I'm currently looking at changing my car. I was thinking of selling it and then buying a new car (i.e. straight deal and no trade in) to try get a better deal.
Problem is that the current car is purchase by HP. Is it possible to sell it and use the funds to pay off the HP or will I have to clear the HP before anyone will buy it?
I intend to purchase the new car through a bank loan. So I was thinking I would have to take the full amount for the new car out now. Use a portion to pay off the HP. Sell car then use this funds plus remaining funds from loan to buy car.
Is this the only procedure open to me?
Problem is that the current car is purchase by HP. Is it possible to sell it and use the funds to pay off the HP or will I have to clear the HP before anyone will buy it?
I intend to purchase the new car through a bank loan. So I was thinking I would have to take the full amount for the new car out now. Use a portion to pay off the HP. Sell car then use this funds plus remaining funds from loan to buy car.
Is this the only procedure open to me?