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 with no credit checks required.

Customers can then choose to switch to either Fixed Car Finance (HP) or Flex Car Finance (PCP) with us.

Flex Car Finance (PCP)

What are the benefits?

  • 4.5% 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.

Fixed Car Finance (HP)

What are the benefits?

  • 3.8% 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.

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

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

Representative example

You could borrow £13,000 over 48 months with 48 monthly repayments of £291.99. Total amount repayable will be £14,015.52 (including £10.00 purchase fee). Representative 3.8% APR, annual interest rate (fixed) 3.7%. 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

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

See your decision

Find out if you’re approved in minutes.

Make your switch

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

Want to know more?

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

Go to FAQs

Can’t find what you’re looking for?
Call: 0333 202 7943. Lines are open from 9am – 5pm Monday – Friday, 9am – 1pm on Saturdays and closed on Sundays.

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.