Refinance your car

Could refinancing save you money? See if you can switch and save with Carmoola today.

Representative 14.8% APR

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What is car refinancing?

Car refinance is the process of taking out a new finance agreement so you can pay off your current loan and switch to a new lender, usually with lower rates and better terms.

Could refinancing save me money?

Refinancing your car loan gives you an opportunity to restructure it in a way that could potentially save you money. This process involves replacing your existing loan with a new one, ideally at a lower interest rate or with more favorable terms. By exploring these options, you can potentially:

  • Secure a lower interest rate

If your credit score has improved since taking out your current loan, you may qualify for a more competitive interest rate. This reduction can translate to savings over the life of the loan.

  • Reduce monthly payments

Refinancing with a longer loan term can decrease your monthly payments. However, it's essential to understand that extending the loan term will generally result in paying more interest in the long run.

Before proceeding, careful consideration is necessary:

  • Early repayment fees

Review your current loan agreement for any penalties associated with early repayment. These fees can potentially reduce the benefits of refinancing.

  • Interest rate fluctuations

Monitor current interest rates and compare them to your existing rate. Refinancing may not be worthwhile if new rates are higher than your current one.

See how easy it is to refinance your car loan

Did you know that you can switch your car loan anytime? Just grab your early settlement quote from your current lender and try our car refinance calculator to see how much you can save.

Step 1

Get a new rate and budget 👍

In a few questions, find out your new rate and budget for refinancing


Step 2

Refinance your deal 💸

Pay your settlement quote with your Carmoola card or by bank transfer 


It's clear there’s a lot of energy behind this company. So quick to refinance my vehicle. They must have some impressive automation. Honestly if you like a smooth experience, this is the place to get it.


Robert Szakal

Saved money on his Vauxhall Corsa

Car Refinance Calculator 🧮

Thinking about refinancing your current deal? Try our car refinance calculator to see what your new deal might look like. We’ve included helpful things such as how much interest you’ll be paying, how much your car new payments might be each month, and what your APR might be based on how you think your credit profile is doing.

NEW DEAL Breakdown

Interest rate

payments of


Final payment of


Total cost of credit


Option to purchase fee


Total payable


For illustration purposes only. The rate and budget you may be offered will be based on your individual circumstances. This is not an offer or a quote for finance.

Representative Example

Borrowing £10,000 over 54 months with a representative APR of 14.8%, an annual interest rate of 14.8% (Fixed) and a deposit of £0.00, the amount payable would be £250 per month, with a total cost of credit of £3,500 and a total amount payable of £13,501, including a one-off Option to Purchase fee of £1.

We offer hire purchase loans between £2,000 - £40,000 at a personalised
APR between 6.9% and 24.9%

Your Existing Finance

Add details about your current contract and finance provider

Current monthly payments

Early settlement quote

If you don't have a quote yet, please estimate how much is left to pay on your existing finance agreement

Your New Finance Deal

Test drive contract length, credit profile and monthly payments

Credit profile

When you apply, we'll find out your exact credit profile. For now, please choose the option you think is most accurate


Your new monthly payments

at APR

You could reduce your monthly payments by 🙌

Your monthly payments would go up 🧐

Add details ☝️ about your current contract and see if you might be able to save money by switching!

Download the Carmoola app to get your personalised refinance quote, and see how much you could save!

The use of this Refinance Calculator to determine how much you might save by refinancing is not a guarantee of the availability of credit facilities from Carmoola.

Enjoy your new lower monthly payments and save money!

The Carmoola app puts you in control,
so no more waiting on hold to a call centre!


Get back on track, quick

Missed a payment? No worries, you can catch up easily in the app


Change payment method

Easily update your debit card details in the app if you need to


Make overpayments

You can make extra payments to pay 
off your loan faster, with no fees!

Why switch to Carmoola?

Anyone can switch their existing car loan by getting an early settlement quote.
With Carmoola, you can switch in 8 minutes, all from your smartphone.

  • Swift and simple to switch
  • Save money every month
  • 24/7 friendly customer support
  • Freedom to flex your plan
  • Use in light or dark mode
  • Available on iOS and Android

Helping you

5 ⭐️ support

Got a question? Our friendly, UK-based team is here from 8am - 9pm EVERY day, via WhatsApp, email, SMS or phone.


“The easiest application for car finance I’ve ever had. Even the garage I purchased from was impressed at how quick the process was! Would recommend to anyone.”




“This is the best car finance company I’ve ever dealt with, they are the meaning of hassle free and I can guarantee they’ll be lower than you current finance on interest rates.”




“Went from a few questions answered honestly and quickly over whatsapp. To signing my refinance agreement and my existing finance company getting paid in under 2 hours. Simple, easy and stress free experience.”




“Applied for finance and literally was asked a few questions the day after to clarify some things. The same day I went through the dealership and car was ready to drive home the same day. Superb company and communication and the app is great.”




“Easy to use the app and very helpful staff. I also was given the best deal that nobody else could offer me. Thanks team Hanan, Kayleigh and Tom.”



FAQs About Refinancing

Frustrated with your current finance company, or paying too much each month? You may want to consider refinancing over to a new deal. Got more questions? Head over to our FAQs page 👍

Can you refinance a car already on finance?

Yes. This is exactly what refinancing is for. Think of it as a similar process to a remortgage, or switching utilities providers. When you switch, you can set up a new agreement with payments and a term that suits you.

How soon can I apply to refinance my car deal?

You're generally free to apply for refinance whenever you wish, but keep in mind that lenders tend to prefer borrowers with a proven track record. This means you may need to have held your existing car loan for a minimum period before they'll consider your application.

Does refinancing a car affect credit?

Yes. When you go ahead with refinancing, the new finance company must run a hard credit search on your file. However, your credit file won't be affected just to get a quote! You can then decide whether you think it's worth switching.

How many times can you refinance a car?

As many times as you like! All you need to do is get an Early Settlement Quote from your current finance company, and then complete an application with the new finance company you're considering moving to.

How long do you have to wait to refinance your car?

With Carmoola, you can complete the refinancing process in under 10 minutes! Make sure you get your Early Settlement Quote from your current finance company first, they're not all as fast as us!
Dream it Drive it

What would you like to do first?

Download on the App Store
Get it on Google Play

Takes 60 seconds, no impact on your credit profile to see 
if you're approved 👍

Rates from as low as 6.9% APR, Representative 14.8% APR

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