An estimated 1.6 million used car owners currently in the middle of their dealer finance or PCP agreement are now able to change their car early with the launch of www.paymentswap.co.uk.
The new ‘no fees’ online service allows buyers to digitally manage every part of the transaction for themselves, including vehicle trade-in, sorting out the settlement of their old finance agreement, signing up to a typical 9.9% APR representative finance agreement and arranging a date for collection of their next used car from their supplying retailer.
Powered by Exchange and Mart, Payment Swap has been launched in recognition of the growing band of car buyers who simply want to do everything online and then collect in store, but it is unique in that is has been created exclusively for finance-led buyers.
By entering just 3 core pieces of search information – existing monthly payment, the registration number for the part exchange and the customer’s postcode – a range of vehicles that can be purchased for the same as the customer is currently paying are revealed.