A Guide to Refinancing Your Car

Take back control of your car finance with our new feature to help you upgrade or save money.

Car Credible is a comprehensive tool that identifies switching and saving opportunities on your car finance in the easiest possible way. Our vision is to help users take back control of their car finance by simply making car finance better.

We know car finance can be overcomplicated and many people are unsure whether they have a good deal or what they are entitled to do within their agreement.

That's why our product uses data science and proprietary algorithms to offer tailored advice about car finance deals that are accessible to everyone.

Do you want to upgrade or save money on your car? Find out if you can today by checking your deal below.

Check your deal now

Our promise is to make car finance fairer and easier to understand. We do all the hard work so you can save money and switch to deals that suit your needs.

We don't charge you for anything, so if you take out a new finance agreement, the lender will pay us a fee. These never affect our advice; we’re dedicated to getting you the best possible deal.

What we can do for you

We want to help you to upgrade your car and get new terms that better suit your needs and budget. The way we do that is by identifying the optimal time for you to sell your car, refinance into a new deal that you choose, and renew into a newer car with the payments that you select.

Here are the three steps required to help get you into a newer car:

But before all of those exciting options become available to you, we need to learn about you and your current financial position.

  1. Sign up using the Deal Checker by entering your car's finance details, car registration, mileage, and your name and email.

  2. You’ll get a free appraisal of your current car finance deal and discover everything a car dealer or lender would know. We aim to put the control back in your hands.

  3. Your personalised dashboard will become your new financial advisor as you'll be able to track and monitor your car finance deal in one place. Discover all the details you need to know about your deal.

  4. We will let you know when you are in a position to upgrade immediately or at what point in the future.

  5. Once you have chosen your preferred offer, you will be in a position to upgrade your car. Your chosen finance partner will guide you through the rest of the process.


Our case study

Car Credible aims to help you refinance into a new loan, allowing you to upgrade, switch or save on your current car finance deal. Here’s an example of what refinancing your car loan may look like:

Jamie took out a 5-year car loan in late 2020.

Since purchasing the car Jamie would like to change his finance deal and get into a newer car.

We can help Jamie investigate the following options:

  1. Trade up to a better car than he currently has.
  2. Change his car and lower his monthly payments.

  3. Sell his car taking any profit he might have.

Click below to discover if you could change your finance deal and get into a newer car.

Check your deal now

Who do we work with?

When you are in a position to upgrade or save money on your car, you can click through to see the car finance offers available to you. Once you click on your preferred offer, you will be directed to their website, where you will be able to choose the best new deal that suits you.

We work with a pre-approved panel of lenders so whichever offer you decide to take on, you can have 100% confidence that they will get you the best deal to suit your needs and budget without you having to lift a finger.

Your preferred finance partner will help you find your new car unless you already have one in mind. You should contact your current car finance company to receive your early settlement figure and once that’s paid off and you are happy with the new offer you have selected, you can sign the deal and drive away with your new car.


What is refinancing in car finance?

Car refinancing is the process of taking out a new finance loan - typically with a different lender than the one you currently use - to pay off an existing car finance loan.

Why would I refinance my car?

Individual circumstances change, and when you originally took out your finance loan - whether that was four years or four months ago - you may have been in a different financial position than you are now.