Finance into personal loan (RFS)

[Gwynny]

Car is financed with Renault Finance services, If I sell up can I get the finance converted to a personnal loan?

 

[Dan##]

if you sell up, why not pay if it off with the money from the sale of your car!

 

[Ben H]

It would be most straightforward to:

1. Sell the car privately

2. Get a settlement figure and pay off RFS

3. Take out a personal loan

4. Buy the new car

This way is probably best as you may find loan people reluctant to issue a loan while you have an agreement with RFS as well.

 

[Levo]

Would you have any problems selling the car with the Renault finance still owing on it? Would it show up on an HPi check?

 

[RS182]

Yes, it will, you are not suppose to sell a car with finance on it, i took out a personal loan to pay off the RFS and then the car is free to do what you want with. Best rate i found at the time was tescos.

 

[Jim172CUP]

its also illegal to sell a car with finance still owing on it.

do what theyve said, get a settlement figure from rfs and then get a cheap loan, itll be your car to do with what you like then.

 

[Gwynny]

apparantly RFS do personal loans, anyone know anything about this

 

[damo748]

Hello

You wont be able to convert car finance into a personal loan as they are separate agreements. Im afraid you would have to get the settlement figure, take a loan out and then use the loan to clear the car finance (presuming thats kind of what you intended!!).

 

[bowman]

I had a loan with RFS and the interest wasnt good to be honest. I would go with another loan company and pay them off that way