Car Refinancing
Get Rates You’ll Love, On Terms You’ll Like, For The Car You Want!
- Rates from 7.9%.
- No impact on your credit score
- Buy from any dealer.
Rates from 7.9% APR. Representative APR 11.9%
Representative example: borrowing £7,000 over 4 years with a representative APR of 11.9%, an annual interest rate of 11.9% (Fixed) and a deposit of £0.00 the amount payable would be £183.99 per month, with a total cost of credit of £1,831.68 and a total amount payable of £8,831.68.
Vehicle Price:
£ 7000
Initial Payment (Deposit):
£ 0
To Pay Over:
48 Months
Best Available Rate:
6.9%
Initial Borrowing:
£7000
Total Cost Of Credit:
£1030.36
Total Amount Repayable:
£8030.36
48 Monthly Payments of
£167.30
Rates from 7.9% APR: the exact rate you will be offered will be based on your circumstances, subject to status.
Representative example: borrowing £7,000 over 4 years with a representative APR of 11.9%, an annual interest rate of 11.9% (Fixed) and a deposit of £0.00 the amount payable would be £183.99 per month, with a total cost of credit of £1,831.68 and a total amount payable of £8,831.68.
What is Car Refinancing
Over time your existing car finance agreement might become less suitable for you, or you may have shopped around for a different deal and found one which offers more incentives, or a better interest rate. Car refinancing refers to taking out a new finance deal with a new lender, to pay the balance on your existing finance deal. When you refinance, your existing lender offers you a settlement figure to complete your existing finance deal. Your new lender will offer you a new finance deal to cover the cost of this settlement and you’ll begin repaying your new lender.
Process of your finance application
Finalising
If you are happy, we will finalise the deal with the lender on your behalf.
Enjoy Your Car!
Collect your car from the dealer and enjoy it for the duration of your contract.
When would I refinance my car?
There are many circumstances in which you might like to refinance your car:
- You reassess your financial needs and require lower monthly payments
- Your credit score has improved, and you could be approved on a lower interest rate
- If you’ve reached the end of a PCP agreement and want to refinance the balloon payment (option-to-purchase fee)
How does car refinancing work?
Here’s a quick example:
Let’s say you want to buy a car worth £10,000. You wish to pay a 10% deposit - which is £1,000. Your lender pays the remaining £9,000 for you.
You sign a 48-month contract at 8.9% APR. So, your monthly payment will be £222.
With the interest, the total amount you end up paying will be £10,730. You pick up the car immediately and use it directly after the deal is finalised.
At the end of your contract you pay a small option-to-purchase fee around £200* and own the car outright.
*Option-to-purchase fee varies by lender
Comparison of Finance Options
| Finance Features: | Hire Purchase (HP) | Personal Contract Purchase (PCP) | Personal Loan |
|---|---|---|---|
| Requires initial deposit | Optional | Optional | |
| Car is yours at the end of the agreement |
|
Optional | |
| Fixed monthly payments |
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| Optional balloon (final) payment |
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| Avoid excess mileage charge |
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| Secured against an asset (e.g. a car) |
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| Support with vehicle issues |
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Frequently Asked Questions
Should I refinance my car?
How do I refinance my car?
What costs are involved?
Can I Refinance with Bad Credit?
Let's get started?
Getting a Free Quote with Car Finance Market only takes minutes, and will not affect your credit score
Get in touch
Phone:
0208 200 2431
Email:
info@CarFinanceMarket.co.uk
Business Hours:
Monday to Friday 09:00 - 20:30
Saturday 10:00 - 19:00
Sunday 10:00 - 17:00
