Refinance your car

What's car refinance?

This is when you want to pay off the outstanding amount on your current car finance with a new finance agreement.

  • The new finance is normally with a new lender.
  • With Bank of Scotland, you can pay off your existing PCP or HP finance and switch to either PCP or HP with us.
  • When you refinance with us, we'll settle your existing finance with a one-off payment. 

How can refinancing help me?

Switching your car finance onto a new agreement could be ideal if:

  • you want to keep your car and want to spread the cost of the final, balloon payment.
  • the new finance is at a lower APR, so you could pay less each month.
  • your circumstances have changed and you want a different monthly repayment or term.

How our refinance works

Log in for a quote

It's quick and easy to find out how much it will cost you.

Ask your provider for a settlement quote so that you can use accurate information.

Get a quick decision

Find out if you're approved without a credit check.

Make your switch

Email your settlement figure, so we can switch you over.

Start your switch

Flex Car Finance (PCP) features

Our personal contract purchase finance is ideal if you want to pay less each month than our HP or loans and have the option to own the car.

  • 5.9% APR representative when you borrow between £7,000 to £25,000.
  • Set a 1 to 4 year term.
  • Lower monthly repayments than for our HP or personal loans.
  • No credit check needed.
  • Return the car at the end of the term or pay a final lump sum to own it - yearly mileageIf you've exceeded the agreed mileage allowance on return of the car, you'll need to pay an excess mileage charge. You can avoid this by agreeing a realistic mileage at the start. and return conditions apply.
  • Borrow between £3,000 and £60,000.

Fixed Car Finance (HP) features

Our hire purchase finance is ideal if you want to own the car at the end of the agreement.

  • 4.8% APR representative when you borrow between £7,000 to £25,000.
  • Set a 1 to 5 year term.
  • Pay a fixed amount each month.
  • No credit check needed.
  • Own the car when the agreement ends.
  • Borrow between £3,000 and £60,000.

And with both our refinance options, you can get a quote and apply online - with a quick decision. Also, we won't charge you for early repayment.

Other borrowing amounts are available at different rates.

Lending is subject to status and additional affordability checks.

Log on to get started

Just tell us about your car and your finance. Your finance needs to be with another provider, not us, Lloyds Bank, or the Halifax.

You need to be:

  • aged 18 or over
  • registered for Internet Banking
  • a Bank of Scotland current account holder. 

You must have regularly used your current account for at least three months.


Start your switch

Bank of Scotland plc. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628.