Flexible Payments, Reduced Rates, and More Power – Get the Lowdown on Car Refinancing Today!
Do you already have a finance agreement on your current car? If you do, you don’t have to be ‘stuck’ with your current arrangement. Car Refinancing is here to help drivers like you find new deals that work better.
Refinancing your car means replacing your existing car loan with a new one, generally from a different lender. People mainly do this to get better conditions, including:
Refinance, and the new loan includes your existing car loan. This might result in:
Refinancing is the perfect way to update your finance agreement to reflect your evolving financial needs or to upgrade to a newer model. But it’s not for everyone. Refinancing can involve extra costs. Let’s explore the pros and cons:
Paying through the roof on your current deal? Switching car finance deals could be the best way to continue reaping the rewards of financing while driving down your monthly payments. When you sign up to CarFinanceToday, you’ll find the super-competitive rates you’re looking for!
Aside from financial reasons, many buyers find the car they’re paying off simply doesn’t suit their needs like it used to. Sound familiar?
Well, you’re not stuck. Car Refinancing is the one of the most popular ways to change vehicle without having to pay off your remaining debt in one lump sum.
We strive to give every driver choices when it comes to the car they drive and the terms they accept. Refinancing gives you the power to change your mind or move on and address changing needs without having to pay large lump sums.
A lower credit score could be a barrier to getting the kinds of excellent APR offers that make refinancing tempting to begin with. If that’s you, you might want to consider other options, like returning your current car (or buying it and selling it off) and investing in a new car finance deal like Hire Purchase (HP) or Personal Contract Purchase (PCP).
These options will give you more flexibility when it comes to APR and loan terms.
Refinancing means your old loan will get rolled into your new one—which can mean higher overall monthly payments. If you’re struggling to pay your existing car finance agreement, refinancing may not be the answer. Again, in this case, you might want to consider other options, like selling off your car (depending on your loan terms) and exploring car finance for a cheaper vehicle through either Personal Contract Purchase (PCP) or Hire Purchase (HP).
Overall, refinancing can mean lengthening your loan term to make up for extra payments on both agreements. If you’d prefer a shorter loan term, there are other options out there. That includes Hire Purchase, Personal Contract Purchase, Guarantor Car Finance, and others!
Refinancing can sound scary. But it doesn’t have to be. There are many myths about car financing that don’t check out in practice. Let’s take a look:
It’s a good idea to get on top of your finances before exploring refinancing options. Luckily, that’s easy with CarFinanceToday’s free online car finance calculator. Just enter a few key details and see what you can expect to pay in monthly instalments!
Head of Content and Conversion
Interested in refinancing? We’re glad to hear it. Now, all you have to do is follow our super-simple steps below to sign up and start exploring your refinancing options today!
If you apply to refinance your car with us, we work with our network of trusted lenders to secure the best refinancing deal possible. This includes a soft credit check that does not affect your credit score.
You need to be at least 18 years of age and have at least three years’ address history in the UK.
Our process involves a soft credit check that will be utilised to establish your refinancing eligibility.
While having a strong credit score will help improve your possibility of securing better loan terms, lenders will also consider such things as your current income, level of debt, and employment history.
At Car Finance Today, we make car refinancing a whole lot easier. We provide you with personal support and competitive rates, irrespective of your credit score.
We value and understand how important it is to have a reliable car and are committed to helping you make the most of your car loan. We work hard so that refinancing can cut down a load of monthly installments, freeing up money so that you can continue driving stress-free.
Whether you want to reduce your monthly payments, get a better interest rate, or pay off sooner, we match you with the best refinancing deal from our network of approved lenders. Even if your credit score isn’t perfect, we’re able and willing to help you find a solution that will meet your expectations.
With Car Finance Today, you’ll be given a dedicated account manager who will guide you through each step of the refinancing process. They’ll be available right from the very first application to signing on your new loan, making sure this process will be seamless, transparent, and completely free from hassle.
See what questions we receive the most when it comes to car refinancing:
Refinancing means that your previous loan is replaced by a new one, under better conditions. It usually involves smaller monthly installments, a smaller interest rate, or a shorter term.
Yes, while a better credit score will improve your possibilities, we have various lenders with whom we work, considering diverse financial backgrounds, and we will try to find you a suitable loan.
Yes, but this should only really be done when it makes sense for your wallet. Firstly you’ve got to ensure that the earnings from refinancing overcome all the costs and expenses attached to refinancing.
It involves identity proof, residence proof, income proof, details of the existing loan, and details regarding the concerned vehicle. The documents required will be gone through by the account manager overseeing your loan.
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