Short Term Car Finance

markg91

Hi, first post and I’m wondering if somebody could give me a bit of advice please??

I’ve got a PCP at the minute on a car which is due to go back mid-October. There is around £10k of positive equity in the car so I’m wanted to sell it and settle the finance (we buy any car etc.). I already have a new car in order which is due to arrive at the end of October.

The problem is I need to settle the finance (around £25k) 30 days before the agreement expires so I have around 10 days.

I could either sell the car now and WeBuyAnyCar could settle the finance for me, then I’d have to rent a car until my new one arrives. Or I can arrange short term finance, purchase the car, sell it when the new car arrives and settle the loan.

I’ve never arranged a personal loan before so any advice would be appreciated.

Many Thanks
Mark

Grumpy_chap

Do eligibility calculators show that you can secure £25k of unsecured finance?

MrFrugalFever

Grumpy_chap said:

Do eligibility calculators show that you can secure £25k of unsecured finance?

I would be dubious about this as if the OP is financing the new car, the finance company could ultimately pull out due to seeing £25k of new debt on the files.

Settle the finance by selling the car, arrange a car through friends/family if possible for interim or look at public transport options or even just a £500 old banger to see you through - at worst you’ll get back a couple of hundred £’s in scrap value.

Grumpy_chap

MrFrugalFever said:

Grumpy_chap said:

Do eligibility calculators show that you can secure £25k of unsecured finance?

I would be dubious about this

I agree - my comment was largely rhetorical.
If the OP cannot secure this level of unsecured finance then the option becomes moot. 
The OP will only be left with the option to sell the car and make some interim arrangement for the month.
Given that there is £10k of equity to release, it's worth a bit of hassle and even expense for the 2 - 3 weeks, as you say, a £500 banger, or public transport, or even a few taxis.