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.

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.

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?
• Can you sell a car with outstanding finance?
• Can you sell a motorcycle with outstanding finance?