Need advice finance still on car

Pickersgill-Jones

Hello just after a little advice.

I've got my polo twist 1.4 and with my ever extending family I'm looking to buy a bigger car.
I've already paid a fair sum off the finance company and I've left to pay about £800.

My question is would I still be able to purchase a second hand car and trade my polo is even though it has outstanding finance?
Or is it just best to keep it until I've paid the rest of the money off and try the process again?

HELP

colino

There will be no problem in trading in a car on finance, especially if you are trading up and taking out more finance. Proper traders do it every day and will manage the process for you.

Herzlos

If you've only got £800 left to pay on it though, it's potentially worthwhile to clear the finance yourself and then sell it privately.

wiltsguy_2

you don't say what year your Polo Twist is, trying to ascertain the value. If it's worth more than £800 then you have positive equity in your car, therefore the dealer will clear your finance from your polo, and putting a deposit towards financing your next car.

Pickersgill-Jones

Oh sorry it's 04 plate.
I've been quoted £1317 for if I sell my car to wewantyourcar.com

How would it work if I sold my car and got this money just pay the finance off straight up and then go and try get more finance on another car,
So sorry I'm new to it all

colino

If you did it that way you would be starting afresh and would be in a stronger position than accepting the TI value for your old car. Only downside is not having a car in between selling, settling the finance and negotiating your next one.