Thinking about
settling your
finance early?

Use our handy calculator to estimate
the outstanding amount on your current
HP or PCP agreement.

Our early settlement calculator provides an estimate of your total settlement amount, excluding any additional fees charged by other providers. For an accurate and final settlement figure, contact your current lender directly.

Early Settlement Calculator

Add details about your current finance to get a settlement quote

Original loan amount

Length of agreement

months

Monthly payments

Final repayment

No. of payments made

Your early settlement balance

Total payments so far

£11,937.83

APR

18.7%

Outstanding balance

£11,937.83

See if you could save money
by switching to Carmoola!

Switch and save

How do I settle my car finance early?

Get in touch with your lender to request your settlement figure

This will include the remaining amount owed, plus interest and any fees or charges

The settlement figure is usually only valid for a specific amount of time, and any extra payments you make in the meantime will affect it.

If you're happy to go ahead, let the lender know and pay the settlement figure

How is the early settlement figure calculated?

Our settlement calculator takes the details that you have shared, and applies statutory calculations used by most lenders.

To do this we assume the date you’ll actually pay off the loan (the settlement date) is 28 days after you’ve requested the settlement figure, meaning you’ll pay interest up to this date. If your agreement was for longer than 12 months, the lender is allowed to defer the settlement date by 30 days, which will increase the amount of interest you pay to the equivalent of 58 days' worth.

However, our calculations don’t include any other 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.

Thinking of switching your finance?

Here's how you can switch your existing car finance to Carmoola.

Step 1
Step 2
Step 3

Tell us about your finances

Answer a few questions about your car mileage and settlement quote from your current lender

Get a new rate and budget

After a few questions in our app you’ll find out if you’re eligible and your new rate and budget for refinancing.

Refinance your deal

Simply pay your settlement quote with your Carmoola card or by bank transfer, all from your smartphone.

Thinking of switching your finance?

Here's how you can switch your existing car finance to Carmoola.

Tell us about your finances

Answer a few questions about your car mileage and settlement quote from your current lender

Get a new rate and budget

After a few questions in our app you’ll find out if you’re eligible and your new rate and budget for refinancing.

Refinance your deal

Simply pay your settlement quote with your Carmoola card or by bank transfer, all from your smartphone.

Switch and save

Representative 13.9% APR

Want to learn more?
Check out our guides

Can I refinance my car loan?

Life is unpredictable, and your circumstances could change a lot during the term of a car finance agreement. Refinancing can be a...

2 Min Read

How to Calculate Hire Purchase Interest on Car Finance

Figuring out how much hire purchase interest you need to pay before you agree to a deal is crucial. The interest rate you are...

2 Min Read

Can I end my PCP agreement early?

Splitting the cost of financing a new car into smaller, monthly repayments with a Personal Contract Purchase (or PCP finance)...

2 Min Read

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. Head over to our 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.

How Carmoola works

How it works

Trusted Dealerships

FAQs

Want to learn more?

Reviews from our lovely customers

Get in touch

Join our Trusted Dealership network

Depreciation index

Car finance

Hire Purchase (HP)

Personal Contract Purchase (PCP)

Refinance my car

Want to learn more?

How does Hire Purchase (HP) finance work?

What is car finance and how does it work?

How does Personal Contract Purchase (PCP) finance work?

HP vs PCP: Which is right for me?

Tools

Car finance calculator

Early settlement calculator

Car finance eligibility checker

Track my car's value

Want to learn more?

How much car finance can I afford?

Can I get car finance if I've just moved to the UK?

What checks are done for car finance?

What is a good credit score?

Does financing a car build your credit score?

Can I get car finance with a bad credit rating?

Featured guides

How do I know if I was mis-sold car finance?

Can I buy a car on a credit card?

Hire Purchase vs leasing: Which is better?

What is a HPI check, and do I need one?

Popular guides

What to do if your car on finance is broken beyond repair

Should I buy a Category S car?

Thinking about settling your finance early?

Early Settlement Calculator

Your early settlement balance

What is an early settlement figure?

How do I settle my car finance early?

How is the early settlement figure calculated?

Thinking of switching your finance?

Want to learn more?Check out our guides

Can I refinance my car loan?

How to Calculate Hire Purchase Interest on Car Finance

Can I end my PCP agreement early?

FAQs about early settlement

What is a good settlement percentage?

How can I avoid early settlement fees?

Is early settlement good?

How can I ask for early settlement?

Site links

Locations

Resources

Legal stuff

Thinking about
settling your
finance early?

Want to learn more?
Check out our guides