Lower the monthly payment
Another agreement may offer a lower monthly repayment. A longer term can lower the payment while increasing the total interest you pay.
Already financing your car?
Could your car payment be lower?
See whether another finance option could better suit you — without changing the car you already drive.
- Keep your current car
- Explore, then decide
- Plain-English process
Your finance checkStep 1 of 6
Checking your options does not guarantee an offer or a saving. Eligibility and terms depend on your circumstances, vehicle and lender criteria.
01PCP & HP considered
02Keep your current car
03No obligation to switch
04Plain-English comparison
Car refinancing, made clear
Keep the car.
Rethink the finance.
Refinancing means replacing your current car-finance agreement with a new one. If you proceed, the new lender may settle the old agreement — and you keep driving the same car.
- 01Today
Your current finance
The payment already leaving your account each month.
- 02The check
CarSave reviews options
Your agreement, car and circumstances shape what may be available.
- 03If you switch
Old finance may be settled
A new lender typically settles the existing agreement as part of the switch.
- 04Afterwards
Same car. New agreement.
You repay the new finance on its agreed rate, term and conditions.
Why take another look?
A different agreement could change the numbers.
What improves — if anything — depends on the option available to you.
Reduce interest overall
If the rate, balance and term work in your favour, another structure may reduce interest. Compare the total amount payable — not only the monthly figure.
Change the remaining term
A different term may better fit your budget or plans. Shorter terms usually mean higher monthly repayments; longer terms can cost more overall.
The CarSave point of view
Your current deal isn’t the only deal.
Car finance shouldn’t be set and forget.
A lot can change after you finance a car. Your circumstances can change. Available finance can change. The remaining balance changes every month.
CarSave gives you a simple way to take another look — then decide for yourself.
InsuranceEnergyMobileCar finance?
How CarSave works
Four simple steps.
One sensible decision.
Comparing an option does not commit you to switching. Look at the monthly payment, term, interest and total amount payable together.
- 01
Tell us what you pay
Start with your current monthly car payment.
- 02
Add your finance details
A few simple answers help shape the check.
- 03
Compare available options
See whether any eligible agreement improves your position.
- 04
Decide if switching makes sense
If you proceed, the new lender typically settles the existing finance.
Example current payment
£389/monthThe number worth reviewing
Your car may not need to change.
But it may be worth checking whether your finance could.
Who may be eligible?
The honest answer?
It depends.
Refinancing is not right for everyone, and an eligibility check is not a guarantee of finance. These are some of the factors a lender may consider.
- 01 Your existing agreement
- 02 Current settlement figure
- 03 Finance type and remaining term
- 04 Vehicle age, value and condition
- 05 Affordability and credit profile
- 06 Individual lender criteria
If you decide to proceed
A few things may help.
Depending on the lender, you may be asked for some or all of the following.
- Proof of address
- Driving licence
- Vehicle V5C / logbook
- Lender settlement statement
Before you check
Good questions.
Clear answers.
Refinancing is unfamiliar to many drivers. Here’s the plain-English version.
It means replacing your current car-finance agreement with a new agreement. If you proceed, the new lender will typically settle the old finance and you repay the new agreement instead.
That is the purpose of this type of refinancing: the finance changes, not the car. Any option will still depend on the vehicle and lender criteria.
It may, but it is not guaranteed. The rate, amount refinanced and term all affect the payment. Extending the term can reduce the monthly amount while increasing the total interest paid.
No. Some people may find a more suitable option; others may not. Compare the monthly payment, interest rate, term, fees and total amount payable before deciding.
It may be possible, subject to the settlement figure, your circumstances, the vehicle and lender criteria. A replacement agreement may have different features and end-of-term options from your current PCP.
It may be possible to replace an HP agreement if an eligible lender is willing to settle it. The new agreement’s rate, term, payment and total cost should be compared with the finance you already have.
If you accept a refinancing offer, the new lender will typically arrange to settle the existing agreement. You then make repayments under the new agreement. The exact process should be confirmed before you sign.
It can. An initial eligibility check may use a soft search, but a full application may involve a hard credit search. The live journey must tell you which type of search will happen before it is carried out.
You can usually request an up-to-date settlement figure from your current finance provider. An estimate may help you start exploring, but the exact figure will be needed before a switch can complete.
Costs depend on the existing agreement and the new option. Any relevant fees, interest and commission disclosures must be shown clearly before you proceed. Check the total amount payable, not just the monthly payment.
Yes. Spreading repayments over longer can lower the monthly payment but may increase the amount of interest paid overall. Both figures matter when deciding whether an option is genuinely better for you.
That depends on the product. Ownership, any final payment and end-of-term choices will be set out in the new agreement. Read those terms carefully before switching.
One number. One quick check.
Still paying the same car finance?
It may be worth taking another look.