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What price can you expect for selling your old car?

Published by admin on October 1, 2009

We would all love to buy a new car, but we also know that the current economic crisis is certainly not the right time. Somebody then tells you about a new Government incentive that can give you the opportunity to receive £2,000 for your old car to put towards a replacement.

However, you may not be pleased to arrive in your year 2000 Y-reg Corsa to be told that the car is too new to be eligible for this scheme. As it turns out, any cars that were registered after 31 August 1999 are eligible. If somebody has a car less than 10 years old then it is too new for the scheme, and they will have to continue with their current car or acquire money from other sources to be able to afford a new one.

This still does not mean that purchasing a new car is out of the question, particularly with the pay monthly deals that you can easily find, but these are only an option if you qualify for finance. The contracts of many of the car finance deals means that people without a clean financial history may not be accepted for the better deals.

This means that it is more economical to keep the old car on the road as you can accessorise the car you are driving already by borrowing money on a short term basis, without struggling until payday. A “payday loan” lets you modernise your car without having to wait until the end of the month.

Essentially, payday loans are an advance on your salary. If you feel like you should do something special for your car and yourself before you get your monthly pay, it’s a quick and simple way to get the money you need. The extra charges added onto a payday loan can add up rapidly if you continue it past pay day, so don’t forget to immediately pay the balance on the loan as soon as payday comes around. .

The amount of money you earn will dictate how much money you can borrow and you will need to provide proof, most simply through a payslip. However the short term nature of a payday loan means that a credit check is not necessary. You should only be required to produce your wage slip and prove that you have a job.
The Government only have less than £120m remaining for the car scheme (more than 60% of the original £300m budget), so if you are eligible it is advisable to jump into action quickly as it may not last until the proposed ending time of February next year.

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