Car loan

g_force_2507

Hi, 
I am thinking about changing my car and the finance on it finishes next June. Am I better waiting until then or would it not make much difference?

Brie

hard to say what the difference might be.  interest rates are likely to change several times at least - likely up and down repeatedly.  also your personal circumstances might change - pay rise, job loss, need a new boiler or decide to fly to Borneo making money tight.  

Ebe_Scrooge

What "finance" do you have on the current car?  And what finance are you planning for your next car?  All other things being equal, if you're talking about a straightforward personal loan then it makes little difference.  You can apply for a new loan for the new car, but on the understanding that when the lender does their affordability checks, they'll take into account the outstanding finance on your current car.  And of course, you'll be paying off 2 loans until such time as the first one is cleared.

If your current car is on a PCP, lease, HP, whatever, then you'll basically need to clear that finance before you can sell it - or sell it to a dealer who'll clear the finance for you and give you the remainder (if any).