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Early Renewals

Renewing your deal early

If you’re part way through repaying your car finance plan, you might think that you can’t change your car until your agreement comes to an end. But this isn’t necessarily the case, as most finance agreements can be settled early, giving you the chance to replace your car and renew your finance plan sooner than you perhaps expected.

Understanding how you renew your finance early

This is what’s known as Early Settlement, and it’s available with both Personal Contract Plans and Hire Purchase. It’s a particularly attractive option when you’re at an appropriate equity position.

The next step

If you’re considering an Early Settlement, your finance company can give you a quote and, once you reach positive equity, your dealer may get in touch with special offers.

These offers could allow you to replace your car with a new one earlier than you thought, or even upgrade to a higher spec for little or no increase in your monthly payments.

If you do decide to take up any of these offers, your dealer can help you end your agreement and start a new one. By doing this you’ll be signing up to a new agreement, which will probably last between two and four years, so you should read the full terms of the agreement to make sure it’s something you can afford.

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