logo
Drivers urged to used free Martin Lewis MoneySavingExpert tool to check if they can cut car bills by £1,000s

Drivers urged to used free Martin Lewis MoneySavingExpert tool to check if they can cut car bills by £1,000s

The Sun3 days ago
A FREE online tool can tell you whether you could save thousands of pounds on your car bills.
MoneySavingExpert has launched a new tool that lets you see if you can save by refinancing your car if you're on a Personal Contract Purchase (PCP) or Hire Purchase (HP) deal.
1
You might not have heard about car refinancing before but it is essentially when you take out a new, cheaper loan or car finance deal to pay off your existing deal.
Getting your car refinanced could save you hundreds of pounds in interest, or in some cases more than £1,500.
Whether you're able to save will largely depend on the interest rate you're currently paying, as well as how much and how long you have left to pay.
It can also depend on whether your credit history has improved since you took out a deal.
How do you use the tool?
You'll need to have some information to hand first.
For example, you will need to know the type of car finance you have, how much you borrowed, what your monthly repayment is and the amount you'd need to pay at the end of the deal to own the car.
You should also know when you took out the finance deal and the total length of time you took it out for.
Plus, you should have an idea of your credit history.
You don't need to give your exact score but you should be able to say whether it's "pretty good", "okay" or "not great".
If you're not sure you can check your score for free using one of the three main credit reference agencies: Experian, Equifax and TransUnion.
Five steps to get a better deal on your next car
When you're ready, you can find the Car Finance Checker tool here: https://www.moneysavingexpert.com/loans/car-refinancing/.
The tool will be able to tell you whether you're likely to save by switching.
It will also give you an estimated settlement figure (the amount you'll need to borrow to pay off your existing deal).
Before you can take out a new deal you'll need to settle your old finance agreement - and you can do this either using a loan or by using your new finance to pay off the old one.
Check whether you can get a loan
If it looks like you can cut your costs, you should check first whether a loan is cheaper.
People who have plenty in savings should opt to use that first, but if you don't then it's worth looking at loans.
The cheapest loans will generally give you a better deal than car finance unless it's already at 0% APR.
Remember, your ability to access the cheapest loans will depend on your credit history - so if you have poor credit you might not be able to get them.
You should then check whether the interest rates of the loans you're eligible for are cheaper than your current car finance deal.
It's worth noting that you may not want to opt for a loan if you don't want to own the car at the end of the deal.
If your current car finance is a PCP deal, it will have a "balloon payment" at the end - which is the amount you'll need to pay to own the car.
Taking out a personal loan means you'll be borrowing the total amount of finance you have left to pay off, which includes the balloon payment.
Therefore you'll likely see your monthly payments increase, even if the interest rate on the loan is cheaper and you end up paying less overall.
Make sure the payments are affordable for you, and if you don't want to eventually own the car you're likely better off looking for a cheaper car finance deal.
If you choose to go for a loan, you should get your settlement figure from your current car finance lender and make sure you can get a loan for that amount.
Assuming you're accepted for the loan, you can use it to pay off your old car finance deal.
You should be able to do this online or call up your lender to settle the payment.
Your new lender should then set you up with a direct debit so you can make your new monthly payments.
Consider a cheaper car finance deal
If you can't or don't want to save with a loan, you can look for cheaper car finance.
Some specialist car finance lenders will pay off your old car finance and get you set up with a new deal.
You can compare new deals using Motiv or Experian - it may be worth checking both in case they have different lenders or rates.
Again you'll need to get the settlement figure from your current car finance lender.
You may be able to check this online or you might need to call them up and ask how much it would cost to settle your finance deal.
When you contact the new lender, you will need to give them full details about yourself and your car.
The new lender will pay off your old car finance lender for you, meaning they will be the new owner of your car until the finance is paid off.
You can then pay your monthly repayments to the new lender.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Salon owner 'ready' for key L'Oréal trademark dispute hearing
Salon owner 'ready' for key L'Oréal trademark dispute hearing

BBC News

timean hour ago

  • BBC News

Salon owner 'ready' for key L'Oréal trademark dispute hearing

A salon owner says she is "ready to fight again" ahead of a crucial hearing in her long-running trademark dispute with global cosmetics firm L'Oréal. Rebecca Dowdeswell attempted to renew the trademark of her Leicester-based business - nkd - in 2022 but the French firm opposed the move.L'Oréal has its own trademark on a series of beauty products called Naked, and claims her use of the name nkd would cause "consumer confusion".The 49-year-old said she was feeling in a "much stronger position", now an Intellectual Property Office (IPO) hearing date had been set for the case. It will take place later this year. The mother of two, from Radcliffe-on-Trent in Nottinghamshire, held the nkd trademark name since 2009, and it expired in said she had a six-month window to renew it but forgot, which she described as a "big mistake"."That six-month window ran into the start of Covid and chaos ensued for all businesses - including beauty salons - and I missed the expiry," she previously told the BBC."When I came to re-register the trademark, I was essentially starting from scratch, not renewing an existing one."She said L'Oréal objected on the basis it owned the Urban Decay make-up brand, which has a range of eye shadow palettes called added: "There has never been any evidence of consumer confusion. In 15 years of trading, no-one has ever said 'are you the same brand as Naked by Urban Decay?'"Ms Dowdeswell told the BBC the matter was due to be decided by the government's IPO, but that hearing had been IPO blamed the delay on "very significant" caseloads, in part due to said before Brexit, trademarks could be registered with either the European Union (EU) or the UK, or Brexit, 1.4 million trademarks that were with the EU transferred over to take effect in the to the BBC, Ms Dowdeswell - who has spent more than £30,000 contesting L'Oréal's opposition - said she had "enjoyed" a temporary break from the proceedings. "When I came to re-register them post-Covid, L'Oréal logged its objections and I've been having to defend myself for the last three years," Ms Dowdeswell said."It's been really stressful to deal with, but I've enjoyed metaphorically putting it away and having a break from it."In hindsight, I realised how much of a toll it took on me last year. On me personally with my family, my young children and with the business."I am ready to fight again. I think L'Oréal thinks I'm just going to go away - and I'm not." In response, a spokesperson for L'Oréal said: "We are wholly committed to resolving any misunderstanding there might have been with Rebecca Dowdeswell."From the beginning of our exchanges with her lawyers in 2022, we have communicated an offer that supports her business aspirations whilst respecting our longstanding trademark rights."We look forward to resolving this matter in a mutually agreeable way."The IPO confirmed a hearing date had been set for 5 added a decision would usually be expected about nine months Dowdeswell added: "To coin a phrase that L'Oréal knows very well, I've often asked myself - 'is it worth it?'"

It's great to be here, I love standing on the soil of Scotland, Trump says
It's great to be here, I love standing on the soil of Scotland, Trump says

Leader Live

timean hour ago

  • Leader Live

It's great to be here, I love standing on the soil of Scotland, Trump says

Ian Murray told the PA news agency what the US President's first words were after disembarking from Air Force One in Prestwick. The UK Government minister was the first person to greet the president in Scotland as he begins his visit to the country. Speaking after meeting the American leader, Mr Murray told PA: 'The president came off the flight, and I said, 'Mr president, welcome to Scotland – the home country of your dear mother', and he said, 'It's great to be here, I always love standing on the soil of Scotland'. 'I said, 'I hope you're looking forward to a bit of downtime with some golf this weekend', and he said, 'Yes'. And I said, 'Well, we've whipped up a bit of a wind for you to make it a bit more competitive', and he went, 'I'm looking forward to it'.' Mr Murray said Mr Trump was given a warm reception as he got off his presidential plane. Hundreds gathered on the Mound overlooking Prestwick Airport for the president's arrival. A Trump flag was flown while a few spectators wore 'Make America Great Again' hats, although many of those attending were locals and aviation enthusiasts, including some who had travelled from England. Mr Murray said: 'Spotters hills, as it's called, where all the plane spotters come to Prestwick, was absolutely full. 'You could see that from the tarmac and as Air Force One came in, people were snapping away on their photographs. 'To see all that happening is quite a spectacle in itself. 'It's really good to have that kind of focus on Scotland.' Mr Trump will meet Prime Minister Sir Keir Starmer during his trip to discuss the UK-US trade deal as Britain hopes to be spared from the president's tariff regime. The Scottish Secretary said: 'Really, the purpose of this weekend, the purpose of greeting the president off the plane, the purpose of the Prime Minister's relationship with the president is to build that close relationship, to make sure that that old alliance is nurtured, and to do that for the benefit of the national interest, which is about jobs and growth here in the UK, and particularly Scotland.' Mr Trump will meet Scottish First Minister John Swinney during his trip as he opens a new golf course in Aberdeenshire. Before flying to Prestwick, Mr Trump said in Washington that he was 'looking forward' to meeting Mr Swinney, describing him as a 'good man' – the same phrase he used for the Prime Minister after landing in Scotland. Asked about the president's relationship with the UK, Mr Murray said: 'The Prime Minister has taken a very pragmatic approach to the relationship with the president of the United States, because it's in our national interest to do so, whether it be on defence, security, trade, cultural, historic ties. 'It's a historic alliance, and that alliance has to be nurtured and continue through to the future, because it's quite clear that our relationship with United States is good for jobs and growth here in Scotland and across the UK. 'The Prime Minister knows that, and knows that working very closely with the US is in our national interest.' Asked about protests, which are expected across the country, Mr Murray said people had a right to demonstrate, adding: 'Freedom of speech, freedom of assembly and freedom to protest is a key cornerstone of both countries, America and the UK, and the right to be able to protest if they so wish to so.'

Get your act together on immigration, Trump tells Europe as he lands in Scotland
Get your act together on immigration, Trump tells Europe as he lands in Scotland

South Wales Guardian

timean hour ago

  • South Wales Guardian

Get your act together on immigration, Trump tells Europe as he lands in Scotland

Mr Trump is in the country for a four-day visit to both of his golf clubs in Aberdeen and Ayrshire. Landing at around 8.30pm on Friday, the president was greeted by Scottish Secretary Ian Murray before speaking to reporters. Asked about illegal immigration – which successive UK governments have sought to curb – Mr Trump said: 'On immigration, you better get your act together. 'You're not going to have Europe anymore, you've got to get your act together. 'As you know, last month we had nobody entering our country – nobody, (we) shut it down.' He added: 'You've got to stop this horrible invasion that's happening to Europe.' Immigration, Mr Trump said, was 'killing Europe'. Some European leaders, he continued, 'have not let it happen' and are 'not getting the proper credit they should', though the president did not say who he was talking about. Mr Trump said: 'Many countries in Europe, some people, some leaders, have not let it happen, and they're not getting the proper credit they should.' The president also praised Sir Keir Starmer ahead of a meeting between the two at one of his courses in the coming days, describing him as a 'good man'. 'I like your Prime Minister, he's slightly more liberal than I am – as you probably heard – but he's a good man. He got a trade deal done,' he said. 'You know, they've been working on this deal for 12 years, he got it done – that's a good deal, it's a good deal for the UK.' The president's motorcade – which contained more than two dozen vehicles – passed a small group of protesters as he entered his Turnberry golf club. Mr Trump also suggested he would be meeting Sir Keir 'tomorrow evening', although it is understood the pair will not meet until Monday. As well as the Prime Minister, Scottish First Minister John Swinney will meet with the president, as will European Commission president Ursula von der Leyen, who confirmed on X she will come to Scotland on Sunday in a bid to hash out a trade deal between the US and Europe. Mr Trump told journalists there was a 'good 50/50 chance' of a deal being struck, adding that it would be the 'biggest deal of them all'. The president and Sir Keir are expected to discuss potential changes to the UK-US trade deal which came into force last month. Mr Swinney has pledged to 'essentially speak out for Scotland'. Speaking as he boarded Air Force One in the US, Mr Trump said he would be having dinner with the Prime Minister at Turnberry, before 'going to the oil capital of Europe, which is Aberdeen'. He said: 'We're going to have a good time. I think the Prime Minister and I get along very well.' Mr Trump added: 'We're going to be talking about the trade deal that we made and maybe even approve it.' He also told journalists he was 'looking forward' to meeting with the 'Scottish leader' Mr Swinney, describing him as a 'good man'. During his time in Scotland, the president is also likely to spark a number of protests, with concerns being raised about how such demonstrations are policed. Police Scotland has called in support from other forces in the UK to help bolster officer numbers, though senior officers and the organisation which represents the rank-and-file have accepted Mr Trump's visit will have an impact.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store