Buying a new car with existing finance (the right way)

A new ultra-capable and seriously tough-looking 4WD caught your eye? Maybe it’s the exhaust note of a throaty V8 that drifted into your ears? You might have even hopped into a mate’s new car and the beautiful new-car smell gently wafted into your nostrils. Perhaps you visited a showroom and ran your hands over a nice leather steering wheel. Or you might just be a little weird and licked a stranger’s shiny new ride in a parking lot somewhere.

Whichever one of the senses caused the initial pique of interest in getting yourself a new car, you might be wondering whether it’s actually possible while your current vehicle is still under finance. Thankfully, you most definitely can get yourself that next vehicle - and with very little hassles, provided you follow a few pointers we’ll be discussing in this article.

Find out if you’ll be financially penalised

Sometimes, lenders will have clauses in their contracts that outline penalty fees and other costs involved should you choose to break your financing contract with them early. If you’re unsure or would like some help with this, give the Stratton Finance team a call now on 1300 787 288 - we’ll happily clear things up for you.

Sell privately instead of trading in

As we’ve discussed in many of our previous articles, while trading in is much more convenient, selling your car privately is far and away the better option if you’re looking to achieve the highest possible sale price. An important note here though - speak with your lender before putting it up for sale as there may be conditions in your finance package which don’t allow you to sell it while it’s under finance.

If all is good with the lender, it’s also important that you let the buyer know it’s under finance to ensure you’re fully transparent and there’s no ‘funny buggers’ being played. Once you’ve received the money for the purchase, you need to use all of it to put towards your remaining amount owing. Ideally it’ll cover the full remaining amount; if not, you’ll have to pitch in the difference.

However, if you’re keen to get the best sale price for your existing car with absolutely zero hassle, have a chat with our friends at carconnect - they’ll arrange everything for you (including vehicle inspection) and get fair market valuations which they’ll then pass onto you so you can decide which you prefer. Once you’ve done that, they’ll even sort out pick-up from your home or workplace!

Move to a new car financing package

Whether you want to stick with the same lender (note: sticking with the same lender could mean avoiding early exit fees and other charges) or would like to explore other options, if you still have existing finance on your current vehicle, we can make the transition into a new car incredibly simple.

Once you’ve found the new car you want to upgrade to, call us on 1300 787 288 to discuss what’s needed to get behind the wheel of that awesome ride faster - and with no headaches, either.

Speak with Stratton Finance now to get everything sorted in one place

Don’t burden yourself or your schedule with having to speak with umpteen different places to get into the new car you want with existing finance. At Stratton Finance, we’ll help you navigate what might otherwise be the confusing route of dealing with your lender to work things out as quickly and easily as possible. Plus, our industry partners at carconnect can not only assist with selling your existing vehicle at an excellent price, but also work with you to find your new vehicle for less too. They can even have it delivered directly to you, too.

We really are your one-stop shop to streamline the entire financing and car selling/buying process, in turn making your life easier. So find out how low your monthly repayments could look like by using our free online car finance quote tool or give the friendly team a call now on 1300 787 288 to get the ball rolling!

We’re also contactable via our online enquiry form - send us a message and we will be in touch as soon as we can with a response.