Hi,

I already have an existing car loan with approx £12k and 2.5 years outstanding. I would like to purchase an additional new car, but need to raise a further £15k via a loan.

I have no other commitments (except mortgage) with a comfortable amount of savings and would like to be advised on the best approach.

Is refinancing the exsiting loan together with the new loan the best option?

Many thanks,

Phil.

Any loan is likely to be at a higher interest rate than your savings are earning. Consider using your savings rather than building up debts.