Car refinance

Yes, you can. You can refinance your Hire Purchase (HP) or Personal Contract Purchase (PCP) agreement with Zopa Bank. 

If you’re coming to the end of your PCP term and want to keep your car, Zopa can also help you refinance your final balloon payment. This lets you spread the cost over a new HP agreement and make your payments more manageable. 

You can refinance anytime, no need to wait until the end of your current deal.  

When you refinance, your existing lender may charge an early repayment fee for settling your current loan early. This is usually included in the settlement figure they give you. 

If that happens, your new Zopa loan can cover this cost as part of the amount you borrow, so you don’t have to pay it separately. 

Zopa also has an early repayment fee if you choose to pay off your new loan early. Learn more about how Zopa early repayment fees work. 

To get a quote, we’ll just need a few details so we can give you an accurate rate and repayment estimate. 

1. Your personal details 
A few basics like your name, contact details, and address – just enough to identify you and check eligibility. 

2. Your current vehicle information  
We’ll ask for your car’s registration and mileage so we can confirm its current value. 

3. Your existing finance details  
To tailor your quote, we’ll need: 

• The settlement amount (what’s left to pay on your current loan) 

• Your current monthly payments 

• Whether your current deal includes a balloon payment 

Once you’ve got your quote, you can decide if you’d like to go ahead and we’ll guide you through the next steps. 

It normally takes 1 - 2 days to complete your car refinance.  

Your offer is valid for 30 days from the date you receive it. That gives you plenty of time to think it over and compare options. If your offer expires, you can easily request a new quote. We’ll just refresh your details to make sure you still get the most accurate rate available. 

Refinancing is designed for when you want to keep your current car but get a better deal on your loan. If you’re looking to change your car, you’d need a new finance agreement instead. 

You can still check your eligibility even if you’ve had credit challenges in the past.  

At Zopa, we look at more than just your credit score. Things like your current loan, income, and payment history also help us build a fair picture before making a decision. 

When you check your eligibility with Zopa, we only run a soft credit search, so it won’t affect your credit score.

If you decide to go ahead and apply, we’ll then carry out a hard credit search as part of the approval process – this will appear on your credit file, just like any other loan application.

Not right now – car refinancing is only available for customers who currently have finance with another provider.

If you already have a Zopa car loan, you’ll need to finish your existing agreement before applying for a new one.

Yes – when you refinance, you’re entering into a new finance agreement.

This means the rights linked to your current agreement will no longer apply and will reset under the new one. 

For example: 

Voluntary termination rights – if you’ve paid at least half of your existing agreement, you may have the right to return the car with no further payments. This right resets under your new agreement, so you’ll need to reach that halfway point again before it applies. 

Repossession protection – once you’ve paid a third of your current loan, your lender can’t repossess the car without a court order. This protection also resets under your new agreement. 

We’ll explain everything clearly before you go ahead, so you’ll understand exactly what changes and what stays the same.