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 to 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 2019 or 2020, 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 fintech company on a mission to help improve people's car finance. We provide financial services, including simplifying the process of refinancing car finance debt, helping users access fair interest rates based on their existing credit and allowing people to finance their dream car in the simplest way possible.
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 proprietary platform enables consumers to refinance existing car loans to reduce their monthly payments or lower their APR, renew an existing finance deal or take out new finance to get into their dream car.
Here's an example of what refinancing your car loan may look like:
Jamie took out a 5-year car loan in late 2019.
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:
- Trade up to a new car for the same (or less) monthly payments.
- Lower the monthly payments and save money.
- Sell the car, taking any profit it might have.
Take advantage of the increase in used car prices today by signing up to Car Credible, and discovering your current car finance deal position and we will help you to find the best deal that suits your needs and budget.