Refinancing
We can offer a wide range of refinancing options for you, including balloon refinancing, agreement refinancing and if you're a business; equity release on existing assets to free up cashflow.
At Hawkstone Motor Finance, we know that dealing with a PCP balloon payment can be stressful. That’s why our focus is on offering seamless refinancing solutions designed to ease your burden.
Refinance Balloon
We specialise in helping clients reduce their monthly payments through strategic refinancing. We believe that everyone deserves the chance to drive their dream vehicle without the burden of excessive costs.
Lower Your Monthly Payment
If you're looking to improve your financial position or lower your payments, let’s discuss how we can assist you in navigating the refinancing process more effectively.
Refinance Agreement
When should I consider refinancing my car?
Is now the right time to refinance my car? Should I wait a few months? Or shall I see what my circumstances are like at the end of my agreement? All valid questions! If your circumstances have changed, for example your mortgage payment has increased dramatically, then refinancing your car could be a great solution.
Generally, one of the key benefits of refinancing your car is lowering your monthly payments. If you’re struggling to make your repayments, or simply want more disposable income, there’s no need to wait until the end of your finance agreement.
You might just be looking for a better deal than your current one. Much like interest rates, credit scores can change. Your credit score may have improved since you initially took out your agreement which means there may be better rates available to you.
Refinance my balloon payment
At the end of your PCP (Personal Contract Purchase) agreement, you will usually have two options. You can hand the car back to the finance company and use any equity you might have as a deposit on a new car or pay the balloon payment in full and own the existing car outright.
The balloon payment can often be thousands of pounds which many of us simply don’t have available in one go. That’s where refinancing can be a very sensible solution. You can take out a new finance agreement, to pay off your existing agreement with one payment. You are effectively spreading the cost of the balloon payment over an additional 2, 3, 4 or 5 years depending on the lender’s parameters.
Taking out a new agreement will mean paying interest and therefore you will be paying more for your car than what you would have done if you paid the balloon off in one go.