Can I refinance my final PCP balloon payment if I have poor credit?

Many people have vehicles previously financed on an agreement with a balloon at the end, often known as lease purchase or PCP, but what are your end of PCP options if you have poor credit? You may not want to hand your car back or change it and would prefer to keep the vehicle you already have. Paying off the PCP balloon payment in one go can be a large cash outlay and you may not have the cash on hand.

Trying to buy the same type of vehicle for the same price as the balloon payment in the current market would be near impossible as the balloon payment would have been set a number of year ago before COVID and the current supply issues.  Prices have risen since, so it makes sense to keep your existing car and simply refinance the balloon payment when it's due.

We've even been able to refinance balloon payments where other lenders haven't been able to help, as we have a panel of specialist lenders (finance is subject to status and individual circumstances though).  Private individuals, self employed, limited companies (including new or recently established) or partnerships are all eligible to apply for balloon refinance.  Payments can be spread over a number of years on a Hire Purchase agreement. At the end (subject to all payments being made and any option to purchase fee if applicable) you will own the vehicle outright.