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Rates from 6.9% | 8.9% APR Representative

Refinance Your Car

8.9% APR Representative

We are a credit broker, not a lender

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Representative Example – Personal Contract Purchase: Cash Price £35,000.00, Deposit £2,000.00, borrowing £33,000.00 over 4 years at 8.9% Representative APR (fixed). 47 monthly payments of £496.83 followed by a final payment of £18,590.00. Total cost of credit of £8,941.01 and total amount payable of £43,941.01. Based on 8,000 miles per annum, excess mileage charges will apply if this is exceeded. Finance subject to status 18+ only. 

Why Refinance?

Refinancing is a common solution for those wanting to keep their car or those just wanting to change the length/figures of their agreement.

There are many reasons that a refinance makes sense, with a large majority using this type of finance to keep or extend the terms of their current deal. Whatever the reason, our team of advisors provide our unique concierge approach to finding the perfect deal for our clients.

Refinancing cannot be done via our calculator, so please contact the Magnitude Finance team today and we’ll take the stress out of arranging your next refinancing deal.

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Here are some examples where refinancing may be the right choice for you: 

Lower Interest Rates: If interest rates have dropped since you took out your original agreement or your credit score has improved, refinancing may be able to help you secure a lower interest rate. A lower APR means you will pay less in interest over the life of the loan, saving you money. 

Reduced Monthly Payments: By refinancing, you can extend the term of your loan, which spreads out the payments over a longer period. This can significantly reduce your monthly payments, making it easier to manage your budget. However, keep in mind that extending the loan term may result in paying more interest overall. 

Shorter Loan Term: Conversely, you might choose to shorten the loan term. This means higher monthly payments, but you’ll pay off the loan faster and reduce the total amount of interest paid. This can be a good option if your financial situation has improved, and you can afford higher payments. 

Improved Finance Terms: Refinancing can also allow you to change other aspects of your loan. For example, you might want to remove a co-signer if your credit has improved or add one if you need help qualifying for better terms.

Equity Release

If you own your vehicle outright, or your vehicle has significant equity, you might be able to do an equity release. This can be useful for covering unexpected expenses, but will require a qualifying vehicle of enough value, along with qualification for yourself from the lender. For more information on equity release speak to our specialist team here. 

For a quote, please speak to our team, this variety of finance is bespoke to you and your car so unfortunately we cannot provide a quote via our calculator. You can call us on 01943 660703, use Live Chat, WhatsApp, or fill in our contact form and our team will be happy to help! 

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See what our clients think...

Trustpilot

  • Yes, refinancing is a very popular option for those coming towards the end of their agreement looking to keep their car. We have access to multiple refinancing options from our lenders, just speak to our team for a quote!

  • Applying for car finance of any kind involves a hard-search on your credit report, which can temporarily lower your score -the effect is usually minor and short-term. We can also do what is known as a soft-search to prequalify you for a lender if this is preferred, speak to our team if this is your preferred option.

  • Yes, you will just need to secure a settlement figure from your lender before you do so (we can do this for you). You can also pay lump sums into the agreement to either reduce the term or lower your payments – each lender has their own terms regarding overpayments, speak to our team for more information.

  • Your credit score, loan term, loan amount, and the lender’s policies all influence the interest rates that are available to you. We will always offer you the lowest available interest rate (APR) we have available for your circumstances. Our representative APR is the interest rate that the majority of our customers are offered.