Car loan query

T

techie

Guest
I have a car since 2007 on a loan from the Main Dealer, the car is now worth €10k tops and the outstanding loan is c€14k.

Q: Are there any options to trade up to a bigger car now as my new family need more space than is in the current car? Say for example an estate 2008 diesel for €16k ?
 
Last edited by a moderator:
Yes, there are options. You will have to clear the outstanding debt on the current car, but you can consolidate that and the cost of the new car into a single loan. If you're using the same dealer, they can probably handle all the paper work for you, but you may not get the best deal financially.

Say the dealer offers you a 10k trade-in against the 16k car. That will add 6k to your loan amount. So the outstanding loan amount becomes 20k.
Leo
 
Thanks for the response Leo, but is this possible, considering the loan then would be €20k on a €16k valued car?
 
Your current loan also exceeds the value of the car by 4k, so why not?
Leo
 
You must log in or register to reply here.
Back
Top