Car refinance

Refinancing your car with Bank of Scotland could help you lower your monthly repayments or spread the cost of a final lump sum. 

What is car refinancing?

Car refinancing is the process of taking out a new finance agreement to pay off the outstanding balance on an existing car finance agreement, usually with a new lender.

Why refinance your car with Bank of Scotland?

Bank of Scotland customers can switch their current HP or PCP car finance from elsewhere to us by getting an online quote that won’t affect your credit score.

Personal Contract Purchase (PCP)

What are the benefits?

  • 7.9% APR representative when you borrow between £7,000 to £25,000.
  • Lower monthly repayments.
  • 1-4 year terms available.
  • Own the car by paying a final lump sum, or return it.
  • Yearly mileage limits.If 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 outset.
  • No early repayment charges.
  • Funds are sent directly to the dealer.

Other terms, borrowing amounts and rates are available.

Hire Purchase (HP)

What are the benefits?

  • 6.3% APR representative when you borrow between £7,000 to £25,000.
  • Fixed monthly repayments.
  • 1-5 year terms available.
  • Own the car when the agreement ends.
  • No early repayment charges or final lump sum.
  • Funds are sent directly to the dealer.

Other terms, borrowing amounts and rates are available.

Ready to apply?

To make an application, you must have:

  • Existing car finance, not with Bank of Scotland, Lloyds Bank or the Halifax.
  • An active Bank of Scotland current account (3 months minimum).

And be:

  • 18+ and a UK resident.
  • Registered for Internet Banking.

You’ll also need to know how much is outstanding on your existing car finance with your current lender.

Lending is subject to status and additional affordability checks.

Start your switch
 

How it works

  1. Get your quote: Log on to Internet Banking and tell us about your car and current finance. Ask your provider for a settlement quote so that you can use accurate information.
  2. See your decision: Find out if you're approved in a few minutes.
  3. Make your switch: Email or upload your settlement figure, so we can switch you to us.

HP Representative example:

You could borrow £13,000 over 48 months with 48 monthly repayments of £306.05. Total amount repayable will be £14,700.40 (including £10 purchase fee). Representative 6.3% APR, annual interest rate (fixed) 6.09%. Other amounts and terms are available at different rates.

The representative APR applies to loans of £7,000- £25,000 over 1 to 5 years. Other terms and lending amounts are available at different rates.

This example shows you the rate you could get as a current account customer taking out our HP product. For a personalised quote based on your own circumstances, you’ll need to login to Internet Banking.

How to refinance your car

Get your quote

Get your quote

Login to tell us about your car and your current finance.

See your decision

See your decision

Find out if you’re approved in minutes.

Make your switch

Make your switch

Email your settlement figure, so we can switch you to us.

Compare your car finance options

Compare your car finance options

If you're not sure which type of car finance is right for you, use our comparison tool to explore your options.

Compare car finance

Want to know more?

You’ll find more details about transferring your car finance in our FAQ section.
 

Go to FAQs


Need help with your car refinance application?

Call: 0333 202 7968.

Lines are open from 8.30am-6pm Monday–Friday, 9am–1pm on Saturdays and closed on Sundays.