Help with negative car equity!

jerrynbbt

Sorry I missed that the op said it was taken out last April, providing there is no PPP included then yeah this sounds like its a 60month HP agreement.

Always going to struggle at such an early stage unfortunately. But will be in similar situation if a 3yr+ Baloon or 60months to be honest the settlement/termination figure is going to be about the same.

Best bet is to sell privately for as much as possible and take a personal loan out to cover the negative equity. Need to way up how long selling privately will take though as if you can get a good price off a dealer now instead of waiting a couple of months to sell privately probably better to sell to a dealer.

No costly adverts in autotrader etc, the price now will be better than Dec/Jan and you wont be paying so much interest.

One idea is to try and get a 0% credit card and transfer the difference. ???

Topper1900

It's a pity the OP didn't look for advice from here before buying his new car as it looks like he paid £20K+ for the car which is only worth £10K just over a year later, that 50% depreciation in 1 year! It seems best the OP cuts his losses now and sells the car whilst he might still get a reasonable price for it.