PCP refinance
Keep your car. Refinance your PCP balloon payment.
Coming to the end of your PCP and want to keep the car, without paying the final payment from savings? We can look at refinancing it into a new finance agreement, subject to eligibility and lender criteria.
- Keep the car you know
- Spread the final payment over a new term
- A named Meridian contact throughout
Prefer to talk? Call 01342 301465
Get a refinance quote
Tell us about your agreement and we will call you back with a quotation.
Three steps to keeping your car
How PCP balloon payment refinance works
- 01
Tell us about your agreement
Send us the registration, the final payment and when your agreement ends. It takes a minute.
- 02
We find the right lender
We look at refinance options from our lender panel and call you with a quotation.
- 03
We settle the balloon
If you go ahead, the new lender pays off your PCP and the car is financed under a new agreement.
Your options at the end of a PCP
When a PCP ends you normally have three choices. Refinancing is a way to take the second one without finding a lump sum.
- Hand the car back
- Return it and walk away, subject to mileage and condition.
- Keep the car
- Pay the final balloon payment and the car is yours. You can pay it from savings or refinance it.
- Part-exchange
- Use any equity towards your next vehicle on a new agreement.
The benefits of refinancing
Why refinance your final PCP payment?
Keep a car you know
No unknown history. You know how it has been driven and maintained.
No lump sum
The balloon is spread over a new term instead of coming out of savings in one go.
Choose the term
Lenders typically offer a range of terms, so you can balance the monthly payment against the total cost.
Time it right
Start the conversation two or three months before the agreement ends, so there is no rush.
Worth knowing before you refinance
- Refinancing usually means paying more in total than settling the balloon from savings, because you are paying interest on it.
- A longer term lowers the monthly payment but increases the total you repay.
- Lenders look at the age and mileage of the car at the end of the new agreement, as well as your circumstances.
- Applying involves a credit check by the lender. We will tell you before anything is searched.
Finance calculator
What could refinancing cost each month?
Estimated monthly payment
£251.89 / month
£12,000 borrowed over 60 months.
Indicative calculation only, not an offer of finance. Finance is subject to status and lender approval.
Are you a motor dealer? Our finance calculator can also be added to your website. Find out more
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PCP refinance questions
Coming to the end of your PCP?
Tell us about your agreement and one of our team will call you back with a quotation.