A common question we get asked is 'can I change my car before the end of my finance contract?'. The answer to this question is yes and it doesn't matter whether you have a car on Hire Purchase (HP) or Personal Contract Purchase (PCP), the process is simple. There are a few steps you will need to take in order to do this.
- Firstly you'll need to get a finance settlement figure from your lender and ensure the V5 certificate is in your name.
- Then your car needs valuing which is super simple with our Sell Your Car tool. All you need to do is enter your registration number and a few extra details to receive a valuation price in minutes!
- Next, time for a tiny bit of maths, subtract the settlement figure from your car's valuation price. This will equal the amount of equity available in your car. If you have a positive figure, great news! You can use this amount of money as a part exchange for your next car. However, if the figure is negative, you'll need to pay that amount of money on top of your new car's price. So it is still possible to swap your car but being in negative equity can make the swap costly.
- Finally, if you're paying for your current car finance by Direct Debit, it is a good idea to check what date your payments are made as your settlement figure will continue to reduce each time you make a monthly payment.
Interested in upgrading your car but unsure whether to get a car on a PCP or HP agreement? Let's take a look at both finance options...
So you're in positive equity and you've decided on whether to upgrade your car through either a PCP or HP agreement, now it's time to find your dream car; browse our huge range of new and used cars!
Search Used Cars
Search New Cars