Can I refinance my balloon payment on my PCP agreement?

Refinancing my balloon payment 

If you’re coming to the end of your Personal Contract Purchase (PCP) agreement with us and would like to keep your vehicle, you may be able to refinance your optional final payment (balloon payment). Your other options are to pay the lump sum off in full, part exchange or return the vehicle (subject to excess mileage and damage charges).  

Refinancing is a great option if you know you’d like to own your vehicle but not pay a lump sum. There are a few things to consider before requesting a quote:

• You can only get a quote for refinance once you’re within 90 days of the end of your agreement. If you’re considering your options earlier than that, please come back when you’re in that 90‑day window and we’ll be happy to provide a quote.
• Our team will aim to keep your payments as close to what you’re currently paying as possible.
• If you wish to go ahead with the quote, the refinance questionnaire must be completed and returned within 7 days of receiving it.
• The length of agreement options for refinance are for a minimum of 12 month to a maximum of 48 months.
• The deposit range is 0% - 40% of the balloon value.
• A lump sum payment can be made to lower the amount you refinance.
• You’ll be taking out a new agreement with us so will have to go through credit checks and underwriting, before we can confirm if you’ll be accepted for refinance. 

ELIGIBILITY

To be considered for refinance you must meet the following criteria:

• Have good payment history with us and no more than 5 missed payments throughout the life of your current agreement.
• Your vehicle must be less than 109 months old (roughly 9 years) at the start of your new refinance agreement.
• Your vehicle must be no more than 144 month (12 years) old when the refinance agreement is due to end.
• If you have an Individual Voluntary Arrangement (IVA) you won’t be eligible for refinance.

Please be aware that if refinancing your optional final payment, you will not own the vehicle outright until all refinance payments have been made. 

If you'd like to discuss your potential refinance options with one of our team, please contact us through your online account or using live chat.

HOW TO APPLY FOR REFINANCE

If you would like you request a refinance quote, please complete this form and a member of our team will be in touch.