Options for changing or upgrading your vehicle

At Moneybarn we offer a ‘Conditional Sale Agreement’ which means we legally own the vehicle while you are paying off your vehicle finance. Once all repayments have been paid then the vehicle can be transferred to be yours legally.

If you are looking to change or upgrade your vehicle, then you would need to settle your existing agreement. This can be done by part exchanging or selling your vehicle to a reputable dealership or large franchise. However, the amount you’re offered for the vehicle would need to be enough to settle the agreement in full. If the amount offered is less than the settlement figure then you cannot sell, or part exchange the vehicle.

Once you’ve paid the settlement figure on your current agreement, we can look into financing another vehicle for you and, depending on your circumstances, we may be able to offer you a lower rate. Please give us a call to see if you are eligible.

Representative 30.5% APR.

If you’ve paid your agreement off and the vehicle is now legally yours, you are free to sell or part-exchange your vehicle. This means, if you want, you can part-exchange your car and put this money towards a new vehicle. You might also want to buy a cheaper vehicle outright, or you might need less finance to be able to buy a new car using this money as a deposit. The choice is up to you at this point.

If you have any questions at all about changing or upgrading your vehicle then please speak to our Direct Sales Team on 0330 555 2505.

For more information, check out our related guides:

• Can you make additional payments on car finance?
• Can you finance two cars at once?
• Can you change your car with outstanding finance?