Car refinancing involves taking out a new finance agreement, typically with a different lender, to pay off the balance on your existing car loan. This process settles your current finance with a one-off payment.
Customers often choose to refinance to better match their current financial circumstances. When you initially take out a hire purchase (HP) or personal contract purchase (PCP) deal, you commit to monthly repayments for a set period, usually between 2 and 7 years. However, life changes can make your original loan less suitable over time.
You might benefit from refinancing if your credit score has improved, potentially qualifying you for a lower interest rate and reduced monthly payments. Alternatively, if your expenses have increased, you might want to lower your monthly repayments.
Refinancing can also help if you initially took out joint finance but now need a loan solely in your name, potentially reducing your monthly payment as well. Additionally, if you’re at the end of a PCP agreement and want to keep your car, you can finance the balloon payment.
Whether you’re looking to secure a better deal, lower your monthly repayments, or finance a balloon payment, refinancing could be a beneficial option. It starts with a quote. If approved in principle, a dedicated account manager will contact you to discuss your options with no obligation. They can answer any questions about your existing loan and how refinancing could work for you.
Refinancing can be a great solution if your circumstances have changed, but it’s not guaranteed to be beneficial for everyone. The best way to determine if refinancing is right for you is to consult with one of our finance specialists.
Benefits of Refinancing:
We offer refinancing for both Hire Purchase (HP) and Personal Contract Purchase (PCP) deals.
Yes, it’s possible to refinance even if your credit rating has dropped since you took out your original loan. At Happy Motor Finance, we specialise in arranging finance for all credit scores. Speak to one of our team members to find out more.
Our team of experts is here to help you every step of the way.
For more information on how refinancing can benefit you, check our finance calculator and see what works best for you.
The above rates and monthly payments are an example only. The actual rate you will be offered by lenders could be lower or higher depending on your circumstances
Representative example: borrowing £6,500 over 5 years with a representative APR of 19.9%, an annual interest rate of 19.9% (Fixed) and a deposit of £0.00, the amount payable would be £166.07 per month, with a total cost of credit of £3,464.37 and a total amount payable of £9,964.37.
*Our lenders operate using an initial "soft search" which does not impact your credit score however, if you wish to proceed with the finance offered, the lender may carry out a "hard search" prior to sending you the finance documentation to sign.
Amazing experience from start to finish, the people there don’t push you into anything. The checks are really good, they not only check out the car but who you are buying it from. Thanks to Matthew and Leon for all their support in helping me choose the right car for me.
They were extremely helpful and did everything they could to get me finance even with a bad credit rating. Couldn’t recommend these guys enough. Leon talked me through it every step of the way, the company are lucky to have you😊
Very helpful team Leon walked me through the whole process and didn’t push. He also gave brilliant advise and set up warranty package that gave me peace of mind.
I've just picked up my new car, absolutely love it, Alan was amazing I told him everything I was looking for in a car and within minutes he found my dream car, Alan kept in contact with me through the whole experience, checking I was still happy with everything, I would highly recommend Happy motors finance and have already done so with friends. THANK YOU SO MUCH! 😊
Cannot praise this company highly enough. Dealt with Alan, who pulled out all the stops and exceeded my expectations. Everything went so smoothly. Alan also made sure I was given all the details needed and communication was excellent. Keep up the good work guys.
Chelcie RoweExcellent 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 RoisinKirsty 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 DeanReally smooth process, the guys were great from start to finish and couldn't be happier with my new car. Legends!
Dyan WalkerExcellent 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 BallHello 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 SeraphinWas 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 MadukaI 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 MillerThank 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 AhmedAs a seller, the whole process was absolutely professional and swift. Would highly recommend and definitely work with again!
Alex Timmins-JonesVery 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
