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Do you already have a Personal Contract Purchase (PCP) or Hire Purchase (HP) agreement?
You could get a better deal or spread the cost of a final lump sum payment when you switch from another provider.
See if you can get a better deal or help pay a final lump sum by switching your car finance with another provider to us.
6.2% APR representative when you borrow between £7,000 and £25,000. This is based on our Hire Purchase product.
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 comparisonRepresentative APR |
PCP Finance ExampleN/A |
HP Finance Example6.2% APR |
Monthly comparisonAPR |
PCP Finance Example8.9% APR |
HP Finance ExampleN/a |
Monthly comparisonTotal Amount of Credit |
PCP Finance Example£13,000 |
HP Finance Example£13,000 |
Monthly comparisonAnnual interest rate (fixed) |
PCP Finance Example8.54% |
HP Finance Example6.00% |
Monthly comparisonAgreement Duration |
PCP Finance Example48 months |
HP Finance Example48 months |
Monthly comparisonMonthly repayments |
PCP Finance Example48 x £204.00 |
HP Finance Example48 x £305.49 |
Monthly comparisonOptional final repayment of* |
PCP Finance Example1 x £6,850 |
HP Finance ExampleN/a |
Monthly comparisonTotal amount payable |
PCP Finance Example£16,448.00 (Includes £10 Purchase Fee) |
HP Finance Example£14,673.52 (Includes £10 Purchase Fee) |
*With PCP, once you have paid all of your monthly repayments set out in your agreement, you have 3 options:
Am I eligible? |
PCP features |
HP features |
---|---|---|
Am I eligible?
|
PCP features
Things to consider with PCP:
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HP features
Things to consider with HP:
|
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.
Halifax Car Refinance
Have you got a car on finance?
Refinancing with Halifax could help you get a better deal by lowering your monthly payments or even spreading the cost of a final lump sum to own the car.
But what is refinancing?
It’s simply when you start a new finance agreement to pay off an existing car finance agreement.
If you bank with us, you could switch your current car finance from elsewhere to us.
You could then choose to switch to one of two different car finance options - either Personal Contract Purchase (PCP) or Hire Purchase (HP).
With PCP, you could get lower monthly repayments than HP.
You could also own the car by paying a final lump sum.
With Hire purchase, the car’s yours at the end of the agreement – with no lump sum needed
With Personal Contract Purchase, we usually offer terms from one to four years. With Hire Purchase, terms are usually one to five years.
The final difference is that PCP comes with yearly mileage limits, but there are none with HP.
Therefore if you do not keep you car at the end of your PCP agreement and have exceeded your yearly mileage limit on return of the car, then charges will apply.
Either way, refinancing should be simple and we’ll send the funds directly to your finance provider.
Now, how do you get started?
Firstly, ask your current provider for a settlement quote. Then, go online and tell us about your car and your current finance. You’ll then get a personalised quote.
It won’t take long – you’ll find out if you’re approved in just a few minutes.
Email us your settlement figure, and you’re good to go.
We’ll switch you to Halifax.
Get started today to see if you could benefit from refinancing your car with Halifax.
If you're thinking of refinancing your car, here's how we'll process your application:
Here's some helpful information based on the most frequently asked questions our customers have.
If you’d like to speak to someone about your recent car finance application, we’re here to help.
Call: 0333 202 7967
Lines are open:
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.
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.
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.
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.
Get cover you can rely on with one of our insurance policies. And for added peace of mind you can choose from a range of optional extras.
Confused by credit? Understand more about how credit works, how to improve your score, and how it affects applying for car finance.