Can I swap a car on hire purchase?

[littlepeaegg]

I have had a little Kia Picanto for two years now, two years left on hire purchase.

I pay £126 a month, with around £4100 left to go.

I got hire purchase through Hendy- they use black horse.

Anyway, my question is; can I swap my car? And if so how does this work?

I can now spend £200 a month and would like a bigger car; two dogs and child now! I need a bigger boot!

I didn't know if I needed money for a deposit again? Or if it's just a straight swap and they change my finance monthly.

I have seen a car for £10k that is on their forecourt. Really interested in getting but not sure how it works!

Any info would be great. Thank you!

Yes, you can part ex.
The new dealership will settle your existing finance. And then you will take out a new finance agreement, obviously subject to credit check.

If there is equity in your current car, that can be put as a deposit on the new one.

Or if there is negative equity, you can either add it on to the new finance or put some cash towards it.

The amount of deposit can sometimes depend on the car or your credit score.

It is pretty straightforward to do but it depends how much equity you have in the car itself as to whether you need more deposit.

Ah okay. So if I remember correctly the car was around £6250 new. And on autotrader, similar ones are selling for around £5500.