Can I transfer finance from one car to another?

lui9795

I have a car on finance for the next four years (seven months of which I have now paid for).

I have recently toyed with the idea of upgrading my car to something of a similar value to the original one. I would still need finance to pay for the car.

Is it possible to transfer my existing finance across? What charges would be involved?

Of note; the upgrade car would be sourced from the same dealership as my current car.

chanz4

take about £2k of your cars value, that's the trade in

chanz4

it the average loss, brother used to work for a main dealers and that's typical margin

poppasmurf_bewdley

If the car is on HP, the car doesn't belong to you. It belongs to the HP company. So you can't trade it in.

If you have a straight loan not secured on the car, you can do what you like with the car.

Don't forget that even ending the HP agreement will cost you the fees detailed in your agreement before you can start looking at a new finance agreement.

tabbiecatz

Speak to the dealership, they may buy the car back from you (e.g. pay the rest of the finance off) so they can sell the car as used/previously owned stock.

Of course, they are only likely to do it if you they can sell you a new car at the same time, but it sounds like that is what you want.

I was recently contacted by the garage I got my car from two years ago. I have still got a year to pay under my HP agreement, BUT they want my car as used stock since they are short. They will pay off the final year of the finance so they own the car and can sell it, and try to sell me a new car at the same time.

Just my own experience...

kangaroo321

It is possible to transfer loan of one car to another provided one's bank is convinced about the credibility of the borrower.

RichardFudnavis

No I don't think so.. you have to pay uncle sam every cent you got and getting a new car is one way to pay....:j

poppasmurf_bewdley

RichardFudnavis wrote: »

Can i transfer car tax from my old car to my new car ?

No I don't think so.. you have to pay uncle sam every cent you got and getting a new car is one way to pay....:j

You might be new, and we have to be kind to you, but how (why) have you changed 'finance' to 'car tax' in your own headline?

And what's Uncle Sam got to do with it?

Apples2

poppasmurf_bewdley wrote: »

Can i transfer car tax from my old car to my new car ?



You might be new, and we have to be kind to you, but how (why) have you changed 'finance' to 'car tax' in your own headline?

the same as Kangarooo above him, both spammers.

pheonixrising21

lui9795 wrote: »

I have a car on finance for the next four years (seven months of which I have now paid for).

I have recently toyed with the idea of upgrading my car to something of a similar value to the original one. I would still need finance to pay for the car.

Is it possible to transfer my existing finance across? What charges would be involved?

Of note; the upgrade car would be sourced from the same dealership as my current car.

Of course you can trade in and buy a new one. The only problem being is that you are only 7 months into your agreement and the chances are high the your settlement figure on your current agreement will be higher than the trade in value of the car (negative equity). this depends on how much deposit you put in. You will have to fund this shortfall plus any deposit required for the new model (or if you are REALLY lucky, get finance for everything - which means a massively increased monthly payment).

Why do you want to change your car so soon? I can only assume a change in circumstances e.g baby on the way so you need a bigger car, change in job means a longer commute so you want a diesel/hybrid now? If its just because you want a different car then you are probably best waiting a while...