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? You may not want to hand your car back or change it though and prefer to keep the vehicle. Paying off the PCP balloon payment in one go can be a large cash outlay and you may not have all the cash to hand. We can therefore look to refinance the balloon payment when it’s due, leaving you free to carry on using the vehicle with a new agreement in place.
Other types of refinance - We can also help to refinance a personal car or van into your limited company name. Alternatively you may wish to see if you're eligible to refinance an existing car finance agreement onto a better rate.
Vehicles Refinanced - We can arrange to refinance cars, vans, pickups, motorbikes and motorhomes.
Customer types - Private individuals, self employed, limited companies (including new or recently established) or partnerships are all eligible to apply for balloon refinance. 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 types - 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. In some instances, and depending on your credit circumstances and the age and mileage of your vehicle, a Lease Purchase agreement with a small balloon can be obtained.
The process - You will need to obtain an up to date settlement figure and letter from your current lender as we'll need the exact settlement amount for your new agreement. We'll then arrange to pay off your existing PCP balloon. It's very much a straight forward process and we'll talk you through it step by step. You can use our balloon refinance calculator below to get an indication of payments.
Applying for an approval in principle - You can access our online application form here, or click either of the blue "Apply" buttons on the page. You can also apply via the online calculator.
Our service -
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