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Refinancing your car
If you bank with us, you could get a better deal on your car finance by switching it to us.
The Halifax brand is changing to Lloyds
Learn about the brand change and how it affects Halifax car finance.
Bank on Lloyds for car finance
Halifax and Lloyds are part of the same family of brands. You’ll find a wide range of car finance options with the same great service from the people you know and trust.
If you use the Halifax app you can continue to apply for Halifax car finance.
Features and benefits
Refinance your existing car finance agreement to us to reduce your monthly payments or spread the cost of the final lump-sum payment to own your car.
Refinance options
You can refinance either Hire Purchase (HP) or Personal Contract Purchase (PCP) with Halifax.
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HP
- Choose 1 to 5-year terms.
- No early repayment charges or final lump sum.
- We send the money straight to your existing finance provider.
- Choose how much deposit you pay.
- No mileage limits.
There are other terms, borrowing amounts and rates.
Paying a bigger deposit will lower your monthly repayments.
PCP
- Choose 1 to 4-year terms.
- No early repayment charges.
- Set your own yearly mileage limit.
- We send the money straight to your existing lender.
- Choose how much deposit you pay.
There are other terms, borrowing amounts and rates.
Paying a bigger deposit will lower your monthly repayments.
Excess mileage charges may apply if you exceed the agreed mileage limit and want to return the car. You can avoid this by choosing a realistic mileage when you apply.
How car refinancing works
If you're not sure what car refinancing is or how it works, this short video talks you through it (1 min 58 secs).
Let's break it down
Get a quote for car refinance
We can't refinance existing Halifax, Lloyds, or Bank of Scotland car finance customers. Your quote is valid for 90 days, with no need to re-apply.
If you're using the Halifax app
If you’re using the Lloyds app - head to Lloyds for car finance.
Let’s take a closer look
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If you’d like to speak to someone about your recent car finance application, call us.
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To refinance to us, you must have a Halifax bank account that's been open for at least 3 months.
If you don't have a bank account with us, you might want to apply for a personal loan instead.
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Unlike a personal loan, there aren't any credit searches involved with applying for car finance. We’ll still check your income and any existing financial commitments you may have, to make sure you can afford the repayments.
With a PCP or HP agreement, the debt is secured against the car. This means if you don't make the monthly repayments, you risk us repossessing the car.
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The car must be in your name, as 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
- be the main driver on your car insurance policy.
If you’d like someone else to use of your car, they'll need to:
- have a valid driving licence
- 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 lender. You’ll need to get in touch with them and ask them to send this to you. The figure will include any extra fees or charges that apply.
Explore your options
We want to make sure you know about our other car finance options. Here are some that might suit you.
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Important legal information