The Financial Conduct Authority (FCA) announced on 11 January 2024 that a review will be conducted in the vehicle finance market regarding Discretionary Commissions. We want to inform our customers that Anglo Scottish Asset Finance acts as a broker, not a lender, and if you believe you have been impacted by this issue, please contact your car finance lender. For further information, please click here

The Financial Conduct Authority (FCA) announced on 11 January 2024 that a review will be conducted

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Vehicle Refinance

Making Vehicle Finance work for you.

Refinancing is the process of taking out a new finance agreement to pay off the existing and outstanding balance on a car finance agreement.

Refinance is simple, you can take a new finance deal on terms that are better suited to your current needs. This might be a lower interest rate or a longer term to keep your monthly payments down. You might also want to take out a loan to pay off the final balloon payment on a PCP deal enabling you to keep your current car.

How Can Anglo Scottish help?

We’re experts in finding the right deal to match your circumstances, and with over 70 different funders to choose from, we can help you refinance your car quickly and easily. Contact us to learn more.

Potential Benefits of Vehicle Refinance?

  • Lower monthly payments
  • A better deal
  • Keep your car
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Need help? Call us on 0191 410 4776


There are two ways to refinance your car deal, refinance the whole deal or refinance a balloon payment.


Refinance the whole deal

It is possible to refinance your finance agreement by taking out a new finance deal– usually with a new lender – to pay the balance of your existing car finance loan.

There are a number of reasons why you may choose to vehicle refinance, for example; if your circumstances have changed, you may be eligible for a better deal, and re-arranging your finance deal could reduce your monthly costs.

Or, you may have signed up for a finance deal with your car dealership without realising that you could have sourced your own finance from a third party. By shopping around for a new finance agreement, you could secure a lower interest rate, and lower your costs.

It’s important to remember that refinancing your car agreement in this way could increase the period of time that you are paying for your car.

Balloon Refinance

If you have previously purchased a car on a PCP and you are coming to the end of your agreement, you’ll likely have a final balloon payment due.

At this stage you will have a number of options; hand the car back and take a new deal/car or pay the balloon payment and keep the car.

If you decide to keep the car because you really like it, or because you’d you are unable to find another car to replace it in the correct time frame, then vehicle refinance could be the best solution for you. You can take out a new finance agreement to spread the one-off balloon payment down into more manageable monthly repayments, allowing you to keep the car you love.

Remember, refinancing your car agreement in this way will increase the period of time that you are paying for your car, and you may end up paying more than if you’d paid the balloon off in one go.


  • Make sure you take note of the total amount payable on the loan. If you’ve chosen lower monthly payments but a longer loan term, then you could end up paying back more overall.
  • Effect on your credit score. Taking on new debt may reduce your credit score slightly, but because refinancing replaces an existing loan with another of roughly the same amount or lower, its impact on your credit score should be minimal.


Three easy steps to refinance your vehicle.

Talk to Us

car-finance how it works_1 contact us


If you’re looking to refinance your car, contact one of our experts to talk through your options. We’ll take some information from you and start looking for a suitable refinance option.


car-finance how it works_2 approval


Using the details, you have provided we’ll compare deals from our panel of lenders to find the perfect deal for you and have the agreement approved in principle.

We do the work

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Once approved we’ll take care of all the paperwork and make sure you’re new agreement is in place.

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