Black Horse Car Loan

jade78

Hi,

I hope this is the right forum to post this thread.
I have a car loan with black horse with a balloon coming up in 10 months. Car loan was taken out for 37 months, now paid 27 months of them.

I bought a 2013 merc with 15K balloon, and I have always made my payments by DD on time, never defaulted.
I want to refinance the balloon, is this possible? Do I just ring them and ask or what.

DCFC79

Why not phone and ask.

BJV

I would ask them, but also shop around as you may be able to get a better rate but it will depend on your credit rating and personal circumstances.

uncreative

Yes people do this all the time, you are essentially taking out another car loan to pay the remainder off, and that can be with your bank, another lender or with mercedes finance (was it the agility product?). My sister did that with mercedes.

You wont be surprised to hear that the angle the sales person took was "why would you want to do that? Why not hand the car back and for the same monthly payment we will give you a brand new one." And the cycle continues.

They will make money on the second hand sale of your car, and boost their sales commission and dealership bonus with selling a new one to you.

jade78

Hi.

I def. dont want to sign up for a new finance or car as I love the merc I have. I was not a agility product, but a black horse finance with balloon in the end.

Spoke to black horse the other day, here is my options they said.

1. Hand back car get a new one.
2 . Pay 18K and car is mine, or
3. Request to re-finance remaining, but affordability would be tested, but if payment are lower or same it should be ok.

I always get nervous as Im very in control of my finances and like to be "well-prepared".

Should I be ok ????

Tixy

Impossible to say whether you will be accepted by black horse following a new credit check.
They'll look at your finances and your credit file and make a new lending decision based on that information.