car exchange mid finance agreement

[boy1da78]

I'm currently 12 months into a 5 year finance agreement for my current car. I would like to change my car due to running costs etc and would appreciate any advice on whether this is possible at this stage if i'm exchanging for a vehicle of the same or lesser value without any excessive penalty charges. i'd happily agree to new five yr terms with reduced payments or similar payments for next 4 yrs etc...advice please!!!

[amonty1144]

I think it is unlikely without incurring excessive fees , as at this stage you will not have paid a lot off the loan. Most companies want you to take out a new loan, so you end up paying twice for the same money. It is also unlikely that a garage will give you a like for like swap, they will either undervalue your old car or overvalue the new one.
Only garages and finance companies win in the long term.
My hubby is in the same situation and at the minute what the garage is offering won't even pay off the loan and he's being paying for 12 months.