Car Finance

G

Galway1

Guest
Hi,

I have a question that someone may be able to answer. I have a car loan since last january. Cost 25,000 Euro. Baloon payment of 5000 euro.
Finance amount of 20,000.
I now wish to change this car but am not really in a position to pay off the baloon payment as have just invested in property. Is there any way I can chage my car without having to pay the 5000 baloon payment. Any advice would be appreciated.
Thanks
 
That's more complicated then. Can you post details of how much you have paid, what is remaining on the agreement & I'll have a look. If you would rather PM me, that's fine.
 
I have paid 427 x 8 payments = 3416 Leaving 16584 + whatever the interest is.

Then balloon payment of 5000.

Thanks
 
If you're trading in your car you will have to reach a settlement figure with your current loan company.

If you're thinking of staying with the particular loan company they may be able to reach an agreement with you.

I would contact them directly (or one of there sales reps depending on the company) and they will be able to tell you straight away what will happen.

Just explain to them you're upgrading, you have a balloon of 5K and maybe you can carry that onto the end of the next car loan - but that's probably only if you stay with them.

that's my understanding...
 
My understanding is this - but I am open to correction.

If you are trading in your car & going for another hp agreement, a trade-in value for your current car will be deducted from the new car & a new agreement will be set up. So, currently you owe approx. €21.5k. Say a value of €18k is put on your car, you will carry 3.5k into the new agreement.

My own personal opinion is that hp is a minefield......a loan is preferable as you can sell the car at any time & pay back the loan. With hp, you can't sell the car as you don't own it.
 
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