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Refinance with Car Credible
You could lower your APR or save money on your car finance deal
Refinancing is a great way to reduce your monthly outgoings and get into a better car finance deal to suit your circumstance.
See if you could refinance your deal and discover how much you could save each month.
Get my quoteGet your Quote
Fill out our form to get your free, no-obligation quote that has no impact on your credit score. Our finance partner will hand-pick the best deals available to you based on the information you provide.
Choose your Deal
Assess your options and choose the deal that suits you best. Once you have done that, you can relax while our finance partner does all the hard work for you.
Sign and Save
Once all checks have been completed, you are ready to sign your new car finance agreement and get into your better deal, lowering your APR or saving you money on your monthly outgoings.
What is Car Refinancing?
Car refinancing is the process of taking out a new finance agreement to pay off your existing car finance deal.
When you refinance, your new lender will settle your outstanding payments with your current lender, with any positive equity in your previous deal going towards the deposit of your next vehicle.
If you are in negative equity, you may have to settle the difference yourself before getting into a new finance deal.
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Why Would I Want to Refinance my Car?
The aim of refinancing is to help you get into a better financial position. Circumstances change over time, and when you got into your current deal, you may have had a poor credit score and were offered a high APR.
However, you may have since improved your credit score, thus could be eligible to reduce the interest rate.
You may no longer be able to afford to make your existing repayments so want to reduce your monthly outgoings.
If you were in a joint car finance deal, your situation may have changed and you now just need one for yourself.
Or your PCP is coming to an end and you want to keep your car but can't afford the balloon payment. No matter what your situation, refinancing can be a great option.
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What are the Benefits of Refinancing my Car?
Refinancing your car could help to save you hundreds of pounds across the entirety of your new deal. If you're struggling to make your repayments or need more disposable income to help cover other utility bills, you could refinance to extend the number of months you take to make your repayments and subsequently lower them.
Alternatively, if your credit score has improved since you took out your deal, you could lower your interest rate which will in turn lower your monthly payments.
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Can I Refinance my PCP Balloon Payment?
If you are coming to the end of your PCP deal and want to keep your car but can't afford the balloon payment, you could refinance. By doing this, you would take out a new finance agreement to help pay off the balloon in smaller, manageable monthly installments.
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Refinance FAQs
Can I Refinance a Car With Bad Credit?
Some lenders won't approve a loan to someone with bad credit, but Car Credible works with a panel of lenders, via our finance partners, who can help anyone regardless of their credit. While there is no guarantee of you being approved, there are options available that we will do our best to accommodate for you.
What are the Negatives of Refinancing?
Refinancing is a great option for anyone that is struggling with their monthly repayments or feels like they are paying too much. It's also good for someone whose credit score has improved since taking out their existing deal as it may be possible to lower your APR. While these are great short-term benefits, you may end up paying more over time as you extend your deal to reduce your repayments meaning you could end up paying more in interest. It's worth weighing up all of the pros and cons before committing to refinancing.
How do I Refinance my Car?
Refinancing your car is easy with Car Credible. If you want to see if you could lower your monthly repayments or APR, ensure that you have added your finance deal and created an account. In your dashboard, you will be able to grab your personalised quote and discover the offers available to you. If there's an offer that takes your fancy, simply apply for finance and your dedicated account manager will seamlessly take you through the process.
When is the Best Time to Refinance my Car?
Generally, any time is a good time to refinance, though we recommend waiting at least three months into a new deal before applying for new finance. That will give your credit score a chance to adjust to the new finance in your credit file and understand how your monthly repayments is affecting your overall finances.
How Many Times Can I Refinance my Car?
You can refinance your car as many times as you like. Every time you refinance, you take out a new finance deal which will get added to your credit file, so be wary of that if you're conscious about a lower credit score. Ultimately, if you're refinancing and discovering a better finance deal for yourself, then you've made a good decision to refinance.
Can I Refinance my Car With the Same Lender?
While it's not impossible to refinance with the same lender, the likelihood is you will apply for new car finance with a new lender. That's because when you refinance, you will be paying off your existing car finance deal with a new loan, so your current lender would unlikely agree to that unless you were extending your loan and paying more in interest in the long run. Regardless of who you refinance with, we will do all the dirty work so you don't have to worry about a thing.