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 charges 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 repay the existing agreement amount before selling or part exchanging your vehicle. This means you can only sell, or part exchange your vehicle once the final amount has been settled. Unfortunately, this does mean that you cannot sell your vehicle to pay off the agreement you are in.
Once you’ve paid the balance of your current agreement, we can look into financing another vehicle for you. We can offer a lower rate to those who fit our lending criteria, so please give us a call to see if you are eligible.
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.