If you can get someone to settle the finance for you then the finance will be settled. This means you cant sell it and if you get behind with your repayments you might lose your car.
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I bought a car on finance but am three month in and cant afford to keep paying is there any way i can swap it and get another cheaper car with lower payments.
Can you swap names on car finance. There can be both advantages and disadvantages to taking on a car lease swap depending on the situation. I hope this helps. You save money while savings interest rates are low.
Applying for car finance will require whats referred to as a hard search of your credit report. You will then own the vehicle out right and can do with it whatever you wish. You cannot change the names on the finance agreement as the acceptance was based on your credit profile.
In certain other types of car finance you can choose your own settlement figure. Youre correct in thinking that you cant just transfer the finance agreement into your name so thats out of the question. Stuart 18 july 2014 at 1243 pm.
Apply now for a car loan quote or read below for more information on transferring your car loan. Your auto loan lender can fill you in on many of the restrictions which are in place once car loan prepayment is made or if you are only wondering about transferring your auto loan you can simply read this guide. The only options you have are to get a personal loan yourself to clear off the car finance as you say.
If youve bought a car using a finance agreement such as personal contract purchase pcp personal contract hire pch or hire purchase the finance company owns the vehicle during the contract. This is likely to show on your credit score and if you have several hard searches on your report in quick succession it can have a negative impact. Anyone taking on a car lease swap should consider all factors and make sure it is the right decision for their needs.