So I was thinking I could get my car valued and then pay the excess off myself (as I know there is a lump sum that needs to be paid off). Or would it be easier to finance a second car? I work as a domiciliary carer and I have a small little Toyota Aygo (15 plate) that I use for work and the miles on it are building up quite a bit and I would like another car to use for my own leisure, but I’m not sure. Any tips?
KayleenR
If the Toyota is still going why change it? Sometimes if you pay off your loan in a lump sum there is a penalty
nt
In the US, a dealer will buy your car and pay off your loan as part of the deal. As long as you are not upside down. If you are, you have to cough up the difference up front.
AlCapone
If you want another car, you must sell your current car and pay off your remaining loan balance. Then, you can buy another car and get new financing.
Anonymous
When you are up to your neck in a hole filled with brown smelly liquid, stop digging.
If you try and sell your financed car you will get far less than what it is worth and, more importantly, what you owe. Keep the car until you have paid off the finance.