Hero Background Image

Changing your car when you have outstanding finance

Trading in your vehicle part-way through the contract is more common than you’d think, and can be done at pretty much any time, even if you owe outstanding finance.

Believe it or not, many people opt to change their cars part-way through their lease, and it’s easier than you might think!

Our top tips and advice for drivers wanting to change their car that has outstanding finance:

Get clued up on your finance contract - If you want to start a new car finance agreement, it helps to understand the contract between yourself and the lender. Is there any terms and conditions you’ll need to bear in mind before trying to sell your financed car, for example:

  • Are there any terms that you would be breaching if you chose to change your car earlier with outstanding finance?
  • Is there a penalty stated that would need to be paid?
  • Does your lease period have to be at least halfway through?

Contact your finance provider

Get in touch with your finance provider and ask if it would be possible to have a meeting or a phone call to discuss your situation with them. You may be able to come up with an agreement that you are both happy with, such as them restructuring your finance loan and spreading it over a longer period of time while combining it with a new finance loan, for your new vehicle.

If this isn’t an option, then you may want to look into companies that offer finance to motorists who already have outstanding vehicle finance.

Looking To Change or Trade In? Contact Us Now