Simple solutions to settling existing car finance

Andy Newbound

By: Andy Newbound

Why let existing finance get in the way of upgrading your car?

Many of today’s drivers purchase their vehicles using car finance. There are some great deals available, including 0% finance, zero deposit and the hugely popular personal contract purchase deals (also known as PCP).

These attractive finance deals help drivers spread the cost of their purchase across several years; usually between three and five. This is a great way of making a new or quality used car much more affordable.

However, what happens if you fall out of love with your current car before the finance is settled? Or your circumstances change and you suddenly need a different vehicle, half way through your arrangement?

For some drivers this can be a worrying situation. They need a new car, yet they’re locked into an existing finance agreement for several years and need to keep paying that. What do they do?

You might already have a key to the problem

One solution is to use the value of your current car help to settle the finance. Dealerships like Stoneacre will value your car and if this valuation is at least equal to the amount of finance you owe, the car can be used to settle the finance. Here’s how it works;

- Choose your new car

- Receive a part-exchange valuation on your current car

- Obtain a settlement figure from your finance company

(This is how much you’ll need to pay to clear your finance)

- Use the part-exchange value to clear your existing finance

- Re-finance the purchase of your new car


No problem, even if the numbers don’t add up

Don’t worry if the finance you owe is more than the value of your car. You can still use the part-exchange valuation, plus a cash payment to cover any shortfall, to help settle your finance. Again, we can help;

- Choose your new car

- Receive a part-exchange valuation on your current car

- Obtain a settlement figure from your finance company

(This is how much you’ll need to pay to clear your finance)

- Use the part-exchange value, plus your cash contribution, to clear your existing finance

- Re-finance the purchase of your new car

In both cases, we can help take care of the administration on your behalf; often liaising with your finance company, obtaining your settlement figure and clearing your current finance deal.

Easy way to value your current car

As you’d expect, we can also help with your vehicle part-exchange. You can even begin the process of finding out what your current car could be worth by obtaining a provisional valuation online here. It’s so simple.

The entire process can be smooth, hassle-free and quick - from initial valuation to driving away - making it straightforward to change your car at any time, even if you have a current finance deal in place. You can find out more about financing your next car with Stoneacre right here.

Stoneacre Finance