If you want to keep your current car but need a new finance option, AutoMoney Trust may be able to help you refinance through HP car finance.
Refinancing means replacing or restructuring an existing finance position with a new finance agreement. With AutoMoney Trust, this is most commonly used by customers who are reaching the end of a PCP agreement and want to keep their car by spreading the final balloon payment through HP finance.
Instead of making the balloon payment at the end of your PCP finance agreement, you may be able to apply for a new hire purchase agreement and spread this amount over fixed monthly payments.
Finance is subject to status, affordability checks, vehicle checks and lending criteria. Refinancing is not guaranteed and may not be suitable for everyone.
Refinance with AutoMoney Trust may suit customers who already have a car on finance and want to explore a new finance option.
This service may be suitable if you:
If you are unsure whether refinancing is right for you, you should compare the full cost against your other available options before deciding.
A common reason to refinance is when a PCP agreement is coming to an end. At the end of a PCP agreement, you may usually have options such as returning the car, part exchanging it, or paying the final balloon payment to keep it.
If you want to keep the car but do not want to pay the balloon payment in one lump sum, AutoMoney Trust may be able to help you refinance that amount with HP finance.
If you are happy with your current car, refinancing may help you keep it instead of returning it or starting again with another vehicle.
A PCP balloon payment can be a large final cost. Refinancing may allow you to spread this amount over fixed monthly repayments, subject to status, affordability and vehicle checks.
Your initial eligibility check uses a soft credit search, so checking your eligibility will not affect your credit score.
If the refinance is completed through HP finance, the car becomes yours once all required payments and the option to purchase fee have been made.
Complete the online application with your personal, income, employment and contact details. You will also need to tell us that you are looking to refinance your current car finance.
The first stage uses a soft search, so checking your eligibility will not affect your credit score. Any offer depends on status, affordability and lending criteria.
Open finance affordability form
We will need details about your current finance agreement and the car you want to keep. This may include the finance provider, final payment or settlement amount, vehicle registration, mileage and condition.
The vehicle and refinance amount must meet AutoMoney Trust criteria before finance can be completed. If more information is needed, our team will explain what is required.
If your application is approved, we will explain the refinance offer before you decide whether to continue. This includes monthly payments, APR, agreement term, total amount payable, fees and any important conditions.
You should compare refinancing with your other available options, such as paying the final amount in full, returning the car or part exchanging it.
Open finance calculator
Before signing, read the agreement carefully and make sure you understand the payments, fees, agreement term, total amount payable and your responsibilities.
If everything is agreed, documents are signed and all checks are complete, the refinance agreement can be finalised. You can then keep the car and repay the new HP agreement monthly.
Refinancing can help spread a cost, but it is still a new credit agreement. You should understand the total cost, your responsibilities and what happens if payments are missed.
Paying a final payment or settlement amount in full upfront will usually cost less overall because you avoid paying interest on a new agreement. Refinancing may make the payment more manageable monthly, but it can increase the total amount payable.
The vehicle will need to meet AutoMoney Trust criteria before finance can be completed. This may include checks on age, mileage, value, condition and settlement details.
If the refinance is completed through HP finance, the vehicle belongs to the lender during the agreement. Ownership transfers once all required payments and the option to purchase fee have been made.
If you miss payments or do not keep to the agreement, this may affect your credit score and your ability to get credit in the future, read our faq about this topic. Your vehicle may also be at risk if you do not maintain payments.
It is usually better to look at refinancing before your current agreement ends or before a final payment becomes due. This gives time to check the amount owed, confirm vehicle details, review affordability and and compare your options with other lenders.
Before applying, it can help to have:
You can also read our guide to refinancing PCP balloon payments before applying.
If you want to keep your car and spread the cost through a new HP agreement, you can start an application online. The first stage uses a soft search, so checking your eligibility will not affect your credit score.
- Can I refinance PCP balloon payments?
- How does HP finance work?
- Credit checks for car finance
- Documents needed for a car finance application
- How does the loan term affect my payments?
With Hire Purchase, you pay the full vehicle value across fixed monthly payments, then own the car outright after a small Option to Purchase Fee. With PCP, monthly payments are typically lower because you only pay off part of the car's value, with a large optional balloon payment at the end if you want to keep it. PCP often has mileage limits and condition charges; HP does not. AutoMoney Trust offers Hire Purchase only, as it provides predictable costs and guaranteed ownership for customers buying used cars.
Yes, AutoMoney Trust accepts applications from customers with a lower credit score, as we look at your wider financial situation rather than relying on a single number. Affordability, income stability, current commitments, and recent credit conduct are all considered. A lower score may affect the rate you are offered or the amount you can borrow, but it does not automatically rule out approval. Applications remain subject to status and affordability checks. If you are ready to see your options, you can start an application online and receive a decision in minutes.
Your loan term directly affects both your monthly payments and the total cost of borrowing. A longer term, such as 60 or 84 months, spreads the cost over more payments, lowering the monthly amount but increasing the total interest you pay across the agreement. A shorter term, such as 24 or 36 months, means higher monthly payments but a lower overall cost. AutoMoney Trust offers terms from 24 to 84 months, so you can balance monthly affordability against total cost. Use our finance calculator to compare different term lengths before applying.
For an AutoMoney Trust car finance application, you may be asked to provide proof of identity such as a valid UK driving licence or passport, proof of income such as recent payslips or bank statements, proof of address dated within the last three months, and details of the vehicle if you have already chosen one. Self-employed applicants may need to provide additional documentation such as SA302 forms or business accounts. Having these documents ready before applying helps speed up the decision and reduces back-and-forth requests.
