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What is a Settlement Figure?
A settlement figure is the total you need to pay if you want to clear your car finance before the agreed end date.
It covers your remaining loan balance, interest up to the settlement date, and sometimes extra charges or fees.
Settlement figures are available for most finance types, including Hire Purchase (HP) and Personal Contract Purchase (PCP).
What is a Finance Settlement?
A settlement is the amount needed to clear your existing finance agreement.
If you want to change your car, sell your vehicle, refinance, or pay off your agreement early, your current lender will provide a settlement figure.
This figure tells you how much is left to pay before the finance can be cleared.
How settlement works
- You request a settlement figure from your lender.
- The lender confirms how much is outstanding.
- The settlement figure is usually valid for a limited time.
- The finance is cleared once the settlement is paid.
- You can then sell, part-exchange or refinance the vehicle.
Why check your settlement?
- To understand your current finance position.
- To see whether you have equity in the vehicle.
- To plan a part-exchange.
- To look at refinance options.
- To know the cost of paying your finance early.
Settlement vs Vehicle Value
| Position | What it means | Example outcome |
|---|---|---|
| Positive equity | Your vehicle is worth more than the settlement figure. | The difference may be used as deposit towards another vehicle. |
| Negative equity | Your settlement is higher than the vehicle value. | You may need to pay the difference or look at finance options. |
| Break-even | Your vehicle value is close to the settlement figure. | You may be able to change vehicle with little difference either way. |
Simple Settlement Calculator
Use this as a simple guide to estimate what may be left to pay on your agreement.
Estimated remaining balance: £0.00
This calculator is for guidance only. Your exact settlement figure must come from your current lender and may include interest adjustments, fees or early settlement calculations.
Finance is subject to status. Terms and conditions apply. Settlement figures are provided by your lender and may be time limited. Concierge Motor Finance acts as a broker, not a lender.
Settlement FAQs
How is it calculated?
Your lender works it out based on what you still owe, the time left on your agreement, interest rates, and any fees set out in your contract.
Can you settle early?
Yes, most agreements allow early settlement, but there may be fees. Always check your contract and ask for a settlement figure to see the exact cost.
Is it cheaper?
Paying off early often saves you money by reducing future interest. But any fees or penalties could affect how much you save.
What happens when you request one?
Your lender will give you a breakdown showing what’s been paid, what’s left, and any added fees. They’ll usually provide this in writing as a settlement agreement.
Can dealers settle finance for you?
Sometimes. Dealers may offer to settle your current finance if you’re taking a new deal with them, but check carefully—it could mean higher monthly costs on your new agreement.
Ownership after settlement
Once the settlement figure is paid, your agreement ends. With HP, the car becomes yours outright. With PCP, you may still need to pay the final balloon to take ownership.
