Rates from 8.9% APR. Representative Example: Borrow £12,000 over 5 years with a £0 deposit. Representative 19.8% APR fixed rate. Monthly payment: £306.04. Option to purchase fee £10 payable. Total cost of credit: £6,372.40. Total amount repayable: £18,372.40.
Car Finance 247 Limited is a credit broker, not a lender.
Refinancing your car involves taking out a new finance agreement to pay off your existing loan and keep your current car. You might want to do this if you think a new deal could save you money or if your needs have changed.
Or, if you’re coming to the end of a PCP agreement and would like to keep your car, refinancing could turn the final balloon payment into more affordable monthly payments.
If your credit score has improved or you didn’t shop around for your original deal, you may be eligible for a more competitive option. However, refinancing might not be the right choice for everyone and switching to lower payments might not be good value in the long term.
You should always take note of the total amount payable on the loan, and bear in mind that spreading your outstanding loan over a longer term can reduce the monthly payment but may increase the total amount of interest payable.
Run an illustrative quote to see how much you could save*
Tell us about your current finance: Start by answering a few simple questions about yourself and your vehicle.
Get a personalised decision - We compare 100's of products from our wide panel of lenders to see if we can find a deal that could work better for you.
Switch to your new deal – If you decide to go ahead, we'll aim to seamlessly transfer your balance to a new agreement with terms to suit your needs.
If your credit score isn’t perfect, refinancing could still be an option. We work with a panel of lenders who consider a range of circumstances, including applications from people with less-than-ideal credit histories.
Having a lower credit rating doesn't automatically rule you out of refinancing, but it can influence the rates and terms available to you. Any offers will depend on your individual circumstances and the lender’s criteria.
The same applies if you're in negative equity – when the remaining balance on your current finance agreement is more than your car’s current market value. Some lenders may still be able to offer a new deal based on what you owe rather than the value of the vehicle. However, this could limit your options and may result in higher interest rates or different terms.
Credit is subject to status.
“Refinancing your car could be a great option if you're looking to lower your monthly payments or secure a better interest rate. This also gives you the ability to keep your current car.”
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