Refinancing Existing Car Finance

A way to review and improve your current agreement.

Refinance of a balloon (LP or PCP) or existing car finance (subject to the customer entering into a new agreement, that is better for them financially), including vehicle finance refinancing for personal and business agreements.

How refinancing works

Refinancing allows you to replace your current vehicle finance agreement with a new one (subject to you entering into a new agreement, that is better for you financially). This can involve adjusting the term, changing the structure of the finance, or reviewing the interest rate available to you. It is often considered when circumstances change or there is a better interest rate offered.

What is refinancing?

When you refinance, the outstanding balance on your current agreement is settled and replaced with a new finance arrangement as part of a car finance refinance.

Refinancing can help make payments more manageable or provide a clearer structure going forward.

Key features of refinancing existing car finance

Opportunity to reduce monthly payments
Ability to change the length of the agreement
Review of your current finance structure
Tailored solutions based on individual circumstances
Available for personal and business use

Who refinancing suits

Refinancing can suit people whose financial circumstances have changed since taking out their original agreement, or who want to review their options before the end of the term.
Refinancing can suit people who would like to keep their existing vehicle and want to refinance a PCP balloon payment on a current LP or PCP deal.

Vehicles and business use

Refinancing is available for cars, caravans and motorhomes.

This option can be arranged for both private individuals and businesses, with each case assessed individually to ensure the new agreement is financially better.

Next steps

If you are considering refinancing your existing car finance, the next step is to request a quote. Lesley will review your current agreement and talk through the options available to you, including how to refinance a car finance agreement where suitable.

With over 30 years’ experience in the finance industry, you will receive clear, honest guidance on whether refinancing is the right move for your situation.

You may also want to explore other vehicle finance options depending on your circumstances and how you plan to use the vehicle. Tracer Finance can arrange a range of solutions including Hire Purchase Car Finance, Personal Contract Purchase (PCP) Car Finance and Lease Purchase Car Finance. Each option works slightly differently, and Lesley can help you decide which structure is most suitable for your needs.