Can I part exchange my current vehicle, and how does it work?
You can. Most dealers will offer to take your existing car in part exchange and give you a credit against the price of the car you want to buy. But you’ll personally need to arrange the part exchange with the dealer, not Oodle.
It’s up to the dealer to decide how much your existing car is worth, and your finance agreement with Oodle will be for the remaining amount of your new car’s price.
For example: your current car has a part exchange value of £5,000, but the car you would like to purchase is £12,000. You will need to apply for a finance amount of £7,000 to cover the remaining cost.
It’s also possible to part exchange a car that still has outstanding finance. The dealer will accept responsibility for repaying the remaining finance balance. The rest of the part exchange value of the car will be used as a deposit contribution towards your hire purchase agreement of your new car.
So, using the same example as above: if you still have £2,000 outstanding finance on your current car then the dealer will pay off that balance, giving you £3,000 towards your next car. Which means you will apply for £9,000 finance with Oodle. If you have a higher amount of finance than the suggested part exchange value, then it may be possible to add the shortfall to the amount being financed under your hire purchase agreement.
Don’t worry, our team are available to help you throughout all of the arrangements and will happily negotiate a part exchange with a dealer on your behalf.