Refinance Your Car: Unlock New Possibilities 🔑

Wondering if refinancing is right for you? Let's find out together. Get to grips with refinancing, and learn how you can take control of your finances.

What Is Refinancing?🤔

Refinancing allows you to swap your current car loan for a new one. It may help you with financing a new car or paying off your balloon payment. 

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Your Path to Financial Flexibility🧭

Car refinancing is your key to financial flexibility. It gives you the choice of a new car, a cheaper agreement, and financial ease. Refinancing allows you to choose finance that fits your needs, which has never been more important with the ongoing cost-of-living crisis.

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Pros & Cons Of Refinancing⚖️

  • Drive Away in a New Ride
  • Right-size Your Ride
  • Potentially Lower Interest Rates
  • Unlock Your Car's Equity
  • Payoff Your Balloon Payment
  • Potential for Higher Costs
  • Restarting the Clock
  • Beware of Depreciation
  • The Risk of More Interest

Looking For A New Car? Visit Our Exclusive Car Marketplace

👉 Thousands of cars at your fingertips
 
🎯 Over 24 filters to pinpoint your perfect car
 
💰 Organise by finance cost & search radius
 
🚘 Easily apply for car finance on your chosen model
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Why Refinance With Marsh Finance?🤝

Same Day Application Decisions

No Impact On Credit Score

Benefit From 50 Years Experience

Refinance Today🚀

Whether you’re a new or existing customer, Marsh Finance can be your home for refinancing. Start your refinance journey today.

Refinancing FAQs

What does it mean to refinance?

Refinancing is changing your current car finance deal for a new one. This can take many forms, such as a car upgrade downgrade or lower monthly repayments across a longer agreement.

 

Refinancing is a great option if you are struggling to keep up with your current finance agreement or are in a position to get a better car.

 

If you want to refinance with Marsh Finance, you can expect customer service 50 years in the making, as well as flexible rates and options, giving you everything you need to drive off into the sunset in your dream car.

Will refinancing affect my credit score?

There might be a small dip in your score initially. This is because a credit check is part of the refinancing process, and any credit check can cause a temporary decrease.

The good news? On-time payments with your new loan can actually help your credit score improve in the long run!

Are there specific requirements to be eligible for refinancing?

There are a few key things to consider:

 

  • Can you afford the new loan? Refinancing might lower your monthly payments, but it could also increase them, or extend the loan term, meaning you pay more interest overall. Make sure the new loan fits your budget.
  • Do you have good credit? Generally, the better your credit score, the lower your interest rate and the more likely you are to be approved for refinancing.
  • Is your car worth enough? Your car's value (equity) is a factor. Lenders typically require you to have enough equity to refinance.

Want to see if you qualify? We can help you explore your options! 

How does refinancing affect my balloon payment?

Stuck with a high balloon payment on your PCP loan?

 

Refinancing can help! We can offer you a new loan to cover the balloon payment entirely. This way, you'll repay the loan in smaller monthly instalments instead of one large sum.

 

Sound like a good fit? Complete our quick and easy refinance form and a member of our team will be in touch.

Can refinancing help me save money during the cost-of-living crisis?

Refinancing could be an option if your current car finance payments are tight. Here's how:

  • Lower monthly payments: You might be able to stretch your loan term to reduce your monthly bill.
  • Consider downgrading: If you don't need all the features of your current car, trading down for a less expensive model could free up cash.

Important things to remember:

  • Not guaranteed savings: Refinancing doesn't always mean lower costs. It could extend your loan and increase the overall interest paid.
  • Check pre-approval options: We offer pre-approval checks that don't affect your credit score. This lets you see potential rates without commitment.

Ready to explore refinancing? See if you pre-qualify without impacting your credit score!

If you are ready to refinance, Get started on your refinancing journey.

Can I refinance my car with another company?

Of course! Here at Marsh Finance, we can be a great option to refinance with. 50 years in business, we are a great option for your financing needs. With flexible options and a dedicated support network, we will have your best interests at the forefront of our service, click here.

What is depreciation?

Cars get less and less money when you sell them. This is because they lose value over time, including as soon as you complete your first mile! This is called depreciation. If your car loses too much money, you might owe more than it's worth.

What is pre-approval in car finance?

Pre-approval is an important part of the car finance process. It shows that you could be someone eligible for finance, but more needs to be done to get your dream car. At the point of pre-approval, a soft credit check takes place. This doesn't affect your credit score, but going through with finance will mean a hard credit check. Pre-approval isn't a guarantee of a loan, but it's a really important start. If you are looking to get pre-approved for finance, we can help. 

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Don't Miss Out!

Check if you're pre-approved for car finance without impacting your credit score.
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