If you've been thinking about upgrading your car or getting out of your current car finance deal in the near future for whatever reason, then you should think about proceeding with that now.
Used car prices are at a record high and it means that your car could be worth more than the amount you still have to repay the car finance lender, even if you've only had it for a couple of years.
This would put you in a positive equity position. For example, if your car is worth £10,000 and you still owe the finance company £7,500, then you have £2,500 of equity.
Do you know if your car is in a positive or negative equity position? Find out for free today and see if you are eligible to upgrade your car or save money on your car finance deal.
In this instance, you could hand your car back to the finance company and take out a new loan and get a new car, using the equity you have in your old car to put towards the new one.
It could mean you are able to upgrade into a new car or reduce your monthly payments to help you save money. There are numerous options available to you, all you need to do is sign up to Car Credible to discover your position.
If you took out a car on finance in 2018 or 2019, the chances are extremely high that you are currently in a positive equity position meaning you could get out of your car now.
If you are on a four or five-year finance deal, for example, you don't necessarily have to make every single repayment until the car is paid off. If after two or three years you fancy something new, as long as your car is worth more than you owe, you are entitled to get out of that deal.
At Car Credible, we identify the optimal time to sell, refinance and renew, allowing you to get into a new car and potentially lower your monthly payments to save money.
We are a comprehensive tool that identifies switching and saving opportunities on your car finance in the easiest possible way. You can compare refinancing rates from top lenders, pre-qualify in minutes, pay no application fee, all online, and from the comfort of your home.
We make it easy to understand your car finance and help you make informed decisions about your current deal. Our advanced algorithm continually assesses your car finance position, keeping you up to date throughout your deal.
We know car finance can be overcomplicated and many people are unsure whether they have a good deal or what they are entitled to do within their agreement. That's why our product uses data science and proprietary algorithms to offer tailored advice about car finance deals that are accessible to everyone.
Here's an example of what refinancing your car loan may look like:
Jamie took out a 5-year car loan in late 2018.
Since making the purchase, Jamie has decided he would like to change into a new car and lower his monthly payments to save money. At Car Credible we can make that happen.
We can help Jamie pursue the following options:
Take advantage of the increase in used car prices today by signing up to Car Credible, discovering your current car finance deal position and we will help you to find the best deal that suits your needs and budget.
Discover below if you could change your finance deal and get into a newer car.