refinancing car loan balloon?

SiB_2

Hi,
I bought a car on lease purchase nearly 3 years ago. I just got a letter from the finance company saying that they will take the final payment in August, and the following month will take the balloon amount from my account by direct debit.

Seems odd not to be given the option of paying the balloon amount except by direct debit, but still....

Bottom line is I don't have the amount needed for the balloon payment, I was banking on getting new finance to pay that off.

a Personal loan to do this would be OK, but since I've got no intention of selling the car for the forseeable future getting another finance deal with a balloon payment would work out well (i think).

Does anyone know if its possible to do this kind of thing... I'd be effectively be repaying the existing finance with a new lease purchase deal... my worry is that maybe finance houses only do this kind of deal when buying a car through a dealer??

Any advice gratefully received!

S3quence

Hi, How much was the overall finance? and how much is the balloon payment?

SiB_2

32k original purchase price, 18k balloon to pay

S3quence

Sorry also forgot to ask how much you currently pay a month

Must be a nice car

S3quence

S3quence wrote: »

Sorry also forgot to ask how much you currently pay a month

Must be a nice car

BMW?? :rolleyes: (before you reply)

SiB_2

389 per month at the moment, and don't really want to pay any more than that to clear the balloon.

S3quence

http://www.barclaycard.co.uk/products/apply/loans.html

They do personal loans for £349 for 5 yrs for £18,000
or £382 over 4.5 years. Though I got turned down for £20k

I dont think you can get a loan where you pay a lump some after another 3 years normally have to pay it all over the term