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How you can save money if your car is on finance

Every year Brits make over £12 billion in finance deals to pay for their used cars. But are they getting the best deal?

We don’t think so.

Zopa’s user research shows that, after spending time shopping for their perfect car, people aren’t shopping round for the best finance deals. This means that some Brits are paying £100s more than they need to for their cars and it’s why we’ve developed our newest service, Zopa Car ReFi.

Introducing Zopa Car ReFi

Zopa Car ReFi helps drivers with existing car finance agreements save money by swapping out existing more expensive agreements for a lower-cost secured loan from Zopa. It’s a similar concept to re-mortgaging your house and enables drivers to switch and save their car finance deal.

How Zopa Car ReFi works

Visit the Zopa Car ReFi page and put in information about your circumstances, your car, and your existing finance agreement. If you happen to know what it would cost to pay off your current agreement in full (this is often called a ‘settlement figure’), keep this figure handy – otherwise, we can help estimate the settlement figure from some details about your current loan.

Once we’ve got this information, which should take no more than 5 minutes to fill in, we’ll use Zopa’s market-leading credit assessment tools, along with things like the value of your car and rates on your existing loan, to create a personalised quote that will show you how much you could potentially save.

Getting this quote won’t affect your credit score and we’ll only provide one if we can beat your existing deal.

What happens next?

If you want to take us up on your quote, you’ll have to get a settlement figure confirmation from your current lender. You can easily get this by calling them, or logging into their online portal. Every lender is obliged to provide this figure, but if you have any problems or need help with this, don’t hesitate to get in touch with us on

Once we have this, we’ll confirm your quote within 2 working days, and then you can easily complete your application online. Upon approval, we’ll directly pay off your existing provider, creating a stress-free switch-and-save process. So easy, in fact, that you could do it all while backseat driving!

As soon as the loan with your current lender is paid off, ownership of the vehicle will transfer to Zopa Lenders, and once you’ve paid your car off in full, it will transfer to you.

So is it time for you to get a car loan MOT?

Whether you brought your car a few months or a few years ago, you can see if you can save some money with Zopa Car ReFi. It will only take a few minutes, it won’t affect your credit score and you could save £100s.

Give it a go now to see you if could drive down the cost of your car finance.