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How To Partex When I Have Finance On My Car
23 November 2021

How To Partex When I Have Finance On My Car

Whether your personal circumstances and requirements have changed, or you simply want to upgrade your car, you may find yourself wanting to swap your vehicle before you reach the end of your finance agreement period.

Well, the good news is that you can! At Car Credit Now, we buy cars for fair prices and we can help you settle your outstanding finance, so no matter if you have financed your vehicle with hire purchase or personal contract purchase, you will be able to part exchange in South Yorkshire with us.


What will I need to be able to sell my car with outstanding finance?

If you would like to trade in your vehicle before the end of your contract term, you will need to ask your finance provider for an early settlement figure. This is the amount that is still due to be paid on your credit agreement and you must pay this so that ownership can be transferred from the lender to you .

After you have settled, the car will be yours to sell, so as with a normal part exchange, you will need to get the vehicle valued. Get in touch with our friendly team to get a free, no-obligation vehicle valuation with Car Credit Now!


How to part exchange

Once you have your vehicle valuation, and you have chosen the car you wish to upgrade to, you can drop off your current vehicle at your chosen dealership. With a part exchange, you buy and sell in one transaction, so the price that your current vehicle has been valued at will be deducted from the cost of your new one. After you have paid this amount and signed the paperwork, you can exchange keys with the dealer and drive away in your new motor.


What if my car is worth less than I have settled for?

If your settlement figure subtracted from your vehicle’s valuation gives you a minus figure, you will have negative equity, and you will unfortunately need to pay this amount on top of the price of the new car.


What if my car is worth more than I have settled for?

If the equation leaves you with a positive figure, this is great news because it means that the car is worth more than you have paid to settle your finance agreement, and you can put this amount toward your new car.


Can I start a new finance agreement?

As long as you have settled your previous finance arrangement, you will be free to enter into a new one with your next car. If you have equity from your settlement, you will be able to put this toward your deposit. As a car finance specialist, Car Credit Now can help you secure an excellent deal on your next agreement, and we have a huge range of used cars in Barnsley for you to choose from.


If you are looking to settle your current finance agreement and part exchange in Barnsley, get in touch with the dedicated team at Car Credit Now for further advice and a free vehicle valuation!