car finance

christiansmummy

we had a car on finance a family member had been using for 2 and a half years, unforunatly they have let us down so now im having to pay for it, it has 2 and a half years left but can i extend it back to 5 years to cut the monthly payments down, as we dont have a lot, any help appeciated thanks

CLAPTON

what sort of finance? HP, personal loan?

standupguy

Why not voluntary terminate the agreement if it is HP and return the car to the Finance Company?

gaz06

best way to get rid of it in my opinion im planning on getting rid of mine to only had it 6weeks

christiansmummy

when we rang they said they cant take it back as its a loan but we got it all through car craft

CLAPTON

what does the agreement say?

christiansmummy

i dont have it its just what the finance company said, i would like to keep the car as ours is on its last legs, could i use 0% cards to pay it like balance transfers

CLAPTON

whether its worth it to refinance the loan depends upon the APR of the loan, the monthly payments, how much you can afford each month, how good your credit rating is.
If you are looking at 0% CC, its not usually possible to pay of a loan with one. However, the MBNA stable of CCs allows BT from your current a/c. But do consider what happens when the 0% runs out.

christiansmummy

i can afford the payments at a squeeze but need it to be cheaper i have very good credit never missed a payment

dannynixon

christiansmummy wrote: »

i dont have it its just what the finance company said, i would like to keep the car as ours is on its last legs, could i use 0% cards to pay it like balance transfers

Could you not ask them for a copy of the credit agreement?

tomstickland

Work out the total amount you'll be paying for 2.5 years at current monthly payments versus 5 years at lower payments. I expect it'll cost you a lot more in the long run.