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Win your car finance with CarFinance 247


If you win, we'll pay off the finance on your car. It's that simple! Your car becomes completely yours, free and clear.

This amazing offer is open to anyone who has secured car finance with us throughout 2023, including Decemeber 2023!

This means that there's still time to enter, get your finance in December, and you're automatically in!

The lucky winner will be announced the week beginning 5th February 2024 on our instagram page.

Terms and Conditions apply.

I am Looking for Car Finance. Can I Use My Old Car as a Deposit?

Hi, 2 years ago i bought a car on finance (in my mums name) with CarFinance 247 (back then i think it was just called motor mart) because my credit history was not very good and i didn't pass the credit check that Andy Tam had done for me. Does he still work there? He was brilliant. Anyway he got the finance in my mothers name and i've been paying for that car without fail each month for about 21 months. I now require a bigger car and i'm looking at a car priced around £11,999 and there is still just over 3 years finance left on my current car. My credit score i checked on equifax today is 376. Will i be able to replace my car with a different one on finance and use the current car as a part exchange? However, there is still outstanding finance but i'm not in any arrears. Thanks

Asked by Jenni
June 7, 2012

Hi Jenni, thank you for coming back to us again. Unfortunately Andy Tam left for pastures new about 12 months ago now but, yes he was a good guy. We'd love to be able to help you out but we may well need to place the finance in your Mum's name again as your credit score does seem very low. The issue being that when you place the finance in your mum's name it improves her credit rating and not yours when you make all the monthly payments on time. I'd advise to make an application in your name but with your mum as a joint hirer again and we'll try and get you approved on your own first. If we can't help you we'll be able to get your Mum approved again. We could also use your part ex as a deposit but it depends upon what the car is worth and how much outstanding finance there is. You may well find that what you owe is greater than the cars value. In that case you wouldn't have a deposit but we could still take the car in swap and settle the existing finance for you. You'd just have to come up with a cash deposit to cover the negative equity but then again you may well not be in negative equity :-) Please apply and i'll look out for the joint application. Regards, Rachel

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 9 People

Get my quote
Rates from 8.9% APR. Representative APR 19.9%




Rates from 8.9%: the exact rate you will be offered will be based on your circumstances, subject to status.

Representative example: borrowing £10,000 over 5 years with a representative APR of 19.9%, an annual interest rate of 19.9% (Fixed) and a deposit of £0.00, the amount payable would be £255.50 per month, with a total cost of credit of £5,329.80 and a total amount payable of £15,030.

We look to find the best rate from our panel of lenders and offer you the best deal that you're eligible for. We earn a commission for providing our services, but this does not influence the interest rate you’re offered in any way.

5 years
Total cost of credit £ 2000
Total repayment £ 2000
48 monthly
payments of
£ 245 98

Rates from 9.9%: the exact rate you will be offered will be based on your circumstances, subject to status.

Representative example: borrowing £25,000 over 48 months, £3,750.00 deposit, on PCP, with annual mileage of 8,000pa, and a representative APR of 11.9%, an annual interest rate of 11.9% (Fixed), the amount payable would be £394.51 per month, an optional final payment of £7,194.33, with a total cost of credit of £9,912.36 and a total amount payable of £28,444.33. 

We look to find the best product from our panel of lenders and will offer you the best deal that you’re eligible for. We earn a commission for providing our services, but this does not influence the interest rate you’re offered in any way.


I have a part exchange related questions

I have a 60 plate VW Polo on finance with Moneyway and i am struggling to afford £250 a month. Is there any possible way i can trade the car in for something older/cheaper? Also i have a child on the way and the car is too small! I took the finance out in

Asked by Steffan
June 7, 2012

Hi Steffan, you can sell the car privately and this is most probably your best option as if you took it back to a dealer they would only give you trade money for the car. What is it worth approximately? Are you in a lot of negative equity? If you sold the car privately you'd need to clear the finance immediately with Moneyway. If you apply on our site for finance let me know your reference number asap. Have a good evening. Rachel

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 10 People

Hi, I have a car on finance which is in my mums name. I have 2 years left and the settlement figure is £3300.

I now want to part exchange the car for a new car but want to put the new finance in my name. Can you help paying off old finance

Asked by Emma Wortham
June 7, 2012

Hi Emma, we can certainly help. As long as your Mum agrees to part exchange the car (as it is her car legally) we can get you into a new car with your own agreement.

All you need to do is apply with us, get approved and then choose a car from a local dealer. The dealer where you purchase your car will take the current car on part exchange and settle any outstanding finance.

Hopefully they will give you the £3300 that you need. Is this realistic - what is the car worth approximately? Kind Regards, Rachel

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 9 People

I currently have a 2010 Vauxhall Corsa with £7500 left to pay on finance. Would you settle the outstanding balance and use the car for part exchange? Also, we have had a few minor scratches which have been masked by an aerosol spray. We got a quote of £75

Asked by Elizabeth
June 7, 2012

Hi Elizabeth, as long as you're not in too much negative equity we'll be able to help you. Have you had a trade valuation on your Corsa from a dealer for example? If they will only give £6000 for the car then that means you're £1500 in negative equity. However, if you get a £7000 trade valuation then £500 can easily be placed into a newer deal and we could settle the existing agreement with your current finance company. Rachel :-)
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 5 People

I have asked via email if i could px my freelander that I have which I got from you in June 2010 and have been told to reapply for finance again. The Freelander is still under finance but on the form it asks amount to finance and amount of deposit - how d

Asked by Betty Warren
June 7, 2012

Hi Betty, please could you get a settlement figure first from your current finance company and come back to me with this figure along with the registration plate and mileage of the Freelander. We'll then be in a better position to help. Regards, Rachel
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 4 People

I have had my car for 2 years with Moneyway finance, however someone has offered to buy the car at a very good rate but the problem is it's abroad. I want to continue with the finance until I pay it off. Can I sell the car privately abroad and continue w

Asked by Joseph
June 7, 2012

Hi Joseph, thank you for your question. Unfortunately what you're proposing isn't an option. Moneyway are actually the legal owners of the car until all payments have been made. In effect the car isn't yours to sell. You would have to clear the finance with the proceeds of selling the car privately. We could then re-finance a new agreement for you if need be as we do deal with Moneyway and lots more lenders. You never know we may be able to get you a better deal/rate. Please make an application and once approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 10 People

Yes the car has no finance on it at all, however I want to if possible take the £9000 px and then pay off the personal loan and obviously then carry out the finance on the £17000. I only have two direct debits, my phone and loan, I also have a credit card

Asked by Tom
June 7, 2012

Hi Tom, We wouldn't be able to get the full £17,000 finance for you if i'm honest. We'd be able to get you the difference between the price of the new car and the part ex but you'd have to keep paying your personal loan. Is this an issue? Also when the deal funds the money gets sent directly to the dealer and not yourself. Kind Regards, Rachel
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 4 People

Hi, i have some current finance on a car but we are looking to find another car. We owe about £1400 to settle the existing finance and are looking to borrow £3795 for a newer car we have seen. Will it be better to re finance or settle the existing finance

Asked by Lisa Davis
June 7, 2012

Hi Lisa, so you're in approx £800 negative equity. Would you have a cash deposit to cover this?
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 4 People

Hi, i really need help as unsure on how it all works if it can work. I have a one year old car on finance but need to get something bigger but cheaper! Problem is i have outstanding finance which will be more than what the vehicle is worth that i want to

Asked by Kassy
June 7, 2012

Hi Kassy, you'd have to make up the difference between the trade in value of your car and the settlement figure amount. Is this possible? Do some research and get the figures and see where you stand. So it is possible depending upon whether you have the money to fill any negative equity. Kind Regards, Rachel
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 4 People

Hi, I currently own a vehicle with no outstanding finance on it. Part ex is worth about £3500 - Private sale more like £4500. I have seen a new vehicle at £8000 I would like to purchase but I know I would be turned down for finance due to previous problem

Asked by Steve
June 7, 2012

Hi Steve, we can take your part exchange off you and as it acts as a large deposit hopefully we can get you accepted for car finance so that you can start to repair your credit history. We have plenty of bad credit lenders on our panel so i'm confident we can help. Please apply on our site when you get 5 minutes. Rachel
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 4 People

Can't find the right answer?

Our Manchester based team are ready to help you.


* The UK's largest online car finance broker by unique users to the website. Based on Similar Web data – 1,137,647 to CarFinance 247 vs. 753,819 for nearest competitor. January to June 2023.

CarFinance 247 is a trading name of CarFinance 247 Limited. Registered office: Universal Square, Devonshire Street North, Manchester, M12 6JH. Registered in England. (Registration Number 06035525).

CarFinance 247 is authorised and regulated by the Financial Conduct Authority for insurance distribution and credit broking (Firm Reference Number: 653019). CarFinance 247 is registered with the ICO (Registration Number Z1897658).

Finance is subject to status and is only available to UK residents aged 18 and over. Written quotations are available on request.

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