annemarief8
Registered User
- Messages
- 49
hi all,
I ma just curious to know how this might work, as i find the field of motor finance a complete blur seeing as how every diff sales person seems to be able to do somthing different with the figures.
I hate feeling on the back foot when dealing with them because i din't understand the workings of the schemes.
basically my bro wants to trade his car down from a 06 car to a 01 model (for various reasons, lower monthly repayments being primary)
he has finance o/s of 21k on the car. its worth approx 16k (thats lower limit but prob realistic)
new car is 14,900. My reckoning was that if dealer allowed him the 16k on his car, then the 5k balance off his credit would be added to the new finance of 14,900 therefore meaning he was financing 19,900
dealer reckons there is no way the finance company will allow him to trade down so many years and suggested getting a personal loan to clear his finance and then starting new deal on the new car. but this would mean he's ahve personal loan and motor finance then??
am so confused. any suggestions?
I ma just curious to know how this might work, as i find the field of motor finance a complete blur seeing as how every diff sales person seems to be able to do somthing different with the figures.
I hate feeling on the back foot when dealing with them because i din't understand the workings of the schemes.
basically my bro wants to trade his car down from a 06 car to a 01 model (for various reasons, lower monthly repayments being primary)
he has finance o/s of 21k on the car. its worth approx 16k (thats lower limit but prob realistic)
new car is 14,900. My reckoning was that if dealer allowed him the 16k on his car, then the 5k balance off his credit would be added to the new finance of 14,900 therefore meaning he was financing 19,900
dealer reckons there is no way the finance company will allow him to trade down so many years and suggested getting a personal loan to clear his finance and then starting new deal on the new car. but this would mean he's ahve personal loan and motor finance then??
am so confused. any suggestions?