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Car Refinance
Switching your car finance from another provider to Lloyds Bank could help you lower your monthly repayments or spread the cost of a final, lump sum payment.
Why refinance your car with Lloyds Bank?
Lloyds Bank customers can switch their current PCP or HP car finance from elsewhere to us by getting an online quote, that won’t affect your credit score. Customers can then choose to switch to either Personal Contract Purchase (PCP) or Hire Purchase (HP) with us.
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.
- No early repayment charges.
- Yearly mileage limitsIf you have exceeded the agreed mileage allowance on return of the car, you will need to pay an excess mileage charge. You can avoid this by agreeing a realistic mileage at the outset.
- Funds are sent directly to the finance provider.
- Once your application is agreed and you’ve signed the legal documents online, we transfer the finance amount direct to the dealership the same day.
Other terms, borrowing amounts and rates are available.
Hire Purchase (HP)
What are the benefits?
- 5.9% 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 finance provider.
- Once your application is agreed and you’ve signed the legal documents online, we transfer the finance amount direct to the dealership the same day.
Other terms, borrowing amounts and rates are available.
Get a quote for car refinance
You can apply if you’re 18 or older, a UK resident and have had a current account with us for at least three months.
We are unable to refinance existing Lloyds, Halifax or Bank of Scotland car finance customers. You will need to know how much is outstanding from your current lender.
When we transfer the finance amount direct to your current finance provider, we normally do this on the same day. The money could be in their account in a few hours. Payments made after 2.30pm will be received before 12pm the following day.
Lending is subject to status and additional affordability checks.
How it works
- 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.
- See your decision: Find out if you're approved in a few 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.