welcome car finance

katseyesicu

Hi there, hopefully someone can give me some advice, im currently paying off my car loan with welcome car finance, when applying for a car loan i didnt really have alot of choice who to go with, the reason why was i was told that i have not got a bad credit history its just at the time i didnt have a credit history. Anyway the car i have is costing me to much money to run im looking to downgrade to a smaller car, my question is the car dealer where i brought the car will only give me back £2000 on my car so to be able to buy another car from them im going to have to borrow roughly another £2000 because the cheapest car they have is no less then £4000, im really not wanting to take out a top up loan with welcome car again because of the high interest rate which im being charged by them, does anyone no if i have any other options rather then give in and take out another loan with them?

tomjeffery

a private sale often gives you more return than a part exchange. have you checked what your car is actually worth (there are online guides you can use)

what is the reason for trading it in at all? to get a better car? if so, and you have no savings then you will need a loan. try and get a more competitive loan from somewhere else. if you had no credit history and made your payments to welcome on time then you have probably built some up

tom

CLAPTON

If your aim is to save money, are you sure that by borrowing 2000 more plus all the interest is actually less than the savings in running costs by changing the cars..
How much mileage do you do and what mpg do you get, how much is your insurance and how much are you hoping to save etc ect.

katseyesicu

Hi, thank you for your quick replies, regarding selling my car privately, can i do this even though im still paying off for it? In the long run i no that getting a smaller car will reduce my monthly outgoings. The car i have at the moment is a Seat Toledo 2.3 so im wanting to get a car with a smaller engine which would reduce my insurance, at the moment my insurance is just over £900.00, ive done a couple of online car insurance quotes and the cheapest ive found if i was to get a car with a smaller engine is £350.00, also my petrol costs would be reduced and also my tax wouldn't be so expensive.