Will my trade-in cover a new finance deposit?

I have a Chevrolet Aveo 1.4 car and I'm thinking of trading it in under a scrappage scheme. Will I have to make a deposit or does the trade-in value go as a deposit on the new car and what would the payments be back on €20,000 for the car?

John

John O Halloran (Newbridge Co Kildare Rep Of Irel)

Dec 2016 Filed under: finance

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Expert answer

Hi John,

I’m afraid the answer to your questions will very much depend on the individual dealer with whom you're dealing. Generally speaking, your trade-in is your deposit, but the fine print on some specific deals may rule this out. As for repayments, that will depend totally on your circumstances and what interest rate you’re paying at, although for reference’s sake, a high street bank loan of €20,000 over three years will cost you about €600 a month.

Neil Briscoe - Complete Car Advisor
@neilmbriscoe