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Refinancing your car
Do you already have a car on finance? See if you could get a better deal or spread the cost of a final lump sum payment by switching your car finance to us.
How does car refinancing work?
If you're thinking of refinancing your car, here's how we'll process your application:
- ask your current car finance provider for a settlement figure
- sign into Online Banking and get a quote
- get an instant decision, with no impact to your credit score
- upload your settlement figure and we'll switch your car finance to us.
Getting ready to apply
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Am I eligible? |
PCP features |
HP features |
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Am I eligible?
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PCP features
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HP features
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Things to consider with PCP: |
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Things to consider with PCP:
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Things to consider with HP: |
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Things to consider with HP:
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Here’s an example of how much your monthly repayments could be with Personal Contract Purchase or Hire Purchase If you were to buy a car and need finance for £13,000 over 4 years.Monthly comparison
PCP Finance Example
HP Finance Example
Monthly comparison
Representative APR
PCP Finance Example
N/A
HP Finance Example
5.9% APR
Monthly comparison
APR
PCP Finance Example
7.9% APR
HP Finance Example
N/a
Monthly comparison
Total Amount of Credit
PCP Finance Example
£13,000
HP Finance Example
£13,000
Monthly comparison
Annual interest rate (fixed)
PCP Finance Example
8.54%
HP Finance Example
5.71%
Monthly comparison
Agreement Duration
PCP Finance Example
48 months
HP Finance Example
48 months
Monthly comparison
Monthly repayments
PCP Finance Example
48 x £204.00
HP Finance Example
48 x £303.80
Monthly comparison
Optional final repayment of*
PCP Finance Example
1 x £6,850
HP Finance Example
N/a
Monthly comparison
Total amount payable
PCP Finance Example
£16,448.00 (Includes £10 Purchase Fee)
HP Finance Example
£14,592.40 (Includes £10 Purchase Fee)
*With PCP, once you have paid all of your monthly repayments set out in your agreement, you have 3 options:
- pay the optional final repayment and own the car
- hand back the car (return conditions apply) without paying the optional final repayment
- part exchange the car subject to settling your existing finance agreement; new finance agreements are subject to status.
Important information: Please check the terms and conditions of your current car finance agreement; early settlement fees may apply. Refinancing your car over a longer term may reduce the monthly payment but could result in more interest being paid. It may also be worth checking the condition and value of the car to make sure refinance is the right option for you.
Get a quote for car refinance
It takes minutes, without affecting your credit score. Your quote will be valid for 90 days, with no need to re-apply.
Let’s take a closer look
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If you’d like to speak to someone about your recent car finance application, we’re here to help, please call us.
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Unfortunately, we wouldn’t be unable to offer you car finance. You’d need to hold a current account with us for a minimum of 3 months to be eligible. However, we could potentially offer you a personal loan.
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Unlike a personal loan, there are no credit searches involved with applying for car finance. However, we’ll check your income and any existing financial commitments you may have for affordability.
With a PCP or HP agreement the debt is secured against the car. In the event that you were unable to make the monthly repayments, the car would be repossessed to offset the remaining payments.
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Unfortunately, we don’t allow cars to be registered in someone else’s name. The person applying for car finance will be the named registered keeper of the car. You’ll need to have a valid driving licence permitting you to use the car and be the main driver; including on your car insurance policy.
If you’d like someone else to have use of your car, with your permission. They will need to hold a valid driving licence and be a named driver on your car insurance policy.
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This is the exact amount needed to end the agreement you have with your current finance provider. You’ll need to get in touch with your current finance provider and ask them to send this to you. It will include any additional fees or charges that may be applicable.
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