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I can’t afford my monthly car finance repayments due to coronavirus – what can I do?

The past year has been tough to say the least and we know that many people have fallen into finical difficulties. As the pandemic draws on and more people face job losses and uncertainty, we sympathise and empathise and we are also here to help.

If you have a car finance agreement and you cannot make your repayments due to coronavirus, here are some things you can do…

Firstly, we would always advise speaking to your lender, the company that your finance agreement is with. They are regulated by the FCA, the financial conduct authority, and there have been ways of helping customers over the past year, to make sure they are able to keep their cars. From payment freezes and holidays, to reduced payments and partial payments, there have been plenty of options and some companies are still offering these out. It is always best to speak to them and to not suffer in silence, we promise you.

If you have PCP or HP agreement, you may be able to hand your car back to the finance company, when you have paid 50% of the agreement. This does include any interest and fees so make sure you are past that threshold if this is of interest, and look at your paperwork for details on how this would work. If you have paid over 50%, you may be able to hand the car back without further payments, but you would not get a refund on the balance paid over the 50%.

At We Finance Any Car, we know that financial circumstances change, and so if you have any questions or you would like to look at getting a cheaper car, we may be able to help. We buy cars and clear finance as well, so that could be an option for you if you are really wanting to get rid of your vehicle. Our team are understanding and compassionate so please get in touch for a no obligation chat.