Car Refinance Made Easy!
Car finance refinance gives you the chance to replace your current agreement with a new, more suitable deal. Refinancing your car is straightforward — simply complete our quick application and we’ll take care of the rest.
A member of our friendly team will review your details and come back to you with a finance decision. If one of our lenders can offer you a better refinance deal, we’ll explain your options clearly and help you decide whether refinancing is the right choice for you.
With UK Car Finance, refinancing a car loan is fast, simple, and designed to save you money and stress.
What Is Refinancing a Car Loan?
Refinancing a car loan means replacing your current finance agreement with a new one that pays off the remaining balance of your existing loan. Many drivers choose car finance refinance when their circumstances change or they want a deal that suits them better.
By refinancing your car, you could lower your monthly payments, adjust the length of your loan, or secure a more competitive interest rate. It’s a simple way to improve your financial situation and make your car finance work better for you.
How to Refinance a Car:
Applying for car finance refinance with us is quick and straightforward. Our simple online form gathers everything we need to match you with the most suitable lenders on our panel. Once your application is submitted, we aim to provide a refinance decision within 24 hours. If a lender can offer you a refinancing deal, a member of our friendly team will guide you through the next steps and help you move forward.
1. Tell Us About You.
Complete our fast and easy application form. It only takes a few minutes and gives us the details we need to get your car refinance request in front of the right lenders.
2. We Do The Legwork.
A member of our team will contact you with your finance decision and answer any questions you might have about the process.
3. Refinance Your Car.
If approved, we’ll help you refinance your current car loan and secure a deal that better suits your budget and circumstances.
What Are the Benefits of Refinancing a Car Loan?
Lower Your Interest Rate – If your circumstances have improved since you first took out your car finance, such as a better credit score, refinancing could help you secure a lower interest rate, saving you money over the life of the loan.
Reduce Your Monthly Payments – Struggling with high monthly payments? By refinancing, you may be able to lower your monthly instalments either by getting a lower interest rate or extending the loan term to better fit your budget.
Pay Off Your Loan Faster – Refinancing also gives you the option to shorten your loan term and clear your car finance sooner. Keep in mind that reducing the term may increase your monthly payments, but it can save you interest in the long run.
Can I Refinance My Car?
One of the most common questions we hear is, “Can I refinance my car?” Like any type of finance, approval depends on the lender, so it can’t be guaranteed. However, if you’re eligible for a car loan, we’ll review your application and provide a finance decision as quickly as possible.
If your car is currently on finance, you can submit a free application with us to see if one of our trusted UK lenders can offer a car refinance deal that works for you.
What to Consider Before Car Refinance:
Refinancing your car is a great way to get a better deal than you currently have. However, not all applicants will be suitable for an improved car loan and there are a few considerations you should make first.
1. Check Your Credit Report.
If your credit score has improved since you first took out your car loan, refinancing could help you secure a lower interest rate and save money. Before committing, check your credit report to see where you stand. If your score has dropped, it may be wise to focus on improving your credit first, as this can increase your chances of getting a better deal.
2. Review Your Current Car Finance Agreement.
Before replacing your existing loan, understand your current terms. Locate your finance agreement—either in your email or via post—or request a copy from your lender. Note your current interest rate, monthly payments, and request a settlement figure. This information will help you compare new deals and determine if refinancing is worthwhile.
3. Consider Your Loan Term Length.
Refinancing is usually most cost-effective after you’ve paid off a significant portion of your loan—often more than 50%. If you’re early in your finance agreement, it may not make sense to refinance, as you won’t have reduced much of the principal yet.
4. Check Current Interest Rates
Your initial car finance rate is influenced by factors like your credit score and the Bank of England’s base rate. When UK interest rates are high, car finance rates will also be higher. Compare refinance deals carefully and consider waiting for lower rates if current rates are unfavourable.
Can I Refinance a PCP Balloon Payment?
Yes! Many of our lenders can help you refinance a PCP balloon payment. If your PCP agreement is coming to an end and you’re unable to pay the balloon sum, refinancing could be a simple solution to spread the cost and keep driving the car you love.
Learn more about your options on our Refinance a PCP Balloon Payment page.
Refinance Your Car Today!
Apply for car finance refinance today with our free, no-obligation application — it won’t affect your current credit score! Once you’ve submitted your application, one of our friendly team members will be in touch to guide you through your options.