sort of thing so I would really appreciate some advice.

You should contact the finance company and ask for a settlement figure on the loan. This will be the amount of capital left to borrow + an interest charge. You can then assess whether you'd be better off paying it off with a loan or sticking with the agreement.

See http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1102967078,41318,