Lease Purchase Refinancing

Lease purchasing is a type of borrowing different from other types of borrowing as you don't own the vehicle until you have paid off all repayments in full and then paid a final balloon payment at the end of the agreement..

During a lease-purchase agreement, you may find that your payments could be reduced with lease purchase refinancing due to inflation rate drops for instance. We work closely with specially chosen lenders to help you secure the best deal.

What is a Lease-Purchase?

Lease Purchases allow you to pay monthly payments during an agreed term, and then pay an outstanding deferred payment (also known as a Balloon payment) at the end of the lease term in order to own the vehicle outright.

Lease Purchase agreements are ideal lending options for those seeking to own a vehicle in the long-term, whilst looking to minimise monthly outgoings in the short term.

How Does Lease-Purchase Refinancing Work?

The asset is purchased by a new finance provider and refinanced on a new lease agreement. The duration of the agreement and repayments can be altered to suit your individual requirements, resulting in a lower monthly payment, whilst still providing use of the vehicle.

Refinancing your vehicle will involve a new lender taking over the ownership of the vehicle and your payments switching to this new lender.

The Benefits of Lease Purchase Refinancing

There are many benefits to refinancing lease purchases, which include:

• Saving on interest by making multiple security deposits at the start of new agreements.
• Arrange a one-pay lease to save some money in the long term.
• Extend your lease month to month until you are ready to get your next car.
• Exit a lease early with no penalties.
• Update the agreed mileage to suit your needs should your requirements change.

At any point during your lease, you will have the option to buy the vehicle, called an "early buyout." Your leasing company will determine the price based on your remaining payments, the car's residual value and any appropriate taxes that need to be paid.

How Broker4Cars Can Help With Lease Purchase Refinancing

Our specialist vehicle refinancing team can help you with your lease purchase refinancing requirements. Simply get in touch with our team and we will help you with the process to refinance a lease-purchase with one of our lender partners.