Slightly stupid car loan - need to get out

chap_in_leeds

Zopa is a good idea, thank you.

Thank you everyone else.

I'll post back with the settlement figure.

CHR15

Good luck. It is unusual to find the car worth more than the settlement figure. Unless you out a hefty deposit down.

chap_in_leeds

OK...
The settlement figure is 10k. The car is worth 13k ish.

Any suggestions other than the ones above?

Do you think I would be able to organise some sort of super balance transfer?

Thanks

CIL

Jeff_Bridges_hair

Is there anything in your agreement that will prevent you from overpaying on this finance deal? If you have spare cash and can do this it may be a better option rather then a loan until closer the date of the settlement.then a smaller loan when the time comes.

paddyrg

Hmmm well if settlement is £10k now incl the balloon of £7k, and you have 15x £250 payments left (£3750), then the interest plus the balloon is about £750 more than the settlement would be. Is it worth it? Yeah, maybe, maybe not - remember you'll have arrangement and interest costs on whatever loan you got anyway, so that £750 may be more like £250 in reality, give or take a bit.