Online classified site ExchangeandMart has launched paymentswap.co.uk, a new site allowing consumers to upgrade their current car to something newer before the end of existing finance agreements.

Customers input their registration number, current monthly payments and postcode, and are then shown a range of options, which are available for the same monthly payment or less.

The site has been designed to appeal to those in the middle of their existing finance agreement, an audience it estimates to sit at around 1.6m a year.

Paymentswap.co.uk is supported by Exchange and Mart’s partners, including Northridge Finance and DSG Financial Services, and We Want Any Car.

When asked what happened to the pre-existing finance agreement, a representative of Exchange and Mart said: “Outstanding finance will be paid by We Want Any Car who are the part exchange underwriters, or by the dealer if they wish to retain the part exchange for stock.”

Thom Coupar-Evans, commercial director for Exchange and Mart, said: “With Payment Swap, haggling and competing are no longer required.”

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“Everything is taken care of, from the part exchange to signing the finance documents online. This leaves very little for the customer to do, except arrive at the supplying dealer, take a short test drive, swap cars and drive away, which can all happen in under twenty minutes.”

The site is currently in beta, with the full launch expected in April.