Best way to manage car loan

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kate73

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My husband and I have 2 car loans. Both have another year on them. My husband has 7k left on his and I have 4k left on mine. I had my car written off so we need to replace a car. The value of the claim will be somewhere between 10 and 12k.
What's the best thing to do?
Plan is i will take my husbands car and he will buy a newer one as he drives more.
Considering paying off my car loan and using the balance towards new car and having one car loan? The new car is 30k so then a 37k loan. But thinking of putting some savings towards a deposit on new car to reduce the loan.
Thing is will my husband get finance on a 2nd car as his is the existing one we were planning to keep. Can he add to that existing loan? Or will I have to get the new loan in my name as it was my car written off?
 
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Hello,

What are the interest rates on the two existing car loans ?

I would expect them to be higher than rates currently available, for new loans.

Some car manufacturers offer cheap (or even zero rate) finance, to help sell their new cars - well worth keeping an eye on.
 
Can we get a top up loan? Not currently in a position to pay off both loans as waitingfor the claim to come through and it wouldn'tcover both loans. Need 2nd car ASAP with Christmas coming.
 
kate73 said:
Can we get a top up loan? Not currently in a position to pay off both loans as waitingfor
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Look for a personal loan that will be enough for a decent 2nd car and pay off the smaller loan balance.
Then use the insurance to pay off the other loan.

Much easier to manage a single car loan.

That also allows you look for value in a 3 or 4 year old car after the first owner taking the main depreciation hit.
 
You won’t get a loan for greater than the value of the car. I think you need to go back to drawing board with your finances
 
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