We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Car loan

g_force_2507
Posts: 1 Newbie
in Loans
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?
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?
0
Comments
-
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.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe and Old Style Money Saving boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung
⭐️🏅😇0 -
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).0
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.4K Banking & Borrowing
- 252.9K Reduce Debt & Boost Income
- 453.3K Spending & Discounts
- 243.4K Work, Benefits & Business
- 598K Mortgages, Homes & Bills
- 176.6K Life & Family
- 256.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards