How can I switch my motor finance agreement to Creditplus?

Approved by the Car Finance Advisory Board

If you currently have a motor finance agreement (also known as a car finance agreement) with another motor finance company, this section provides you with the information you’ll need if you wish to transfer or switch your current motor finance agreement over to Creditplus. We also explain what it means to be an agreement holder and provide links to some of the most common questions on this topic.

If you’re an existing Creditplus customer who wants to change their finance agreement, visit the Can I change my vehicle or finance agreement? page. 

Can you upgrade my current motor finance deal, even if I took it out with a different company?

Here at Creditplus, we're able to help you swap to a cheaper car deal even if your current motor finance agreement is with a different company and you're part way through the term.

In order to change your motor finance agreement you'll need to obtain a settlement figure from the company that you signed the original motor finance agreement with. This figure should include any finance left to pay on the agreement, as well as any potential fees that you may incur by settling the agreement early.

Once you've obtained the settlement figure, you'll be able to pay this off by taking out a new motor finance agreement with us at a better rate than your original car finance agreement.

Changing your motor finance in this way will be most beneficial to customers whose credit score has improved since they took out the original motor finance agreement. For example, a customer who had a Bad credit rating at the start of the agreement, but now has a Good credit rating after a period of making their motor finance payments on time (along with their other financial responsibilities), will find that they may be eligible for better rates from different lenders.    

Can I change the car on my motor finance agreement, even if I took it out with a different company?

Yes, you can change the car on your current motor finance agreement even if you took it out with a different provider. To do this, we would arrange for your current finance agreement to be settled - in the same way detailed in the question above - therefore allowing you to take out a new motor finance agreement on a new vehicle.

Published: 16/05/2016
Last Updated:16/03/2019
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