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Thread: What to do in regards to my finance

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    Regular Member aerodynamic18's Avatar
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    Default What to do in regards to my finance

    i have a bit of a question. My car finance is due to finish in september next year but there is only 2k left on it. My car is an 06 dec 150bhp sri with some mods and in good condition with a new turbo intake manifold and new tyres all round. If i was to pay off the car now with money i have saved would that be better or not to bother? Im just wondering should i pay it off and sell it now or wait till next year as in would it have lost 2k by then anyway? Im trying to loose as little as possible over the next year. I hope this makes sense lol

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    Ex Vec-C Admin Deztroyer's Avatar
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    in 12 months your car will be worth less as it will have accumulated more miles.. wear ... tear .. newer models depreciation etc ...the question is do you want to sell the car or keep it ? then its simple from that point

    0-Large smile ......every time it's driven

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    Regular Member aerodynamic18's Avatar
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    EDIT

    Please read rules regarding HMIIW threads
    Last edited by bigmac; 17th November 2011 at 18:04.

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    Regular Member J P S's Avatar
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    first question is are there any penalties to paying it off early

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    Regular Member aerodynamic18's Avatar
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    no penalities i save the interest in fact if i pay it sooner. I only asked about its worth as i want to know say its worth 5k will it drop to 3k next year or more/less as i think this will make my decision for me as i want a decent enough deposit. I like the car but getting less so I've had it over 4yrs now

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    Regular Member J P S's Avatar
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    if there are no penalties i say pay it off asap, paying interest never makes sense

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    Regular Member J P S's Avatar
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    paying interest when you dont have to never makes sense

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    Quote Originally Posted by aerodynamic18 View Post
    My car finance is due to finish in september next year but there is only 2k left on it
    If i was to pay off the car now with money i have saved would that be better or not to bother?
    If you plan to dispose of the vehicle, this can be included in the trade-in, so it will make no difference

    If you plan to keep the car, you could pay a small lump sump and ask the finance company to revise the remaining monthly payments
    Check if there are any additional charges for this, but normally there will not be as the agreement is remaining in effect
    This can be useful as a high mileage car nears the end of its agreement and in the event of a warranty claim you can still refer it to the finance company

    The residual value has little relevance, unless you are planning to sell the vehicle
    The finance should now be at the point where the car value is higher than the outstanding finance

    If you do plan to settle early then a settlement figure can be offered by the finance company
    This removes the interest that would have been due, but often adds an additional admin charge for the benefit of doing so
    This will often be cheaper than simply paying off the remaining balance

    Personally, if you have the available funds then phone the finance company, make the small lump sum (of about two thirds of the settlement figure they offer you) and ask them to revise the remaining monthly payments

    I've done it before where the warranty claim was refused, so contacted the finance company and magically the warranty claim refusal was reversed
    Equally, I often buy cars with the minimum amount on a finance agreement
    My current car was on a three year agreement equivalent to £18 (eighteen) per month
    Last edited by m8internet; 17th November 2011 at 18:41.

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    Regular Member aerodynamic18's Avatar
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    how do i work out what the car is worth where can i ask? I guess to pay it now it would be good to stop paying out the monthly payments. we are thinking of selling my car as i only use it at the weekends. Another thing is if i stop having a car and therefore no insurance how long does it last before my insurance goes back to 0 years no claims?

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    Admin & Membership Manager bigmac's Avatar
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    Thread closed ! you were warned

    Use ebay,Autotrader to find cars price

    Irmscher Insignia CDTI 130

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