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3.5 years

Zuto is a credit broker, not a lender. Our rates start from 7.9% APR. The rate you are offered will depend on your individual circumstances. Representative Example: Borrowing £7,000 over 48 months with a representative APR of 19.3%, the amount payable would be £205 a month, with a total cost of credit of £2,831 and a total amount payable of £9,831.

What is a car finance settlement figure?

Whether you’ve been exploring finance quotes, reading terms and conditions, or simply exploring the information here on; you may have seen references to car finance settlement figures. 

Since settling car finance early can sometimes be a little complicated, we’ve explored the subject in a little more detail here – to help you understand some of the terminology used and explain the processes that finance providers have.

Why do you need a settlement figure?

A settlement figure (sometimes known as an ‘early settle figure’ or ‘ESF’) represents the amount of money you would need to end the finance agreement you have with your car loan company.

As such, it’s probably obvious that you’d need this figure if you wanted to pay off your finance.

So – aside from if you won big on the lottery – why would anyone want to pay off their car finance?

In reality, paying off car finance is more common than you might think. Not necessarily because people have a windfall and want to wipe their debts out – but usually because people would like to either sell their financed vehicle – or change to another car.

In instances like these, the finance company you’re with will need to work out exactly how much you’d need to pay to clear everything you owe. On the surface, this might just sound like you need to add up the number of monthly repayments left to make – but it isn’t always that simple.

For example, a settlement figure for a PCP deal will include your ‘final’ or ‘balloon’ payment – and may very well include some early redemption charges. As such, simply adding up your remaining monthly payments wouldn’t even come close to being an accurate figure. 

In fact, most types of finance (PCP, HP, personal loans, and lease plans) include some early repayment charges. Generally, this is because finance companies add interest to their loan monthly, so, the sooner you pay it off, the less interest you’ll pay. This isn’t ideal for the lender, since the interest you pay is money they make. In some cases, lenders will waive this settlement figure if you’re planning to upgrade your car and will be taking finance with them again.

Getting a settlement figure 

Getting your early settlement figure is fairly simple – you’ll just need to call your lender and ask them for it.
When you do, they’ll probably want to know why you need it – as it’s often a chance for them to sell you another product.

Also, they’ll give you a time period that your settlement figure is valid for, since scheduled payments you’ll make will reduce it.
If you don’t end up settling your finance within this timeframe, you’ll just need to call back and get an updated figure.

Is there such a thing as an early loan settlement calculator?

People often ask if there’s an online early loan settlement calculator – but unfortunately, there’s not – at least, not one that’s guaranteed to be accurate.

The problem is, different lenders operate differently – and since lenders tend to offer different products, interest rates, and terms and conditions; this means there are thousands of different factors that could influence your settlement.

If you’d like to get an accurate figure, you best bet is to call your lender. It might take a few more minutes compared to an online tool – but they’ll give you a figure that’s 100% accurate and may be able to help you find another great deal.

Other related FAQs

Looking for more related content to this? We’ve picked a selection of related topics that you may find helpful

A guarantor car loan is an agreement in which a third party (usually a family member or friend) agrees to guarantee the repayment of your loan if you fail to keep up with your payments.

Car loans for used cars vary in length. Terms are typically between 12 and 60 months.

Yes, you can refinance your car loan. However, you should carefully assess the pros and cons of doing so before you make a decision.

Don’t worry if you can’t remember who your car finance is with. You can find out by checking your paperwork, looking at who you make your payment to through your bank, or calling the dealership you bought your car from.

The maximum age of used cars eligible for finance agreements tends to be 10 years, although there are exceptions to this.

Car loans can be secured or unsecured, depending on the type of agreement you get.

Car finance agreements can be a great option for a wide range of people. Before committing to a deal though, it’s always important to read the terms carefully and consider the pros and cons.

Car finance agreements don’t tend to include insurance as standard, but there are packages available that do.

In most cases, car finance providers pay for or provide your vehicle after you pay a deposit. Then, over the course of an agreed repayment period, you’ll pay off some or all of the price. The product you choose will decide what happens at the end of the agreement – but common options include taking ownership of the car, handing it back, or upgrading it.

Under certain circumstances, you can claim the cost of a car as a capital allowance, meaning you can deduct some of the vehicle’s value from the profits of your business before paying tax. However, strict criteria apply.