If you want to offer the motor vehicle through your finance contract, together with automobile may be worth lower than the quantity owed, you’ll need to cover the shortfall.
Negative equity explained
To describe just how equity that is negative in detail, let’s just just just take a good example.
Imagine you take down motor finance on an agreement that is 36-month a new vehicle valued at ?20,000 at mortgage of 9.6per cent APR.
Your total amount payable with interest is ?22,963.50, along with your cost that is monthly is. Continue reading