The Complete Guide to Vehicle Refinancing

What’s the Deal with Car Refinancing?

If you’re asking whether you’re paying too much on your current car finance, refinancing might be your golden ticket. With us, you can break down that hefty PCP balloon payment, snag a deal with a better interest rate, or even lower those monthly repayments. In short, refinancing is all about adjusting your loan to fit your current financial landscape.

Car Refinancing Unpacked

Refinancing means replacing your existing car loan with a new one, often from a different lender. This new loan pays off the balance of your old loan, allowing you to adapt to any changes in your financial situation or take advantage of improved credit scores.

Why Refinance?

Life changes, and so do your financial needs. Perhaps you’ve had a credit score boost or maybe your monthly expenses have skyrocketed. Whatever the reason, refinancing can help tailor your loan to your current circumstances.

Should You Consider Refinancing?

If you’re pondering this question, here are some scenarios where refinancing could be beneficial:

  • Lower Monthly Payments: If you’re struggling to meet your current payments, refinancing can extend your loan term and reduce your monthly outlay.
  • Better Interest Rates: A stronger credit score could qualify you for a loan with a lower interest rate, saving you a considerable sum over time.
  • PCP Balloon Payments: As your PCP agreement wraps up, refinancing can help you split that big balloon payment into more digestible monthly chunks.
But Wait, There’s More to Consider
  • Long-term Costs: While lower monthly payments sound great, they might extend your loan term, leading to more interest over time.

How to Refinance that PCP Balloon Payment

That looming balloon payment can be a real budget-breaker. Refinancing lets you spread this cost into manageable monthly payments. However, be aware that this approach will incur interest, potentially making your car more expensive in the long run.

Bad Credit? Don’t Sweat It

Poor credit doesn’t necessarily put the brakes on refinancing. Thanks to our extensive panel of lenders, we can explore options that suit a variety of financial situations, even if you’re in negative equity.

How to Get Started with Refinancing

Interested in shaking up your car finance? It all kicks off with a quote. Once you’re approved in principle, our dedicated account managers will reach out to discuss your options, no strings attached.

Need to Talk?

If you'd like to talk to one of our customer care team please call us 0161 850 5000.

You can also WhatsApp or email us using the links below.

To request a call back at a time convenient to yourself, please use the form below remembering to leave a short message so we can direct your enquiry to the correct team.

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Oasis Motor Finance Limited is a company registered in England and Wales with company number 10055340. Oasis Motor Finance is regulated by the Financial Conduct Authority with Financial Services reference number 757830.

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Oasis Motor Finance Limited

Trident Park, Trident Way, Blackburn, Lancashire BB1 3NU

Oasis Motor Finance Limited is a credit broker and a lender.
We look to find the best rate from our panel of lenders, which we are part of and will offer you the best deal that you're eligible for. We don't charge a fee for our service, but we do earn a commission. This does not influence the interest rate you're offered in any way.

Applicants must be 18 years or over. We are only able to offer finance products from our providers.

Oasis Motor Finance Limited are registered with the Information Commissions Office under registration number: ZA196536.