Car finance early settlement calculator

Thinking about settling your car finance early? Use our early settlement calculator to estimate the outstanding amount on your current HP or PCP 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


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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What 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 existing car finance agreement early.

How is the early settlement figure calculated?

Our settlement calculator uses the details that you have shared, and applies statutory calculations used by most lenders.  This provides an estimation of your settlement amount and uses a typical exit fee for regulated loan agreements, which is based on 58 days of interest.

However, it doesn’t include any penalty charges that might be included by your specific lender, which you should contact them directly to confirm.

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.

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. Finally you’ll need to 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

Set your loan amount

In just 60 seconds, see how much you can borrow towards your next car

Step 2

Buy your dream car

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 
in your shiny new ride

No dealership commissions, no middlemen. Just you, and us 🥰

Why refinance with Carmoola?

Anyone can switch their existing car loan by getting an early settlement quote. With Carmoola, you can switch in under 10 minutes, all from your smartphone.

  • Swift and simple to switch
  • Freedom to flex your plan
  • Competitive rates
  • Available on iOS and Android

5 ⭐️ support

Got a question? Our friendly, UK-based team is here from 8am - 9pm EVERY day, via WhatsApp, email, SMS or phone.


“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!”




“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. *****”




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




“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!!”




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



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 with a lender (like Carmoola) who doesn'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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Takes 60 seconds, no impact on your credit profile to see 
if you're approved 👍

Rates from as low as 6.9% APR, Representative 14.8% APR

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