Yes, if you already have car finance with First Response – or any other lender – then you may be able to secure an upgrade. To buy a new car, you’ll need to settle your original finance and take out a new loan.
First, you’ll need to find out your settlement figure from First Response. This is the amount of money you still owe on your loan or finance agreement, including any interest. Remember that the lender will own the car until you’ve paid the settlement figure and if you try to sell it before this, the outstanding finance will be flagged to any potential buyers.
If you can’t afford to pay the settlement figure outright, you might be able to find a refinance loan. This type of car finance allows you to settle your existing deal and pay it back in manageable monthly instalments. You can then use any positive equity left in your vehicle as a deposit in a new agreement.
At CarFinance 247, we’ll always look to find you the best deal from our panel of lenders. We can help people with a variety of different circumstances. You’ll be paired with a dedicated account manager who can help you find a new car, guide you through the finance process, and answer any questions you might have.