# Car Finance



## J306TD (May 19, 2008)

Need some help guys. The gf has found a new car she really wants. It's from a private seller. Her current car is on finance and worth roughly what she owes on it. Now how do we sell hers in order to buy the new one? Also is there any finance companies you recommend?


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## Andyg_TSi (Sep 6, 2013)

Just thinking out loud here mate....

Would you not just borrow enough to clear the finance owed on the current car & buy the new one...
Once the current car is finance clear & you sell that on, you would then use the proceeds to pay off part of the new loan?


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## J306TD (May 19, 2008)

I don't know if she could afford the monthly payments to clear he Astra and then buy the new one


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## Natalie (Jan 19, 2011)

Some very good deals available on personal loans atm obviously the APR / amount loaned would depend on her current credit score and how much outstanding finance she has elsewhere.
http://www.moneysupermarket.com/loans/

I believe she'd have to clear the outstanding finance in order to sell her current car as it will show on the HPI report if not done which will put a lot of people off.


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## Scottien (Jan 3, 2006)

Legally the car is owned by the finance company until the money is paid off. What you could do when selling the car is make the buyer aware of the fact that the car has outstanding finance and get them to settle it there and then with you.

You could take out a short term loan from a bank or a close family friend and pay it off as soon as the car is sold but you need to be prepared if the car doesn't sell straight away. I had a scirocco that sat around for 4 months before we found a buyer...

Or you can run the legal risk of selling a car with finance off and paying it off straight away. (Wouldn't advise this obviously).

Or the best option, buy from a dealer and use the car as part exchange. Most dealers will pay the finance off there and then with you. Then you can tie everything in together.


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## Natalie (Jan 19, 2011)

https://www.moneyadviceservice.org.uk/en/articles/selling-your-car


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## J306TD (May 19, 2008)

Thanks guys for all your help. Some great advice there


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## SteveTDCi (Feb 8, 2006)

Just get the buyer of your car to pay the finance company direct and any difference to your girlfriend. Then on the new car get a personal loan and it's not secured against the car, the rates are lower and it won't show on hpi meaning you won't have to go through this again.


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## J306TD (May 19, 2008)

Right might have it sorted. Car is excellent spent an hour looking and driving yesterday. 

Going to buy it with personal loan. Put the Astra up for sale at the same time.


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## Kerr (Mar 27, 2012)

I'd make sure you can sell the Astra before committing to two loans. 

It's not always easy to sell a car and we are fast approaching Christmas. You might have the Astra longer than you think.


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## J306TD (May 19, 2008)

Christmas is paid for on her behalf. Typical efficient women. 

Have been tipped of by a neighbour of a local garage who give good prices on used cars so off there tomorrow


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## Franzpan (Mar 2, 2009)

Kerr speaks wise words there!


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## alan hanson (May 21, 2008)

J306TD said:


> Christmas is paid for on her behalf. Typical efficient women.
> 
> Have been tipped of by a neighbour of a local garage who give good prices on used cars so off there tomorrow


didnt think they existed? reading this decided peeps can read it as garages good used prices and efficient women 

as said now is a poor time to be trying to sell a car fords astras the market is littered with them also. have you factored in taking a hit on it? if you want it gone quickly have to decide wether to lose money on the sale or lose money each week it sits there and its going to sit there through autumn/winter sorn but insured still.

last resort webuyanycar, tried selling mine no luck nothing in three weeks, went to see them (car condition paid off as i got a fair price with no hassle or haggling etc)


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## Natalie (Jan 19, 2011)

J306TD said:


> Christmas is paid for on her behalf. Typical efficient women.


I think Kerr means others not buying cars in the approach to Christmas?


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## SteveTDCi (Feb 8, 2006)

If it's a cheap Astra it will sell quickly if priced right. We sold one recently, 57 plate 48k 1.4sxi. Sold within 2 days and could have sold it 5 times over. It was priced at £2499.


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## J306TD (May 19, 2008)

Astra sold for £3150


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