Can I change my vehicle or finance agreement?

Approved by the Car Finance Advisory Board

If you've taken out a car finance agreement with Creditplus, you may wish to change your vehicle or the terms of your agreement. Here are some answers to questions you may have.

Can't find the answer you need, or looking for more information? Please contact your Customer Advisor via your Customer Area, or use the LiveChat function to the right hand side of this page.

Can I change my car if I haven't finished the finance agreement?

Changing your car before your finance agreement has ended is a common request we receive. If you're a Creditplus customer, or someone looking to use our service for the first time, we can help you to change your car.

If you've taken out a finance agreement on a vehicle that you now want to change, you'll need to obtain a settlement figure from the lender that you originally signed the finance agreement with. This should be a simple process and will help you to understand how much you would need to pay to settle the finance. This amount will be a full and final figure, including any potential charges that you may incur.

At this point we can then help you to understand how much your vehicle is worth in the current market. If your vehicle is worth more than the market value, then you'll have equity in the vehicle. If your vehicle is worth less, you'll be in negative equity.

Equity is important as many of our customers will put any equity into the next vehicle as a deposit, reducing the amount of finance they have to pay.

If you're in negative equity we can still help. On behalf of our lenders, we can provide a top-up loan to bridge the gap between the value of the car and the finance figure. A top-up loan can be up to £3,000 and borrowed over a period of up to 36 months. A top-up loan will run alongside your new finance agreement.

Not having cleared your finance shouldn't be the reason to stop you from getting the car you want. Speak to one of our Customer Advisors today to understand how you can change your car.

Can I refinance a car that has already been purchased using car finance?

Refinancing a car loan is a great way to save money over the term of a loan. We can help our customers refinance their car and this can provide a big benefit to our customers by saving them money.

The customers that get the biggest benefits from refinancing are those who've missed out on our best lending rates. If you've had any negative factors recorded on your credit file, you may not have received the lowest finance rate. However, by taking out a finance agreement and making the payments on time you'll be improving your credit score. As long as you're making payments for all lines of credit, we may be able to get you a lower rate by reducing the level of interest on your finance agreement.

If you'd like to find out more about this and whether we can save you money each month on your finance, existing customers can contact us by using the Customer Area or our LiveChat service. If you're a new customer looking to refinance a car finance through a different company, you should make a new no obligation application and speak to one of our Customer Advisors.

Can I sell a car that's still being paid for by finance?

If you're looking to sell your vehicle and the vehicle currently has outstanding finance registered to it, you'll be required to clear the finance before selling the vehicle. It's a legal requirement that you clear the outstanding finance in full before selling the vehicle.

You'll also need to bear in the mind that if you're selling the car privately, most buyers will not purchase a car that still has finance registered to it. Services provided by companies such as HPI provide a comprehensive check on the vehicle which includes a finance check.

Can I reduce my monthly payments?

Unfortunately the payments that you've agreed will remain fixed until the finance has been cleared. If you'd like to make an early repayment on a larger proportion of the loan, you'll reduce the length of the term of the finance agreement, not your monthly payments. Although this may not have the desired result of reducing the monthly payments, it'll reduce the overall amount of interest you pay on the loan.

Can I export my car abroad if I bought it on finance?

If you still owe finance on a vehicle, exporting it abroad will be breaking the finance agreement that you made with the lender. This is likely to have serious repercussions in both a legal sense and also on your credit file.

Published: 16/05/2016
Last Updated:18/09/2017
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If you require further assistance, our team of Customer Advisors are here to help. We're open six days a week - you can view our opening hours here - and we're more than happy to answer your questions.