Car Refinancing

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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.

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Vehicle Price:

£ 7000

Initial Payment (Deposit):

£ 0

To Pay Over:

48 Months

Assuming your credit rating is:

Best Available Rate:


Initial Borrowing:


Total Cost Of Credit:


Total Amount Repayable:


Optional Final Payment:


48 Monthly Payments of


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No impact to your credit score

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.

Step-by-Step Buying Guide

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
Fixed monthly payments
Optional balloon (final) payment
Avoid excess mileage charge
Secured against an asset (e.g. a car)
Support with vehicle issues

Frequently Asked Questions

Should I refinance my car?

Depending on your circumstances, refinancing may be beneficial in most circumstances. If you are struggling to afford your repayments, it may be more beneficial to refinance to more affordable payments then default on your existing credit. Alternatively, if you wish to keep costs as low as possible, refinancing a balloon payment may not be most ideal.

Get in touch with a Fast Easy Finance expert to help you decide.

How do I refinance my car?

First steps involve obtaining a settlement figure from your current lender. These are typically valid for 28 days after which you will need to obtain a new figure. Then, you can get in touch with Fast Easy Finance who can help you find a new Lender that meets your requirements. Once you agree on the terms of the finance deal with the new lender, you’ll finalise your settlement date for typically 28 days in the future, in which your new lender will pay the settlement figure, take over ownership of your car and you’ll stop your monthly payments to the old lender. After the settlement date elapses you recommence monthly payments to your new lender at your new monthly rate.

What costs are involved?

Your settlement figure provided by the lender will include any administration fees, accrued interest up to the settlement date and any other additional charges. Your new lender may also charge you a new application fee. It’s always helpful to ask your lender what costs are included in your settlement figure. At Fast Easy Finance, we handle the communication between your lenders on your behalf. No stress, just solutions.

Can I Refinance with Bad Credit?

Yes, don’t let your financial circumstances put you off looking for better or more affordable deals. It is better to get your money’s worth or refinance earlier before you feel the strain of the repayments. As always, a refinancing application is one in its own regards, your financial circumstances will be reassessed which may affect your credit score.

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