How to change your car while it's still on finance

Can I change my car on Finance?

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Our most popular question “Can I change my car even if it’s still on finance?”

We get asked all the time if it’s possible to change cars early while still on finance, and surprisingly, most people are astounded when we say “yes, as long as you don’t have too much negative equity”.

How to change your car while still on finance

Here’s a quick snapshot of what’s involved when you take a Payment Swap. Read on further and we’ll explain how to get an early settlement discount, what interest rate to pay, and how we pay your old car off for you.

1. Save to your favourites so you can keep on coming back whenever, wherever. It’s fun and free to do 2. Enter your reg number so you can trade your old car in with us (and remember, no one else lets you do this if you have negative equity)!

3. Enter your current monthly payment so we can match you to your ideal car 4. Enter how much you owe so we can include this into your new monthly payment and pay this off for you 5. If you’ve got negative equity, so what? Most people have when they change before the end of an agreement. We simply add this (including a nice early settlement discount) into your new agreement 6. Choose and buy from the UK’s largest Used Car choice on the only payment-led website 7. Within just 7 days, arrive at one if our 400 dealerships and once your old car is checked, your deal is complete 8. Drive away your newer car with one single affordable monthly payment – starting around 30 days later

This will save you and the dealer network time and effort, especially as you can order online and collect at the dealership – in a fraction of the time it normally takes.

”Why did I not know I could change sooner? The second biggest question we’re asked

Lots of customers also tell us that they felt their current lender didn’t make it clear that they could change cars before the end of the agreement. They also say they felt this was kept quiet in order to generate more income for the lender.

”How often can I change my car?”

Whatever your views, responsible lending has to be in place and whilst stopping and starting agreements too often is not openly promoted, it doesn’t mean to say it’s not OK to do. It’s up to you how often you change cars, not someone else. All we ask is that you do this responsibly and don’t pay more than you can comfortably afford.

”What about the interest rate?”

Also, keep an eye on the APR rate. The lower the annual percentage rate, the better. Payment Swap only promotes one rate of interest and this reflects what our dealerships charge – typical APR 11.9% – and this is what the majority of our customers receive.

Circumstances changed? So change your car on finance the easy way

Payment Swap specialises in letting you change cars early and is the only company in the UK to do so. We built our business around listening to people who had a car on finance, but their circumstances had changed and found it way too difficult getting the dealer to quote on multiple cars whilst too much money was still owed.

Finding out how much you still owe

If you have an outstanding HP (hire purchase) or PCP (personal contract purchase) agreement, you can get a settlement figure from your current lender at any time. Not only this, but the figure given will also include an early settlement reduction if the account is up to date.

Early settlement discount

This is because the original loan’s interest was calculated based on the agreement running its full coarse. By paying it off sooner (which is what we do for you as part of our service), a discount is applied and this can be quite substantial depending on how soon you swap your car for another one.


We are the only 5 star rated, car swapping website out there. Everything is designed to put you in control, but use Live Chat in case you’re not sure of something. We’re here 7 days a week.

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