Will refinancing my existing car loan affect my consumer rights?

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.