Your finance agreement is signed, you’ve started making payments, and you’re behind the wheel of your dream car – what more could you want, right? ...
Hire Purchase – or HP – is a type of car finance that lets you spread the cost of a car over an agreed length of time, after which you'll own the car outright.
Personal Contract Purchase - or PCP - is a flexible finance agreement that allows you to hand the car back, own it outright or trade it in for another at the end.
Refinance is the process of taking out a new finance agreement so you can pay off your current loan and switch to a new lender.
Our calculator will estimate how much interest you'll be paying and how much your payments might be each month.
Use our early settlement calculator to estimate the outstanding amount on your current HP or PCP agreement.
See if you’re eligible for a car loan - it's fast, free and has no impact on your credit score.
See if you can switch and save with Carmoola and thank us later.
Takes 60 seconds, no impact on your credit profile to see if you're approved 👍
Representative 15.7% APR
Car refinance is the process of taking out a new finance agreement so you can pay off your current loan and switch to a new lender, usually with lower rates and better terms.
STEP 1
Answer a few questions about your car mileage and settlement quote from your current lender
STEP 2
After a few questions in our app you’ll find out if you’re eligible and your new rate and budget for refinancing
STEP 3
Simply pay your settlement quote with your Carmoola card or by bank transfer, all from your smartphone
Is there anything better than saving money (apart from unlimited ice cream? Just us?). The prospect of being able to save some pounds is one of the biggest reasons people decide to refinance.
It’s worth noting that saving is not guaranteed, it will depend on what your current deal looks like and how your circumstances have changed since you signed your first agreement. The finance agreements available to you will also be affected by wider market conditions, which can impact the APRs on offer.
The good news is that if you’ve improved your credit score, you might qualify for a lower interest rate that will save you money in the long run. The even better news is, Carmoola can help.
Thinking about refinancing your current deal? Try our car refinance calculator to see what your new deal might look like. We’ve included helpful things such as how much interest you’ll be paying, how much your new payments might be each month, and what your APR might be based on how you think your credit profile is doing.
NEW DEAL Breakdown
Interest rate
£318.72
Final payment of
£319
Total cost of credit
£1,474.03
Option to purchase fee
£1
Total payable
£11,474.03
For illustration purposes only. The rate and budget you may be offered will be based on your individual circumstances. This is not an offer or a quote for finance. Your contribution does not form part of the refinance agreement.
Borrowing £10,000 over 54 months with a representative APR of 15.7%, an annual interest rate of 15.7% fixed and a deposit of £0.00, the amount payable would be £255 per month, with a total cost of credit of £3,770 and a total amount payable of £13,771 including a one-off Option to Purchase fee of £1.
We offer hire purchase loans between £2,000 - £40,000 at a personalised
APR between 6.9% and 24.9%
Add details about your current contract and finance provider
If you don't have a quote yet, please estimate how much is left to pay on your existing finance agreement
Test drive contract length, credit profile and monthly payments
When you apply, we'll find out your exact credit profile. For now, please choose the option you think is most accurate
You could reduce your monthly payments by 🙌
Your monthly payments would go up 🧐
Add details ☝️ about your current contract and see if you might be able to save money by switching!
Download the Carmoola app to get your personalised refinance quote, and see how much you could save!
The use of this refinance calculator to determine how much you might save by refinancing is not a guarantee of the availability of credit facilities from Carmoola.
Thinking about refinancing your current deal? Try our car refinance calculator to see what your new deal might look like. We’ve included helpful things such as how much interest you’ll be paying, how much your new payments might be each month, and what your APR might be based on how you think your credit profile is doing.
Add details about your current contract and finance provider
If you don't have a quote yet, please estimate how much is left to pay on your existing finance agreement
Test drive contract length, credit profile and monthly payments
When you apply, we'll find out your exact credit profile. For now, please choose the option you think is most accurate
You could reduce your monthly payments by 🙌
Your monthly payments would go up 🧐
Add details ☝️ about your current contract and see if you might be able to save money by switching!
Download the Carmoola app to get your personalised refinance quote, and see how much you could save!
The use of this refinance calculator to determine how much you might save by refinancing is not a guarantee of the availability of credit facilities from Carmoola.
NEW DEAL Breakdown
Interest rate
£318.72
Final payment of
£319
Total cost of credit
£1,474.03
Option to purchase fee
£1
Total payable
£11,474.03
For illustration purposes only. The rate and budget you may be offered will be based on your individual circumstances. This is not an offer or a quote for finance. Your contribution does not form part of the refinance agreement.
Borrowing £10,000 over 54 months with a representative APR of 15.7%, an annual interest rate of 15.7% fixed and a deposit of £0.00, the amount payable would be £255 per month, with a total cost of credit of £3,770 and a total amount payable of £13,771 including a one-off Option to Purchase fee of £1.
We offer hire purchase loans between £2,000 - £40,000 at a personalised
APR between 6.9% and 24.9%
Anyone can switch their existing car loan by getting an early settlement quote. With Carmoola, you can switch in 8 minutes, all from your smartphone.
Refinancing can unlock savings by restructuring your loan with a lower interest rate or better terms.
Our friendly, UK-based team is here from 8am - 9pm EVERY day, via WhatsApp, email, SMS or phone.
Missed a payment? You can catch up easily in our app and even make overpayments with no fees.
“The easiest application for car finance I’ve ever had. Even the garage I purchased from was impressed at how quick the process was! Would recommend to anyone.”
“This is the best car finance company I’ve ever dealt with, they are the meaning of hassle free and I can guarantee they’ll be lower than you current finance on interest rates.”
“Went from a few questions answered honestly and quickly over whatsapp. To signing my refinance agreement and my existing finance company getting paid in under 2 hours. Simple, easy and stress free experience.”
“Applied for finance and literally was asked a few questions the day after to clarify some things. The same day I went through the dealership and car was ready to drive home the same day. Superb company and communication and the app is great.”
“Easy to use the app and very helpful staff. I also was given the best deal that nobody else could offer me. Thanks team Hanan, Kayleigh and Tom.”
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Frustrated with your current finance company, or paying too much each month? You may want to consider refinancing over to a new deal. Got more questions? Head over to our FAQs page 👍
Need to make a change now? You can apply to refinance your current car deal at any time. That said, it’s worth keeping in mind that some lenders will ask that you’ve had your existing loan for a set period (usually at least 12 months) before looking to switch things up.
Credit scores are affected by a whole host of different things, but refinancing will usually lower your score in the short-term. That’s because your new deal will be considered a new account on your credit report while also adding a new hard search and reducing the average age of your credit.
Don’t worry; this decrease should only be temporary. Once you start making your new loan repayments, your score will start to recover. In fact, if your new deal comes with more affordable repayments – and reduces the chances that you’ll miss a payment – refinancing could even improve your credit score over time.
Bad credit scores can happen for a range of different reasons. There’s no judgement here; if you’ve missed payments in the past, you might still be able to refinance.
Your options may be more limited and you’re unlikely to have access to the lowest APRs, but there are lenders who specialise in bad credit car finance. You could switch to a loan with a longer term and lower repayments (paying more interest over time) or refinance your PCP balloon payment.
When applying to refinance your car, you’ll likely need to provide:
What would you like to do first?
Takes 60 seconds, no impact on your credit profile to see if you're approved 👍
Rates from as low as 6.9% APR, Representative 15.7% APR
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