Refinance PCP Balloon Payment

Denim Blue Volvo XC90

Refinance your balloon payment and keep hold of your new car.  

You’re coming towards the end of your PCP car finance agreement and you’ve fallen in love with the car. It’s reliable, easy to drive and has plenty of boot space. 

But there’s one problem: you don’t have the funds to pay the final amount upfront. 

For many, PCP car finance is an affordable way to drive a car. However, although the optional final payment may sound straightforward, it’s not so simple in reality. As a considerable amount of money, it can feel daunting and, in many cases, be the cause of stress. 

Don’t let that balloon payment burst your car ownership dreams! We have just the solution. 

By refinancing, you are able to extend the repayment period and break down the final amount into more manageable monthly instalments. That way, you can enjoy peace of mind while still cruising around town in your dream car. 

What you can expect:

  • Flexible terms 
  • Affordable payment plan
  • All financial circumstances considered
  • Select panel of lenders 

Take control of your car ownership with We Finance Any Car – enquire now

How to refinance the balloon payment on a PCP car

You’ve weighed up your options and decided that you definitely want to keep your car. What happens next?

Refinancing the final payment is essentially a new finance agreement, allowing you to spread out the cost over a period of time. With We Finance Any Car, you will have access to a panel of reputable lenders who exclusively offer balloon payment finance, improving your chances of success.  

You don’t have to be on a PCP agreement with us to be eligible. If you’re new here, we can still help! 

How it works:

Step 1: In order to clear the outstanding balance, you will need to get a settlement figure from your current lender. The specific amount will depend on several factors, including the remaining balance, interest rate and agreed balloon payment. 

Step 2: Submit a quick application and one of our friendly account managers will be in touch to discuss your refinancing options. At We Finance Any Car, our team has years of experience in all things car finance. They’ll be able to guide you through the process. 

Step 3: Once your application has been approved and we’ve found you the best possible rate, you can start your new finance agreement.

With all the technical stuff out of the way, all that’s left to do is enjoy your car!

Do I have to stay with my current lender?

Not at all! If you’ve built a strong relationship with your lender, it may be worth sticking with them to speed up the process. However, refinancing gives you the opportunity to explore other options and secure a deal that meets your needs. 

If your current lender can’t offer you the right rates, not to worry. We have a select panel that specialises in refinancing agreements. 

At the end of the day, you don’t want to be forking out for that final payment. We’re here to help you find a suitable solution. 

What are my options? 

When you refinance your PCP balloon payment, there are various routes you can go down:

Hire Purchase

Hire Purchase allows you to spread the cost of that final payment. With this type of finance agreement, the lender would pay off the balloon payment in your previous contract and you would then repay them in instalments.

Although the monthly payments may be higher, you’ll be paying off the balance quicker than an equivalent PCP deal. 

Learn more about our HP car finance deals

Personal Contract Purchase

Alternatively, you can use another Personal Contract Purchase agreement. This will give you lower monthly payments and is therefore an affordable option. However, you still have that optional balloon payment when the second agreement comes to an end. Something to think about! 

Learn more about our PCP car finance deals.

Struggling with bad credit?

If your current lender has refused to offer you balloon payment finance, don’t worry.

At We Finance Any Car, we understand that circumstances can change over time. A bad credit score shouldn’t prevent you from keeping your car.

We offer specialist finance solutions for a range of credit backgrounds, including adverse credit histories. With us, you can increase your chances of approval and secure the financing you need to manage the final payment. 

Learn more about our Bad Credit car finance deals. 

Your questions answered

Refinancing the final payment can be a tough decision. You might rely on your car for the daily work commute or the school run – finding a new one feels like a lot of hassle…
One thing to bare in mind is the cost. If the car is currently worth more than the balloon payment, now is a good time to refinance. However, if the car’s current value is less than the balloon payment, refinancing may not be the right option for you.

The great thing about PCP car finance is the flexibility it gives you. With our support, you can easily trade in your current car for a new one. Who knows, you might even bag a fantastic deal on an upgraded model!
Whatever your decision, we’ll be with you every step of the way.

Refinancing the final payment works the same as any other type of car finance. This means that our lenders will need to perform a credit check following your application.

Sounds a little scary, but it actually has no impact on your credit score!

Our process is designed to protect you and your profile, so you can enjoy complete peace of mind throughout. Instead of going straight in with a hard enquiry, our panel uses a soft search tool to review your credit history. This won’t show up on your report and prevents your score from being damaged.

Should you then decide to go ahead with the refinancing option, the lenders will need to conduct a hard search. This is standard for all lenders, however our soft search approach means that you can check out your available options without first having to go through a hard credit check.

Refinance your PCP balloon payment with We Finance Any Car

It seems complicated, but it couldn’t be simpler. With no hidden fees or further obligations, we can help you stay on top of your finances and stay behind the wheel. 

Submit an enquiry and discover a refinancing solution that meets your needs. 

Any questions? Get in touch with our friendly team today.

Audi Q2 SQ2 Quatrro

Try our free finance calculator today!


About Us

If you are looking for car finance, you are in the right place!

We have years of experience in car finance, a very extensive lending panel & a team set up to get you the car you want at the best finance rate possible. If you have already found a car and just need the finance – great! If you need help finding a car then we are there for you as well – in fact, we have access to over 300,000 cars.

Metallic White Audi A3 Sportsback

Arrange a call back

Opening Hours

Mon to Fri: 08:00 – 19:00
Saturday: 09:00 – 16:00
Sunday: 10:00 – 16:00