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Car finance - outstanding balance query
Hi all
I am in the first process of buying a new car, however the trade in value means that I will be in negative equity and there will still be 2000 outstanding which would be transferred to the new loan on the new car. This has caused the new monthly repayments to be higher than I would like.
I am in the position to pay about 1000. However I am unsure if I should pay 1000 deposit for the car up front or pay 1000 to the current loan which means there would only be 1000 outstanding to be transferred to the new loan?
Any advice would be appreciated.
I am in the first process of buying a new car, however the trade in value means that I will be in negative equity and there will still be 2000 outstanding which would be transferred to the new loan on the new car. This has caused the new monthly repayments to be higher than I would like.
I am in the position to pay about 1000. However I am unsure if I should pay 1000 deposit for the car up front or pay 1000 to the current loan which means there would only be 1000 outstanding to be transferred to the new loan?
Any advice would be appreciated.
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