car finance

[nathanboo]

last year i bought a car on 0%interest over 5 years. unfortunately i am now bored with the car and want to either sell the car privately or part ex on a new model.Am i stuck with the car until the end of the agreement or can i get rid? Does the finance company still own the car? HELP!!

[dzug]

You can get rid of it provided you pay off the balance of the loan first - or simultaneously..
The company will probably be only too happy to do so as it's 0% - ie nothing for them. I doubt if you can negotiate a discount though.

[Mrs_Pegasus]

Check your agreement. Even though it was interest free there may still be penalties for paying off early. Remember there is no such thing as a free lunch so to speak and the 0% loan will have been absorbed in the actual price paid.

If you are happy with another model they have then they would probably be less likely to penalise you.

Normally the cost of penalties reduces after 50% of the loan has been repaid.

[tubeway]

The 0% deals are usually through the manufacturers own finance company and so the interest is included in the price of the car - they would be glad for you to settle your finance off early