Can I Refinance my Balloon Payment?

Check Your Eligibility in 60 Seconds

Re-financing a balloon payment on a car finance loan can be a great way to manage your finances and keep your car ownership affordable. A balloon payment is a lump-sum payment that is typically due at the end of a car loan term, and if not paid, the lender has the right to repossess the vehicle. Refinancing the loan means obtaining a new loan or other form of financing to cover the cost of the balloon payment and can be done at any time during the agreement.


A balloon payment is a lump-sum payment that is typically due at the end of a car loan term, and if not paid, the lender has the right to repossess the vehicle.


What are the Benefits of Refinancing my Balloon Payment?

Here are some of the benefits of re-financing a balloon payment on a car finance loan:

Lower monthly payments: By re-financing your balloon payment, you can often lower your monthly car payments, making it easier to manage your finances. This can be especially beneficial for those who are struggling to keep up with their existing payments.

Extended loan term: Refinancing your balloon payment allows you to extend the loan term, which can help you spread the cost of the loan over a longer period of time. This can be a good option if you are looking to lower your monthly payments, but still want to keep your car ownership affordable.

Improved credit score: By keeping up with your car loan payments, you can improve your credit score over time. Refinancing your balloon payment can help you do this by ensuring that you are able to make your payments on time and in full.

Access to better interest rates: By refinancing your balloon payment, you may be able to access better interest rates, which can save you money over the life of the loan. This is especially true if interest rates have dropped since you first took out your loan.

Avoid repossession: If you are unable to pay the balloon payment on your car loan, the lender has the right to repossess the vehicle. Refinancing the loan can help you avoid this outcome by ensuring that you are able to pay off the loan in full.

In conclusion, refinancing a balloon payment on a car finance loan can offer several benefits, including lower monthly payments, an extended loan term, improved credit score, access to better interest rates, and avoiding repossession. If you are struggling to keep up with your car loan payments or are facing a balloon payment, consider re-financing your loan to take control of your finances and keep your car ownership affordable.

Check Your Eligibility in 60 Seconds

Chelcie Rowe
Chelcie Rowe
Excellent customer service. Friend, helpful and patient. Knowledgeable and reassuring. This company helped when nobody else could in regards to finance, and Leon was exemplary.
Celin Roisin
Celin Roisin
Kirsty has been an absolute star the entire way - even when we had to change car last minute, she had it sorted and kept me feeling confident and secure throughout the entire process! I would recommend her to anyone and whoever gets her as an advisor is so lucky!!!!
Andrew Dean
Andrew Dean
Really smooth process, the guys were great from start to finish and couldn't be happier with my new car. Legends!
Dyan Walker
Dyan Walker
Excellent service. Ali was professional, attentive and extremely thorough. He explained everything clearly and was able to close the deal for me quickly. Initial contact was made on Saturday and by Monday everything was completed. 5* service.
Martin Ball
Martin Ball
Hello well had never brought a car this way before but was helped though the whole thing by great staff found a great car and within 24hours had a new car 5⭐ customer service
Toni Seraphin
Toni Seraphin
Was not expecting to be looking for another car so soon... and this was at no faulty of Happy motors... They handled the issue with my first car rapidly. Damian, Leon on the day of the bad event went above and beyond to rectify the issue and dealt with the dealership. This meant that Kirsty had to put up with me once again to find another car... and bless her understanding and patience again for dealing with me haha! I eventually found my car, and again Kirsty and happy motors were superb, quick and efficient fro. Auto trader add to the car being at my door... superb. I recommend this team to anyone and will spread their name far and wide.. and sorry to say Kirsty... I will definitely be back again without doubt or hesitation.
John Henry Oluebube Maduka
John Henry Oluebube Maduka
I recently had the pleasure of working with Kirsty at Happy Motor Finance to secure financing for my new car, and I am beyond impressed with the service I received. From the moment we connected, Kirsty was incredibly knowledgeable, patient, and attentive to my needs. They took the time to explain all the financing options available to me, ensuring that I could make an informed decision.What stood out the most was their commitment to finding the best possible Car, rates and terms that fit my financial situation. Kristy navigated through the paperwork with ease, making the entire process smooth and stress-free. A couple of times I was feed up and wanted to give up but Kirsty reassured me that this will workout in the end. Thanks to Kirsty's expertise and dedication, I am able to drive away in my dream car with a financing plan that works for me. I highly recommend Kirsty from Happy Motor Finance to anyone looking for a reliable and supportive finance company and representative. Thank you, Kirsty, for your outstanding service! I appreciate You😊
Kane Miller
Kane Miller
Thank you so much for the help and it was fast, easy and straightforward thank you Ali for the help if I could give you a 10 star I would 🌟⭐️
Hashem Ahmed
Hashem Ahmed
As a seller, the whole process was absolutely professional and swift. Would highly recommend and definitely work with again!
Alex Timmins-Jones
Alex Timmins-Jones
Very helpful and a personal touch. 99% of companies just click a button and leave you alone if rejected. Happy actually worked hard to understand my circumstances and make efforts to match. All completed in a couple of days start to finish. They obviously have a unique selection of finance companies on hand to support. Very happy with happy
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Company Name & Contact Details
Happy Motor Finance
Pennington House
16 Carolina Way
Salford Quays
Salford
M50 2ZY
0161 524 0582
Happy Motor Finance Limited is registered in England and Wales under company number: 14387669. Registered office address: Pennington House, 16 Carolina Way, Salford Quays, Salford, M50 2ZY

Happy Motor Finance Limited (FRN - 989250) is authorised and regulated by the Financial Conduct Authority. We act as a credit broker not a lender. We work with a number of carefully selected credit providers who may be able to offer you finance for your purchase. (Written Quotation available upon request). Whichever lender we introduce you to, we will typically receive commission from them (either a fixed fee or a fixed percentage of the amount you borrow) this will not affect the rate you are offered or the amount you will pay back. The lenders we work with could pay commission at different rates. All finance is subject to status and income. Terms and conditions apply. Applicants must be 18 years or over. We are only able to offer finance products from these providers.

Happy Motor Finance Limited are registered with the Information Commissioners Office under registration number: ZB408604

VAT Number: 456 0212 21
Specialist Automotive Finance Approved
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