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Rates from 9.9% APR.
Representative APR of 21.9% APR
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Negative equity is when your car or vehicle is worth less than the money you owe. Most car finance contracts balance out after a because the car’s value decreases at a slow rate as you pay off your loan.
If you have negative equity on your current vehicle, DO NOT PANIC!!! It doesn't have to be the end of the road. You could still get the car finance. Negative equity can help those who are looking to trade in their current car for cheaper model and combines the cost of clearing the negative equity and the cost of a new car into monthly repayments.
Use our car finance calculator to check your availability and repayment estimates.
Negative equity in car finance can be a common issue for many car owners. It occurs when the value of a car falls below the outstanding loan balance owed on the vehicle. One of the main causes of negative equity is depreciation. A new car can lose a significant amount of its value as soon as it's driven off the dealership lot, which means that if you part-exchange or sell the car later on, you may owe more on the loan than the car is worth. Additionally, taking out a loan with a high interest rate or a long-term loan can also contribute to negative equity. It's important to understand the potential causes of negative equity and carefully consider your options before taking out a loan or part-exchanging your vehicle to avoid any unexpected financial burdens.
You can sell or trade in your car and make up the difference between the sale price and outstanding finance out of your own pocket.
You can apply for voluntarily termination. Only if you’ve paid atleast half of the total finance and are prepared to give the vehicle back.
You can apply for negative equity car finance by applying for a loan that can cover the cost of your outstanding balance and new car.
Honestly if we could give them 10 stars we would! We dealt with Steve Mitchener. Steve was so professional, customer service at its very best! He has found us our dream car all within 3 days from start to finish. I'm so impressed and honestly no message or question was to much! Thank-you so much Steve and quick car finance it's been a tough year and you have made it so much better!!
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