Changing car - adjusting loan

djwolf

Okay, I'm considering part-exing my car for another. I'd have to put £3,700ish down in cash.

Finance situation - currently have a personal loan running with a settlement figure of £4,300 so I'd need to contact company and get a new loan sorted for about £8,000 which is virtually the cost of the car I want. So, overall I'll still be in a similar position to now with a loan amount that is roughly the same as the car's value (without the interest).

So what do others think about re-adjusting loans for cars? I know most of you will probably advise against it .

chalkie99

djwolf wrote: »

So, overall I'll still be in a similar position to now

Only if you look through rose tinted glasses.

You owe £4300 (settlement figure) now but would owe £7800 plus interest after, just to get the same car a year newer.

Mileage won't affect the rate at which it rusts.

In a years time the "new" one won't be worth much more than your present model but you will owe an arm and a leg on it.