Trade-In With an Existing Car Loan
Still paying off your current car? You can trade it in as part of your next purchase, here's how it works.
How Trading In With a Loan Works
1. Get a Trade-In Value
We appraise your current vehicle and let you know what it's worth as a trade-in.
2. Get Your Settlement Figure
You contact your current finance company for the final amount owing on your loan.
3. We Settle & Arrange New Finance
We settle your existing loan as part of the trade-in, and work out your new finance from there.
Positive Equity or Negative Equity?
Trade-In Worth More Than You Owe
The difference between your settlement figure and your trade-in value comes off the price of your next vehicle, or can be paid out to you, whichever works better for you.
Trade-In Worth Less Than You Owe
This is a common situation and doesn't rule out a trade-in. The shortfall is usually rolled into your new finance, subject to the same lending assessment as any other application.
Trade-In Finance FAQs
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Yes. We settle your existing loan as part of the trade-in, you don't need to pay it off yourself first.
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You'll need to contact your current finance company for the final settlement figure owing on your loan. We then use that figure to settle it directly as part of your trade-in.
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It's a common situation and doesn't stop you trading in. The shortfall is usually rolled into your new finance, subject to the same lending assessment as any other application.
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The difference comes off the price of your next vehicle, or can be paid out to you, whichever works better for you.
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No, your new application is assessed the same way as any other, through UDC Finance, Finance Now, Marac Car Loans, MTF, Oxford Finance, Avanti Finance, or CFS Finance, based on your income, expenses, and credit history.
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Not necessarily. No deposit finance can still apply, approval comes down to your individual application rather than a fixed deposit requirement.
See our Car Finance Questions Answered page for general application details, or our No Deposit Car Finance guide if you're financing without a deposit.