Skip to content

Car refinance

Get a cheaper car finance deal with Motiv

  • Representative APR 11.9% (Fixed)

  • Compare car refinance deals through our partner, Motiv

  • We'll find the deals you're eligible for

MoneySuperMarket is a credit broker not a lender. You must be 18 or over and a UK resident.

Compare car refinancing deals from across the market

Our partner Motiv works with a wide range of providers, including the big car finance brands, to help you borrow the money you need

company logo for carfinance-247-logo
company logo for evolution-loans-logo
company logo for my-car-credit-logo
company logo for oodle-logo
company logo for rac-logo
company logo for zopa-logo

What is car refinancing? 

Refinancing involves getting a new finance agreement and using this to repay your existing agreement.  If you have taken out finance to purchase your car, you may be able to refinance onto a different deal.

There are various reasons you may do this, such as lowering the interest rate, the monthly payment, or helping to finance a balloon payment if you have a Personal Contract Purchase (PCP) deal.

Refinancing may benefit you if your credit score has improved or you didn't shop around for your original deal. You may also benefit if your circumstances have changed since you took out your original car finance deal.

car key

How does car refinancing work? 

Here's a snapshot of the procedure when you refinance a car purchase...

  • Fix your resettlement figure

    Request your settlement figure from your current lender if you haven't done so already. This will then help finalise the details of your refinance deal.

  • check terms icon

    Provide information

    Fill in the requisite forms, providing any final information and undergoing any checks on yourself and your financial record that the new lender stipulates.

  • Undergo vehicle checks

    If refinancing onto a Hire Purchase agreement, complete any checks on the vehicle the lender requires. E.g: to confirm condition and ownership 

  • Dot the i's

    Complete any paperwork that's required to take out the new agreement. Done that? You're now good to go.

What are the pros and cons of car refinancing?

  • Tick


    • You may get lower monthly payments compared to your existing deal 

    • You may get a lower APR too

    • You only need to switch if the refinance offer is better for your circumstances 

  • Cross


    • Not everyone will be offered a better deal than their existing finance 

    • Finance is secured on the car so it’ll be repossessed if you miss repayments  

    • Your rights may change compared to your existing agreement 

Why compare car refinancing deals with MoneySuperMarket?

We’ve partnered with Motiv to bring you top car finance deals from across the UK market. Here's how easy it is to compare...

  • stopwatch

    It takes minutes

    Just tell us a few details about yourself and the car you’d like to refinance. We’ll track down the deals you’re eligible for. And we’ll flag monthly repayments.

  • magnifying glass icon

    It won’t affect your credit score

    Comparing car refinancing deals with MoneySuperMarket won’t damage your credit rating. So you really can compare with confidence.  

  • We'll seek out great deals

    We’re confident our partner Motiv can help you save by refinancing your car. Once you’ve found a deal that suits you, we’ll put you straight through to the lender.  

Can I get a better deal by refinancing? 

Whether you can get a better deal by refinancing will be affected by many things. Not least the existing deal you’re on, the APR and the monthly payments that you pay.  

How your credit score & personal circumstances have changed since you took out your finance will also have an impact. If your score has improved, you’re more likely to be offered better rates by finance companies. 

Market conditions will also have an impact. If interests rates have changed since you took out your initial agreement that will have an impact on the APR that lenders can offer you. 

You can use our free service to find out if you are eligible to refinance with no impact on your credit score.  

woman on laptop
Emma Lunn

Our expert says


If you have a finance deal on your car you won’t necessarily need to stick with this until the end of the term. It might be possible to pay off a lump sum with cash, borrow money to pay off a PCP balloon payment or refinance to a lower interest rate on a HP deal or car loan. The options available will depend on the deal you signed up to, your personal circumstances and credit score.

- Emma Lunn, Personal finance expert

Compare car refinancing options with MoneySuperMarket

Let us take the strain out of refinancing your car finance. With Motiv’s free service, it takes just a few minutes and you can see your results and decide which plan suits your needs. 

  • Tell us about your car

    Enter the details of your car and details of your current car finance deal. That's all we need to get started.

  • Enter your details

    We need these to check your eligibility for offers. But don’t worry: there’ll be no impact on your credit score 

  • Proceed with a lender

    If a deal matches your needs, you can continue with your chosen car finance provider 

We're highly rated by real customers

4.9 out of 5240,740 reviews

It's fair to say that refinancing a car can make it trickier if your credit rating is impaired. But you may still be able to.

The lenders who may be able to help you are those that specialise in bad credit car loans. As you might expect, though, refinancing deals for people with bad credit will usually have a comparatively high interest rate.

Provided you kept up with repayments on your original car finance deal and maintain repayments on your refinanced loan, your credit score is not in danger.

Better still if your payment record with the original lender is good, you should have a better chance of getting a more appealing rate when refinancing.

Car leasing doesn't operate like a loan. So you won't be able to refinance your arrangement with the leasing company to lower your payments or spread the cost.

If you're struggling to make car-lease payments, you may instead opt to end the lease or transfer your car lease to a third party.

When you're looking to refinance a car you'll typically be asked to provide...

  • Driver's license

  • Vehicle registration

  • Proof of income (payslips, for instance)

  • Proof of insurance (your policy documents)

  • Proof of residence (a utility bill, for example)

  • The 10-day payoff statement from your lender

If you're able to refinance your car with a better rate or extend your loan period, you could certainly end up with lower monthly repayments.

If your credit rating has improved since you took out the original loan, you're giving yourself a good chance of being able to refinance and cut your monthly outgoings.

It's fair to say that the majority of people who refinance their car loan do so with another lender. But it's not mandatory.

Your existing lender may well be able to arrange a refinancing deal for you too and still cut your monthly payments.

To find out you can either contact your lender directly, or get in touch with a car loan broker who will handle the negotiation for you.

You work hard to earn your money, and we don’t think you should waste a penny of it paying over the odds on your household bills. That’s why at MoneySuperMarket, we’re on a mission to save Britain money.

  • Whip your credit score into shape with Credit Monitor

  • Super save over and over again with Energy Monitor

  • There are always more ways to save with MoneySuperMarket 

So how do we make our money? In a nutshell, when you use us to buy something, we get a reward from the company you’re buying from.

You might be wondering if we work with all the companies in the market, or if our commercial relationships with our partners might make us feature one company above another. We’ve got nothing to hide, and we want to give you clear answers when it comes to questions like these, so we’ve pulled together everything you need to know on this page.

Looking for other forms of banking and lending?