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Important Information: To apply for car finance you’ll need to be age 18 or over, a UK resident, hold a personal current account with us (min three months) and be registered for internet banking. Credit is subject to status and additional affordability checks.

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 loan, usually with a new lender.

To find out more about what car refinance is and how to switch to us, watch our short video.

Watch our video to understand more about car refinance.
  • If you currently have a car finance agreement with another provider, it’s worth exploring if you could benefit from refinancing with us.

    Whether you’re looking to reduce your monthly payments or spread the cost of a final lump sum to own your car, we could help.

    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.

    If you’re a Lloyds Bank customer, you could switch your current Personal  Contract Purchase or Hire Purchase car finance from elsewhere to us.

    You can then choose to switch to either Personal Contract Purchase (PCP)  or Hire Purchase,(HP) with us.

    With PCP, you could get lower monthly repayments than with HP.

    You could also own the car by paying a final lump sum,  but with HP, you own the car at the end of the agreement – with no lump sum needed.

    With Personal Contract Purchase, we offer terms  from one to four years. 

    With Hire Purchase, terms are usually one to five years.

    The final difference is that PCP comes with yearly mileage limits, therefore if you do not keep you car at the end of your PCP agreement and have exceeded your yearly mileage limit then charges will apply. 

    With HP no yearly mileage limits apply. 

    Refinancing should be straightforward and funds are sent directly to the finance provider.

    Get your quote by logging on to Internet Banking and telling us about your  car and your current finance.

    Ask your provider for a settlement quote so that you can use accurate  information.

    You’ll be able to see if you’re approved in a few minutes.

    If you decide to go ahead, email your settlement figure, so we can  switch you to us.

    Here’s a summary of the key points

    You can switch your current PCP or HP car finance from another  provider to Lloyds Bank.

    Transferring your car finance could help you lower your monthly  repayments.

    You could get a better deal or help paying a final lump sum by switching  your car finance to Lloyds Bank.

    Start your switch today.


    We’re by your side.

Why refinance you car with Lloyds Bank?

  • With our car finance, you can pay off an existing car finance agreement with another provider.
  • Switch to a new Personal Contract Purchase (PCP) of Hire Purchase (HP) agreement; borrowing amounts are available at different rates.
  • When you refinance with us, we'll make a one-off payment directly to your previous provider to settle the agreement. 

Log on for a quote

Log on for a quote

Get a personalised quote in minutes. Get as many quotes as you like with no impact to your credit score.

Get an instant decision

Get an instant decision

Tell us about the car and which finance option you'd prefer to get an instant decision.

Switch your finance

Switch your finance

Upload or email is your final settlement figure and we'll switch you over to your agreement with Lloyds Bank.

Get a personalised quote in minutes with no impact to your credit score.

Get a personalised quote in minutes with no impact to your credit score.

Start your switch today Opens in a new window

How can car refinancing help me?

Switching your existing car finance onto a new agreement could be ideal if:

  • you want to keep your car and spread the cost of the final, balloon payment
  • the finance is at a lower APR, so you can pay less each month
  • your personal circumstances have change and you want to change your monthly repayment amount or term.

Keep in mind: if you change to a longer term when you refinance, the total amount payable could go up. You'll need to consider the terms of your current car finance agreement as well. You can also upload or email us your final settlement figure in order to switch over to Lloyds Bank.


Important legal information

Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.

Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS).