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Car finance early settlement calculator

If you are thinking about settling your car finance early, you can use our early settlement calculator to estimate the outstanding amount on your car finance agreement.

Our early loan settlement calculator gives you an indication of your total settlement. For an exact settlement figure, please contact your existing finance provider.

The use of this Early Settlement Calculator to determine how much you might pay to settle your existing loan is not a guarantee of the availability of credit facilities from Carmoola.

Early Settlement Calculator

Add details about your current finance to get a settlement quote

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Hit calculate to see your estimated settlement figure for your current car finance

Representative Example

Borrowing £10,000 over 54 months with a representative APR of 14.8%, an annual interest rate of 14.8% (Fixed) and a deposit of £0.00, the amount payable would be £250 per month, with a total cost of credit of £3,500 and a total amount payable of £13,501, including a one-off Option to Purchase fee of £1.

We offer hire purchase loans between £2,000 - £40,000 at a personalised APR between 6.9% and 24.9%

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How much is an early settlement figure?

An early settlement figure is the total amount still owed, as well as any interest and charges that you have to pay, if you wish to settle your car finance early.

Please note that our settlement calculator includes a rebate of interest for the months you're no longer borrowing for. However it includes interest for one month, and also for the duration of a normal early settlement quote (28 days). This is the statutory calculation used by most car finance lenders when you request an early settlement quote.

If you are a Carmoola customer, and you wish to settle early, please contact our team for a quote.

If you wish to buy a used car and would like to find out your budget, please use our car finance payment calculator.

How is the early settlement figure calculated?

Our settlement calculator is using the details you share with us in the calculator, and taking into account the statutory calculations used by most lenders, rebating almost all of the interest, minus 1 month's penalty interest and interest payable for the 28 period that the quote is valid for. Some lenders may have additional fees due on early settlement, so please contact your lender for the most accurate quote.

What details need to be provided?

There are a couple of details you'll need to know, such as the original amount you borrowed for your car, how many months the agreement was due to last. You'll also need to know a little about your car finance payments, including the first repayment, the regular monthly payments, and the final payment. Also, let us know how many payments you've made so far.

How it works

Out with the old. Drive in with the new.

STEP 1

Get a budget in 60 seconds

In a few questions, find out how much you can spend on your car

Step 2

Buy your car from anywhere

Pay swiftly online or at the showroom with your Carmoola card

Step 3

Hit the road and pay monthly

It's time to plan your next adventure 
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Why refinance with Carmoola?

Anyone can switch their existing car loan by getting an early settlement quote. With Carmoola, you can switch in 8 minutes, all from your smartphone.

  • Swift and simple to switch
  • Freedom to flex your plan
  • Save money every month
  • Use in light or dark mode
  • 24/7 friendly customer support
  • Available on iOS and Android
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Got a question? Our friendly, UK-based team is here from 8am - 9pm EVERY day, via WhatsApp, email, SMS or phone.

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“Such a simple way to get car finance and at a good rate too. Easy to use app with step by step process. Love the finance calculator, which allows you to adjust the amounts and see the payments instantly. Would definitely recommend!”

Simon

Simon.

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“Easy to use and to get a budget with their online calculator! The best part is the flexibility, you can choose how much within your allocated budget and for how long to repay. Will defo use again in the future. *****”

Dean

Dean

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“Absolutely amazing service, super quick to respond and it couldn’t have been easier, I would 100% recommend Carmoola to anyone!”

Joanne

Joanne

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“Not just a normal car Finance company!! Very fast and efficient and they make you feel like a valued family member, lots of unexpected after sales benefits that have been very much welcomed and appreciated too!!”

Burrow

Burrow

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“Incredible experience! Omg! The way forward in car finance. I’d use these guys again and thoroughly recommend them. 🚘”

Richard

Richard

FAQs About Early Settlement

If you're thinking about settling your current car finance early, you've come to the right place. Here are some of the most frequently asked questions on the topic. Got more questions? Head over to our full FAQs page.

What is a good settlement percentage?

Early settlement doesn't usually work on percentages. When you are interested in settling your current car finance, you should ask for an Early Settlement Quote from your lender. They'll usually give you a rebate of interest for the months you're no longer borrowing for. 

How can I avoid early settlement fees?

The best way to avoid fees, is to take car finance out with a great lender (like Carmoola) who doens't charge any hidden fees. For early settlement, it's normal for the lender to charge penalty interest for 1 month, plus the 28 days your early settlement quote is valid for. Aside from that, there's no need for additional fees!

Is early settlement good?

It depends on your current situation. Early settlement is a great option if you've come into some money and you don't want to pay monthly for your car anymore. It is also a great option if you're looking to refinance over to a new lender, to get a better deal. 

How can I ask for early settlement?

Simply contact your lender and ask for an Early Settlement Quote. The lender should provide you with the details of the quote, and how to pay.

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Carmoola is a trading name of Carmoola Limited which is registered in England & Wales, under Registered No. 12992987. Its Registered Office is First Floor, 1 Whittlebury Mews West, Primrose Hill, London, NW1 8HS. Carmoola Limited is authorised and regulated by the Financial Conduct Authority (Firm Reference Number: 958057), and a member of CIFAS (the UK’s leading fraud prevention service).

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