Archive for September, 2008
Re Finance Car
September 3rd, 2008
Question: Why will motor Finance Companies not consider re-financing on motor vehicles?
I recently asked Seat Finance to review the finance on my car as due to a cut in my working hours I am unable to afford the repayments. They refused point blank telling me my options were to sell the car, part ex it for a cheaper one or hand it back.... as none of these are viable options it makes sense to me to ask them to consider my change of circumstance and re-negotiate terms.
Answer: Chances are, the car is now worth less than the outstanding finance .. so even if you sell it you will end up still owing them ....
If you can't afford it, I suggest you look into the hand back options before you ruin your credit rating by defaulting ..
Credit Cards & Financial Planning : How to Refinance a Car Loan
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