selling a car Archives - My Car Credit

Where Do ‘We Buy Any Car’ Sell Their Cars?

With more than 400 branches across the UK, We Buy Any Car is one of the biggest and most recognised auto dealerships in the country. Headquartered in Surrey, the industry giant employees more than 700 people and prides itself on quick and easy service.

The promises are lofty, with the company pledging to “sell your car in under an hour” and value your car in just 60 seconds. The service has been an undeniable hit with British motorists, who have left more than 100,000 reviews on Trustpilot and an overall rating of ‘excellent’. That said, the reviews aren’t all glowing – we’ll touch more on that later.

So, what does We Buy Any Car do with its influx of vehicles? We take you behind the scenes and reveal where do We Buy Any Car sell their cars.

Dealerships, car supermarkets and auction houses

Where do We Buy Any Car sell their cars? When you sell your vehicle to this company, it’s generally heading straight to a nearby dealership where it will be sold at a profit to another driver. Alternatively, it may be listed on an online ‘car supermarket’ where it will also be sold at a profit.

If the car isn’t in great condition, it may be relocated to one of the company’s regional centres where it’s offered to a different set of car dealerships and traders. If the car isn’t sold here, it will likely be sent to a car auction and ideally sold for a profit, though this is not guaranteed.

This is why We Buy Any Car covets vehicles that are in good or excellent condition, as the chances of turning a profit are much higher. The risk of having to send a car to auction and losing money is much higher for older and less desirable vehicles.

The pros of We Buy Any Car

A tried and tested service that’s fast, easy and hassle free.
100,000 positive reviews on Trustpilot and an ‘excellent’ overall rating.
More than 400 branches across the UK, making the service easy to access from almost anywhere in the country.
Claims not to bombard you with ‘pushy sales tactics’ leaving you free to decide.

The cons of We Buy Any Car

Sellers generally receive a lower than market value price, even for cars in good or excellent condition.
Frequent reports of sellers receiving higher price quotes online, then being lowballed at the dealership.
Has previously been in hot water with bodies like the Office of Fair Trading (OFT) for misleading motorists.

Buying from We Buy Any Car

Now you know more about where do We Buy Any Car sell their cars, let’s cover how the service may affect you as a buyer. Chances are, you’ll come across cars purchased and resold by We Buy Any Car when shopping for a used vehicle. There are some great deals to snap up, but you do need to be savvy when browsing the market.

This is where My Car Credit comes in. We regularly vet all our preferred dealers for status with the Financial Conduct Authority (FCA), ensuring you receive transparency and excellent customer service. Coupled with award-winning and highly competitive rates and even poor credit car finance, My Car Credit is the best platform to use when shopping for a new set of wheels.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

or call 01246 458 810

When is the Best Time to Part Exchange a Car?

Part exchange – also known as PX – is a hugely popular way for Brits to sell their car. It allows you to avoid the hassle of privately selling. Furthermore, you can use your current car to partially finance a new vehicle.

There are real benefits to part exchanging a car. As such, the best way to take advantage of these is to part exchange your car at the right time. That’s why we’ve outlined exactly when that is below, as well as detailing what to consider if you are thinking of embarking on a part exchange.

What is a part exchange?

Put simply, a part exchange is when you use your current car as partial collateral for a new one. You’re essentially trading your current car in for another – usually more expensive – vehicle and using it to finance that purchase.

How does a part exchange work?

Typically, a dealer will evaluate your current vehicle. Once this value has been confirmed and settled upon by both parties – that is, you, as the seller, and the dealer, as the buyer – then the dealer will take the value of your current car off the price of the new one.

By part exchanging, you’re therefore partially covering the cost of your new vehicle with the total value of your old. The state of your current vehicle will inevitably impact its valuation by the dealer – as will the time of the year when you choose to part exchange.

When is the best time to part exchange a car?

New number plates are released in the UK twice a year. This happens in the months of March and September. One of the best times to part exchange a car can therefore be February and August – the months prior to these new release dates.

That’s because buyers will tend to wait until these new releases, which can result in slow sales for dealers. Dealers may therefore be more willing to offer a good deal – or at least to negotiate – around these months.

How to ensure your current car holds its value

There are a number of factors that could impact the dealer’s evaluation of your car.

Damage

This is an obvious one, but any damage to your vehicle’s wheels, paintwork, or body can impact its value. Dents and scratches can deplete this by hundreds of pounds, so the condition of your vehicle is vital in securing a part exchange that is financially beneficial for you.

If you’re time-strapped and haven’t managed to get your car in for a service, be sure to do your research and know how much the repair of a dent or scratch would cost. You can then ensure that any salesperson doesn’t deduct any higher than this number.

Keep on top of your MOT and service

A full service history adds value to a car, so keeping a record of this is essential. In fact, an incomplete service history can deplete your vehicle’s value by up to 10%.

You also want to ensure that you have more than three months left on your MOT, and make sure you’ve kept hold of any spare keys.

Low mileage

Models with low mileage, exciting add-ons, or unusual colours may add value to your car. It’s worth bearing in mind what kind of car the dealership is after – there’s no point offering your Mini to a dealership that specialises in Range Rovers.

Remember to negotiate

Remember to go in with confidence but be prepared to haggle. Negotiations are always a component of a part exchange. That said, it’s important to feel that you’re being heard and not taken for a drive (pardon the pun).

Walk away from the conversation if it’s not going anywhere and re-evaluate your options. Dealers are there to make money and get the best deal possible, which may end up with you feeling short-changed. Remember that it’s always an option to sell your car privately – although this will require more effort on your part.

Financing your purchase

Part exchange will cover some of the cost of your new car. You can maximise how much it covers by knowing the best time to part exchange a car. But for the rest, you’ll usually need to call on car finance.

That’s where My Car Credit can help. Our friendly team can advise on car finance eligibility, before finding a great deal to help you spread the cost of your purchase. Contact us today on enquiries@mycarcredit.co.uk to find out more.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

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Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

or call 01246 458 810

car buying part exchange selling a car

How to Sell a Financed Car

Woman researching how to sell a car on finance

Car finance is an ever-popular scheme that allows drivers to get behind the wheel without forking out a significant sum of cash. With car finance, you’ll typically be paying out a series of pre-agreed monthly repayments to a lender. Therefore, until you have made all of these repayments, the lender is the vehicle’s legal owner.

There are, however, ways to sell a financed car – but it’s contingent on what type of car finance you have.

Different types of car finance

There are four main types of car finance:

Personal contract purchase (PCP)

PCP car finance is like a long-term rental. You’ll usually pay an initial deposit and then a series of monthly repayments for a period between two to four years. As a result, at the termination of the agreement, you won’t own the car unless you pay a lump sum to do so. It is also possible to finance this lump sum, or balloon payment. Alternatively, you can either return the car to the dealer or trade it in for another car on PCP.

Hire Purchase (HP)

You do own the car at the end of a HP finance deal, and, unlike PCP, this means there’s no balloon payment at the agreement’s end. As such, you’ll initially pay a deposit and a series of monthly repayments that are usually higher than PCP finance.

Personal Contract Hire (PCH)

You won’t own the car at the end of PCH finance and are never its legal owner. PCH is a long-term rental – you’ll pay an initial deposit and fixed monthly payments.

Personal Loans

As with a personal loan for any purchase, these come from financial institutions and are usually repaid over a longer period than any of the other finance options. In addition, as you are technically a ‘cash buyer’, there’s no balloon payment or deposit.

Can I sell a financed car?

You may be able to sell a financed car that has been purchased via three of the above methods of car finance.

If you have financed your car via a PCH agreement, you will not be able to sell your car. The lender remains the legal owner of the vehicle, and, as such, you are not entitled to sell the car.

How to sell a car financed by PCP

You are not the legal owner of the vehicle until you’ve paid off the pre-agreed monthly instalments. That said, you can sell a car that’s been financed by PCP. Be aware that there will likely be early exit fees or what’s known as voluntary termination clauses in your contract.

You may be eligible for voluntary termination once you’ve paid off 50% of the total finance – and remember that this includes fees and interests. If you haven’t repaid 50%, you can end the agreement early by repaying the difference. Moreover, you can then return the car, which is essentially selling it. From there, you can purchase a new vehicle via alternative car finance.

Alternatively, you can pay off your PCP agreement early. You’ll need to contact your car finance provider to ask for a settlement figure. Once this is paid off in full, you can then resell the car. If the settlement fee is less than the cost of paying your monthly instalments, this may be the more financially savvy option.

How to sell a car financed by HP

As with PCP, you are not the legal owner of the vehicle until all of the monthly repayments are made. Consequently, you’ll need to pay these off before being able to sell the car.

The voluntary termination clause in your contract will allow you to return the car to the lender once you have repaid 50% of the total car finance. If you’ve paid less than 50%, you can usually still return the car. However, this is as long as you make up any remaining instalments that will take you up to half the vehicle’s value.

Alternatively, you can pay the agreement off early and then sell the car, as with PCP above. Remember to request a settlement fee from your car finance provider, which you’ll need to pay in full.

How to sell a car financed by a personal loan

With a personal loan, you’re the legal owner of the car. Therefore you can sell it whenever you’d like – but remember, you’ll likely owe repayments on the loan that you need to upkeep.

My Car Credit can help

If you have questions about how to sell a financed car, the team at My Car Credit can help. We’ll provide guidance on your options depending on your car finance agreement and assist with your car finance eligibility moving forward.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

Check for car finance without affecting your credit score

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Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

or call 01246 458 810

early settlement selling a car

Where Do ‘We Buy Any Car’ Sell Their Cars?

With more than 400 branches across the UK, We Buy Any Car is one of the biggest and most recognised auto dealerships in the country. Headquartered in Surrey, the industry giant employees more than 700 people and prides itself on quick and easy service.