Trading-down car for cheaper loan?

L

limelawn

Registered User
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12
Hi all,
Have just over 17,000 left on my car loan with another three years left to run - am repaying 500 a month. Would like to trade-down to a cheaper car and have smaller repayments. Could theoretically put 2/3K of my own cash to another car, can anyone advise what options are open to me? Am aware bottom has fallen out of the motor trade - does that mean I'm stuck with this loan for the next three months with no options?

Thanks!
 
As long as it's def. a loan (and not hire purchase) you could......sell the car, put whatever you get towards the loan & pay off the rest as fast as you can (and use your 2/3k to buy another car)
 
There were a few articles going about the possibility to give back your car as long as you have paid 50% of the hp agreement.
Dont know the exact details, but the search button should help you out.
 
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