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Thinking about 
settling your car 
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
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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!

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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.

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 do I settle my car finance early?

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Get in touch with your lender to request your settlement figure

Money Bag Pounds-1

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

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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.

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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?

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Step 1

Tell us about your finance

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

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Step 2

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

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Step 3

Refinance your deal 💸

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

Don’t just take our word for it

Frame 971

It's clear there’s a lot of energy behind this company. So quick to refinance my vehicle. They must have some impressive automation. Honestly if you like a smooth experience, this is the place to get it.

Robert Szakal

Robert Szakal

Saved money on his Vauxhall Corsa

Frame 971

So easy to finance a new car. Downloaded app, entered a few details and a pre-approved budget was given. Simple ID checks and a quick process to add desired car. Can't recommend highly enough - so simple and stress free!

Matthew

Matthew

Frame 971

The whole experience of using Carmoola was easy, smooth and pain free. The app is amazing and so easy to use and if you need to call them for any reason, they can’t do enough to help. I hadn’t heard of them before but would definitely recommend to anyone looking to finance a car. The most competitive apr I have found. Thank you guys 🙏🏻

Steph

Steph

Frame 971

Quick, efficient and always on standby to help when needed. Easiest and quickest finance application and the APR was much better than what was offered elsewhere. Will definitely be using Carmoola again. More than satisfied!!!

Faris

Faris

Frame 971

Carmoola was soo easy and straight to the point, I thought it couldn’t be this easy as I’ve used a finance company before for my previous car but they shocked me. It was done swiftly, professionally and most importantly legally. I fully recommend Carmoola. Also interest rate was the lowest I could get with any other provider

Bernard

Bernard

 

Want to learn more?
Check out our guides

Can I pay off my car finance early?

Your finance agreement is signed, you’ve started making payments, and you’re behind the wheel of your dream car – what more could you want, right? ...

8 Min Read

Can I end my PCP agreement early?

Personal Contract Purchase finance agreements – or PCP for short – can be a great way to split the cost of buying a car into affordable monthly...

6 Min Read

Can I end my HP agreement early?

When it comes to car finance, Hire Purchase – HP for short – is one of the most popular ways to spread the cost of buying a car over time. This type...

7 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.

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