Frequently asked questions

1. How it works Input your current monthly payment and how many monthly payments you have left on your current car Loan.If you have a PCP(Payment contract Purchase) you will also have what is referred to as a final or balloon payment. Enter this too. We then Calculate how much you could potentially save by looking at current loan products available in the marketplace.Don't worry, if you can't find your settlement figure.Login and a satisfaction specialist will assist you further.

Upon finding the best deal we manage the switching process from your current lender to your new Lender so you don't have to and we even monitor your Loan for Life ensuring if a better deal becomes available will be the first to know.
Best regards,

2. What is Personal Contract Purchase (PCP) Personal Contract Purchase (PCP) offers the best in flexibility at the end of the agreement, together with low, fixed monthly payments.

At the start of the agreement, your car's guaranteed future value is calculated, based on an agreed mileage. This is deferred as a final or 'balloon' payment.

At the end of your agreement, you could

1. Buy the car by paying an agreed minimum residual value

2. Part-exchange the vehicle for another

3. Sell the vehicle privately (settling the balloon).

4. Subject to mileage and condition, return the car with nothing more to pay (e.g. if depreciation resulted in negative equity which is when the car is worth less than you owe on your loan - In this case, you will be required to pay the difference).

3. What is a Hire Purchase (HP) Hire purchase is an agreement where you pay for the whole vehicle over a certain term.The interest is added to your monthly payments and you own the vehicle once you have made all monthly payments. You cannot sell the vehicle prior to this as the loan is secured on the vehicle.

4. What you need to know when refinancing your car Loan with a …

Hire Purchase Personal Contract Purchase Personal Loan

Hire Purchase

Refinancing your car Loan with a HP agreement(secured on the car) is exactly the same as getting a new HP agreement. You will still be afforded the same conditions. 1)Fixed monthly payment over the term of the Loan after which ownership of the vehicle can be transferred upon payment of an administration fee

2) The Loan can be settled early although an early settlement charge may be imposed.

Personal Contract Purchase

Refinancing your car loan with a PCP agreement(secured on the car) is exactly the same as getting a new PCP agreement.

1)This is usually the cheapest monthly payment due to the future value of the car deferred as a one time payment known as the final or balloon payment.

2)The loan can be settled at any time by obtaining a settlement figure from the lender and making full payment.

Personal Loan

A personal loan is different from a HP or PCP agreement as it is not secured against the car. Refinancing your car loan with a personal loan is slightly different based on your existing Car Loan.

1)If you have a personal loan there is no difference

2) If you have a PCP agreement, your overall cost will reduce but your monthly payment or term might increase.Whilst with a HP agreement your overall cost will reduce.

In both cases you will take ownership of the vehicle and lose your voluntary termination rights which allows you to return the car to the Lender halfway through the agreement at no cost.(providing you have abided by the terms)

A personal loan will allow you to settle your loan early based on Lender terms and conditions.