Dad and daughter in bumper car

Car Refinance

Switching your car finance to Lloyds could help you lower your monthly repayments or spread the cost of a final, lump-sum payment. Exclusively for Lloyds current account customers.

Log in to get a quote

Features and benefits

Get an online quote

Switch your current car finance to us by getting an online quote that won’t affect your credit score. 

Speedy switching

Once your application is agreed and signed for, we transfer the money direct to the dealership the same day. 

Manage your account online

Change your details, get a statement, manage your payments and even make overpayments.

Your options

You can refinance either Personal Contract Purchase (PCP) or Hire Purchase (HP) with Lloyds.

Personal Contract Purchase

  • 7.4% APR representative when you borrow between £7,000 to £25,000.
  • Lower monthly repayments.
  • Own the car by paying a final lump sum or return it in good condition.

Hire Purchase

  • 6.2% APR representative when you borrow between £7,000 to £25,000.
  • Fixed monthly repayments.
  • Own the car when the agreement ends.

  • Personal Contract Purchase

    • 1 to 4-year terms available.
    • No early repayment charges.
    • Yearly mileage limits.
    • The money's sent straight to your existing lender.
    • Choose how much deposit you pay.

    There are other terms, borrowing amounts and rates.

    Paying a bigger deposit will lower your monthly repayments.

    If you've exceeded the agreed mileage allowance on return of the car, you'll need to pay an excess mileage charge. You can avoid this by choosing a realistic mileage when you apply.

    Hire Purchase

    • 1 to 5-year terms available.
    • No early repayment charges or final lump sum.
    • The money's sent straight to your existing lender.
    • Choose how much deposit you pay.
    • No mileage limits.

    There are other terms, borrowing amounts and rates.

    Paying a bigger deposit will lower your monthly repayments.

 

What is car refinance?

To find out more about what car refinance is and how to switch to us, watch a short video that explains it (2 min 53 secs).

 

Let's break it down

Who it's for

You can apply to switch your car finance to us if you:
  • are at least 18 years old
  • are a UK resident
  • have had a Lloyds current account for at least 3 months.

Lending depends on your status and affordability checks.

How it works

  1. Ask your provider for a settlement quote so that you can use accurate information
  2. Log in to online banking and tell us about your car and current finance. 
  3. Find out if you're approved in a few minutes.
  4. Email your settlement figure, so we can switch you to us.

When we transfer the finance amount direct to your current lender, we normally do this on the same day. The money could be in their account in a few hours. If we send the money after 2.30pm, they’ll receive it before 12 noon the following day.

Get a quote for car refinance

We can't refinance existing Lloyds, Halifax or Bank of Scotland car finance customers. Your quote is valid for 90 days, with no need to re-apply.

 

 

It's simple in the app

Scan the QR code to get it.

You must be registered for online banking to apply in the app.

Once you're in, select 'Apply', 'Loans and Car finance', then 'Refinance your car'.

Or you can register on our website.

Already bank online?

We'll take you to the right place to get started.

Log in to get a quote

It's simple in the app

You must be registered for online banking to apply in the app.

Once you're in, select 'Apply', 'Loans and Car finance', then 'Refinance your car'.

Get the app

Or you can register on our website.

Already bank online?

We'll take you to the right place to get started.

Log in to get a quote

Let’s take a closer look

  • If you’d like to speak to someone about your recent car finance application, call us.

  • To switch your car finance to us, you must have a Lloyds current account that's been open for at least 3 months. 

    If you don't have a current account with us, you might want to apply for a personal loan instead.

    See personal loans

  • Unlike a personal loan, there aren't any credit searches involved with applying for car finance. We’ll still check your income and any existing financial commitments you may have, to make sure you can afford the repayments.

    With a PCP or HP agreement, the debt is secured against the car. This means if you don't make the monthly repayments, you risk us repossessing the car.

  • The car must be in your name, as the person applying for car finance will be the named registered keeper of the car. You’ll need to:

    • have a valid driving licence permitting you to use the car
    • be the main driver on your car insurance policy.

    If you’d like someone else to use of your car, they'll need to:

    • have a valid driving licence
    • be a named driver on your car insurance policy.

  • A settlement figure is the exact amount needed to end the agreement you have with your current lender. You’ll need to get in touch with them and ask them to send this to you. The figure will include any extra fees or charges that apply.

Explore your options

We want to make sure you know about our other car finance options. Here are some that might suit you.

All car finance options

Comparing your car finance is simple. Use our comparison tool to find the right finance option for you.

Compare car finance

Car leasing

Get behind the wheel of a brand-new car with a fixed monthly payment to suit you.

Car leasing

Representative example

Based on example borrowing of £13,000 over 48 months with 48 monthly repayments of £305.49. The total amount repayable will be £14,673.52, including £10 purchase fee.

Representative (fixed):
6.2% APR

Interest rate (fixed):
6.00%

The representative APR applies to loans of £7,000 to £25,000 over 1 to 5 years. There are other terms, borrowing amounts and rates.

This example shows you the rate you could get as a current account customer taking out our HP lending. For a personalised quote based on your own circumstances, log in to online banking.

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Car Finance calculator

Use our handy car finance calculator to work out how much you might pay each month on PCP or HP plans.

Finance calculator

Car insurance

Get clear cover that's easy to manage, for those bumps in the road.

Lloyds Bank Car Insurance is underwritten, arranged and administered by AXA Insurance UK Plc.

More on car insurance

Borrowing options

When borrowing money, you need to make the right choice for you and your circumstances.

Borrowing options

Car Finance

Compare your options, check out our calculator or get some help.

More about car finance

A person driving a car.

Car Finance

Compare your options, check out our calculator or get some help.

More about car finance

Important legal information

Check the terms and conditions of your current car finance agreement, as early-settlement fees may apply.

Refinancing your car over a longer term may reduce the monthly payment, but could result in you paying more interest. It may also be worth checking the car's condition and value to make sure refinance is the right option for you.