Balloon payment. Lost job. Refused finance. What can I do?

spiro

mikey72 wrote: »

You can try to get a loan as a business start up, and use that to pay for the car as an asset.

A mate who was made redundant and was on the dole got some form of loan from the DSS to start his own business. Don't know how it works though.

eatmychips wrote:

Rodenal that sounds interesting but how can I sell the car if I don't own it?

The buyer pays the balloon payment to the finance company and anything in excess of that amount to you or he pays you all the money and trusts you pay off the balloon payment.

LandyAndy

eatmychips wrote: »

And thank you all for the advice. Rodenal that sounds interesting but how can I sell the car if I don't own it?

spiro wrote: »

The buyer pays the balloon payment to the finance company and anything in excess of that amount to you or he pays you all the money and trusts you pay off the balloon payment.

In reality a lot of private buyers will baulk at either arrangement unless the vehicle is scarce.

Personally I think you should do a voluntary termination and buy something cheap.

eatmychips

i wish i could - I will give up the car no choice. School fees etc it's all adding up. Then again with the car gone we'll be saving, including fuel, payments and insurance, £480 per month. I'll have a budget of about £2-2.5k for the family motor - any ideas?