How to refinance a vehicle

time
3 mins read
feature image

How to refinance a vehicle?

There's essentially two ways you can get your hands on the dream vehicle that's been in your browsing history for a while. One is that you pay up front and get the vehicle in exchange straight up, the other is to get your vehicle through leasing companies if you're a little short on cash. You might already know how to get finance but do you know about a refinance? So what exactly is a refinance,what exactly do you use it for ?Let's find out!

What exactly is a refinance

Let's imagine a hypothetical scenario where you're on finance for your brand new vehicle.You've been a loyal payee settling pending payments at the right time and nothing could go wrong. Let's say you're in need of a quick stack of cash.In that case what you can do is refinance, get some cash into your hand to spend and start your finance from the beginning as a fresh one under a new agreement.

Do you need to pay at once when refinancing

There is no necessity to pay all the pending from the previous agreement when applying for a refinance. Depending on the agreement with the leasing company you an make a payment plan with is devoid of all the interest payments from the previous agreement

How to apply for a refinance

If you want to smooth out the process then it's in your best interest to contact the agent who pitched you the original deal.Otherwise contact the leasing company requesting for a refinance. You will be requested for some images of your vehicle to get a visual evaluation of the state of the vehicle.

After the green light from the leasing company you'll need to submit a valuation report to account for the current status of the vehicle.From thereafter depending on the efficiency of your benefactor you could get things done within your time plan.

Things to consider when applying for a refinance

Refer to an external evaluation report under the consultation of your agent to avoid issues that might arise later

Your older interest rates will be updated to the latest interest rates listed under the company. Even more your total payable will be deducted from the valuation to give you the finance up to 70%

Make sure your revenue license is up to date as you cannot refinance until you have a fully up to date revenue license.

This is a step by guide for you to apply for a refinance, so take all the points into consideration when you're going through the process.

Nipuna Marasinghe

Written by

Nipuna Marasinghe

Similar News

  • Insurance & Paper Work

    The Digital Vehicle Information Sheet Introduced in Sri Lanka in 2026

    time
    7 mins read
  • Insurance & Paper Work

    The Mandatory Online System for Vehicle Ownership Transfers in 2026

    time
    6 mins read
  • Insurance & Paper Work

    2026 Hybrid Vehicle Battery Reconditioning Standards and New Insurance Regulations in Sri Lanka

    time
    4 mins read
  • Insurance & Paper Work

    The Eco-Friendly Green Insurance System in 2026

    time
    4 mins read
  • Insurance & Paper Work

    DMT Issues 400,000 Permanent Driving Licences to Clear Backlog

    time
    1 mins read
  • Insurance & Paper Work

    New 2026 Legal Protocols for Transferring a Deceased Person's Vehicle to Heirs

    time
    4 mins read
  • Insurance & Paper Work

    How to Transfer Vehicle Ownership Correctly

    time
    3 mins read
  • Insurance & Paper Work

    Flood-Damaged Car Insurance Claims: A Step-by-Step Guide

    time
    3 mins read
  • Insurance & Paper Work

    DMT Driving License Services Fully Restored Today

    time
    1 mins read
  • Insurance & Paper Work

    Driving License Services Disrupted Today; New Dates Announced for Missed Exams

    time
    2 mins read

Latest Car Reviews

  • JAECOO J8 2025

    SUV

    Rs 35.5M - 38.7M

  • Honda Amaze 2025

    Sedan

    Rs 11.2M - 12.6M

  • BYD Atto 2 2025

    Compact SUV

    Rs 12.7M - 13.5M

  • Nissan Leaf 2026

    Compact electric crossover SUV

    Rs 14M - 14.5M

  • Mazda 2 2026

    Hatchback

    Rs 11.5M - 13.5M

  • Mazda CX-3 2026

    Crossover

    Rs 14.8M - 18.5M

  • Mahindra Scorpio 2026

    Pickup

    Rs 13.4M - 15.8M

  • Daihatsu Rocky 2026

    Compact SUV

    Rs 12.5M - 12.9M

  • Mercedes-AMG G 63 2026

    Luxury SUV

    Rs 230M - 235M

  • Nissan Gravite Tekna 2026

    MPV

    Rs 8.8M - 10.1M

  • Ford Ranger Super Duty 2026

    Pickup

    Rs 58M - 64M

  • Renault Kiger 2025

    Compact SUV

    Rs 8.8M - 9.6M

Latest Bike Reviews

  • TAILG F55 2026

    Scooters

    Rs 450K - 550K

  • Keeway Vieste 300 2026

    Scooters

    Rs 1.1M - 1.4M

  • Ducati Panigale V4 2026

    Motorcycles

    Rs 9.5M - 12M

  • Benelli Leoncino Bobber 400 2026

    Motorcycles

    Rs 1.8M - 2.2M

  • CFMOTO 450SR 2026

    Motorcycles

    Rs 1.9M - 2.4M

  • Bajaj Chetak 2026

    Scooters

    Rs 750K - 8M

  • Hero Xoom 110 2026

    Scooters

    Rs 719K - 725K

  • Hero Xtreme 125R 2025

    Motorcycles

    Rs 750K - 780K

  • KTM 390 SMC R 2025

    Motorcycles

    Rs 3.8M - 4.4M

  • Honda ADV160 2025

    Scooters

    Rs 500K - 610K

  • Bajaj Pulsar NS200 2025

    Motorcycles

    Rs 1.1M - 1.2M

  • Honda Shine 100 2025

    Motorcycles

    Rs 500K - 550K

hero

Post your car or bike ad on ikman in 2 mins!