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Car refinance
Refinancing your car with Bank of Scotland could help you lower your monthly repayments or spread the cost of a final lump sum.
What is car refinancing?
Car refinancing is the process of taking out a new finance agreement to pay off the outstanding balance on an existing car finance agreement, usually with a new lender.
Why refinance your car with Bank of Scotland?
Bank of Scotland customers can switch their current HP or PCP car finance from elsewhere to us by getting an online quote that won’t affect your credit score.
How it works
- Get your quote: Log on to Internet Banking and tell us about your car and current finance. Ask your provider for a settlement quote so that you can use accurate information.
- See your decision: Find out if you're approved in a few minutes.
- Make your switch: Email or upload your settlement figure, so we can switch you to us.
Important information: to take car finance with us, you'll need to be aged 18 or over, a UK resident, hold a current account with us (min 3 months) and be registered for Internet Banking.
We are unable to refinance cars from existing Bank of Scotland car finance customers.
When we transfer the finance amount directly to the dealership, we normally do this on the same day. The money could be in their account in a few hours. Payments made after 2.30pm will be received before 12pm the following day.
Lending is subject to status and additional affordability checks.
HP Representative example:
You could borrow £13,000 over 48 months with 48 monthly repayments of £303.80. Total amount repayable will be £14,592.40 (including £10 purchase fee). Representative 5.9% APR, annual interest rate (fixed) 5.71%. Other amounts and terms are available at different rates.
The representative APR applies to loans of £7,000- £25,000 over 1 to 5 years. Other terms and lending amounts are available at different rates.
This example shows you the rate you could get as a current account customer taking out our HP product. For a personalised quote based on your own circumstances, you’ll need to login to Internet Banking.