Loan to pay off car finance

Phoebs38

Hi guys,
I bought a new(ish) car a month and a half ago and to be honest it hasn’t gone well for me (i dont get on with the car and have just had a minor accident).
Therefore i have taken the decision to cut my losses and due to living in London (and hardly using it) prevent further losses of cash and preserve my sanity and just sell the car...to ve honest i’ll be glad to see the back of it.

I am tied into my car finance and have just requested my lump sum estimate which is quite near the value of my car and im pretty sure if I sell it now i should get a large chunk of that money back.
I have a good credit rating and have been offered a bank
Loan by my bank that can allow me to buy my h.p out and subsequently sell the car. I then plan to pay the lump sum back to my bank loan and make up the rest (any apr) so i can wipe my hands of it.
I know i’ll probably be about a grand out of pocket but would be a huge weight off my shoulders.

Would this be the best option? What is everyones thoughts.

robber2

Do you plan to sell privately or to a dealer? If a dealer they may be happy to settle the finance for you.

Rob

Phoebs38

I was thinking a dealer. I cant deal with the hassle of selling a car privately...plus want it gone quickly.
Was just thinking of taking it to we buy any car as the local manafacturers dealers have “plenty in stock” and are not looking to buy. Thats unfortunate as i’d have got more ££s for my money.

System

Phoebs38 wrote: »

I was thinking a dealer. I cant deal with the hassle of selling a car privately...plus want it gone quickly.
Was just thinking of taking it to we buy any car as the local manafacturers dealers have !!!8220;plenty in stock!!!8221; and are not looking to buy. Thats unfortunate as i!!!8217;d have got more ££s for my money.

A dealer would be happy to buy a car on finance and they'll clear the finance so you don't necessarily need to get a loan. The downside is that they won't offer anywhere near retail so you'll likely end up with a shortfall to match. Don't go to the main dealer, go to an independent.