Are you paying too much for your car finance?

With the increase in the cost of living and the rise in interest rates, one way you could potentially reduce your monthly outgoings might be to see if you can reduce the regular payment on your car finance agreement.

A Refinance Product may be what you need and Fast Car Finance are here to help.

We can look to support you in the following circumstances :

1. Refinance of a balloon payment (the lump sum due at the end of a Lease Purchase or Personal Contract Purchase {PCP} Agreement )
2. A right of withdrawal or early settlement. In certain circumstance you may have a right of withdrawal up to 14 days after signing an agreement. So if you’ve been mesmerised by a dealer offer but then in hindsight think you could get a better one, then let us take a look. Also if your agreement has been running for a number of months, we can review this for you too.
3. Purchasing a vehicle at the end of a contract hire agreement

So how does it work?

Firstly, we gather your personal and financial information with a view to getting a new finance agreement approved.

Then we just need a copy of your current lender’s settlement letter. This will detail the amount you owe, to clear your agreement with them.

The new lender will pay the existing finance company directly to clear the outstanding balance and take title in the car.

Whilst ‘legal title‘ in the car will transfer to the new finance company you will still be named on the V5 and will continue to be the ‘keeper’ of the car.

Any new finance agreement will be at a fixed interest rate with monthly instalments over a fixed period. With interest rates having risen over rent months, have a fixed interest rate means there will be no changes to repayments over the term of the agreement and gives you piece of mind too.

If the finance agreement is in your personal name, you will still have the option to make overpayments or repay your new agreement early without penalty. This assumes the agreement you take is a regulated agreement under the Consumer Credit Act.

Here is a recent example of a balloon refinance:

Land Rover Defender 110 – 18/02/2020 | Car Finance Deals (fast-car-finance.co.uk)

Looking to explore how this could help you?

The team at Fast Car Finance are on hand to take your call and discuss your personal situation. They can be contacted on 01635 785 400 or via email info@fcfinance.co.uk