Car Finance Settlement Calculator

Your settlement figure mid-agreement — remaining balance plus balloon and any fee.

PCP agreements only — the deferred final payment

Check your agreement — some lenders charge ~58 days' interest

Result

Monthly payment£455.66
Months remaining24
Settlement figure£9,884.48
Cost to run to term£10,935.90
Interest saved settling now£1,051.42

How it's calculated

  1. 1

    Monthly payment: £18,000.00 amortised at 0.825%/mo over 48 months = £455.66

  2. 2

    Balance after 24 payments = £18,000.00 × (1+r)^24 − £455.66 × ((1+r)^24 − 1) ÷ r = £9,884.48

  3. 3

    Settlement figure = £9,884.48 balance = £9,884.48

  4. 4

    Compare — running to term: £455.66 × 24 = £10,935.90

Car Finance Settlement Calculator — FAQs

How do I settle car finance early?

Request a settlement figure from your lender — under the Consumer Credit Act you're entitled to one within 7 working days, valid for 28 days. It's your remaining capital plus any balloon and up to 58 days' interest (28 days if ≤1 year left).

Does settling early save interest?

Usually yes — future unearned interest is rebated under statutory early settlement rules, though up to 58 days' interest is kept as an actuarial adjustment. Compare the settlement figure above against your remaining monthly payments.

Can I settle a PCP early?

Yes — you can settle a PCP at any point, or make partial overpayments under Section 94 of the Consumer Credit Act. Note that full PCP settlement includes the entire balloon (GFV), so mid-term figures are often higher than the car's trade-in value.

Early settlement vs Voluntary Termination (VT)?

Early settlement pays off the full remaining balance + balloon so you own the car. Voluntary Termination (Section 99) lets you hand the car back once you've paid 50% of the Total Amount Payable (including the balloon) with nothing more to pay, assuming fair wear and tear.

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