Car Finance Settlement Calculator
8.9% APR Representative
We are a credit broker, not a lender
8.9% APR Representative
We are a credit broker, not a lender
As featured in...
Representative Example – Personal Contract Purchase: Cash Price £35,000.00, Deposit £2,000.00, borrowing £33,000.00 over 4 years at 8.9% Representative APR (fixed). 47 monthly payments of £496.83 followed by a final payment of £18,590.00. Total cost of credit of £8,941.01 and total amount payable of £43,941.01. Based on 8,000 miles per annum, excess mileage charges will apply if this is exceeded. Finance subject to status 18+ only.
Looking to end your agreement early?
Our car finance settlement calculator will calculate the outstanding balance of any loan.
This formula assumes all payments are made on time and that you have an agreement regulated by the Consumer Credit Act. Please note that there may be additional settlement penalties for non-regulated agreements.
If you wish to settle any finance agreement early and you are a Magnitude customer please give us a call for an exact settlement.
If you are not a Magnitude customer, we recommend that you contact your existing finance provider for your exact settlement figure, with this information our team can then acquire accurate quotations for your next car.
What is a settlement figure?
An early settlement figure is the amount still owed, plus interest and charges if you want to pay off your car finance early. Our settlement figure calculator does not include any additional penalty charges that may be incurred. For regulated agreements, this is normally an exit fee equal to around just 58 days interest charge.
How is the settlement figure calculated?
The calculator uses the Actuarial method, as required by the The Consumer Credit (Early Settlement) Regulations 2004. in the UK.
Looking for an exact settlement figure?
If you are a Magnitude customer, our team are on hand to help. You can call us, chat with us on WhatsApp and Live Chat or get in touch using the contact form in the footer.
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Yes, refinancing is a very popular option for those coming towards the end of their agreement looking to keep their car. We have access to multiple refinancing options from our lenders, just speak to our team for a quote!
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Yes, most agreements allow early repayment, but you may incur early settlement fees (usually 58 days of interest), but this is dependent on the lenders terms and the type of finance facility you take out.
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Yes, but the settlement for that vehicle must be paid off as part of that purchase. Car dealers are well versed in this so will pay off the remainder depending on the part exchange price offered. If you are in negative equity you may be required to pay more towards the car to pay this off.
We can offer a ‘top-up loan’ facility to cover the difference if required, speak to our team for more information on this.
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Positive equity occurs when the value of an asset exceeds the amount owed on any loans secured against it. If the market value of your vehicle is higher than the settlement figure on your finance, you have positive equity. For instance, if your car is worth £15,000 and you owe £10,000 on your car loan, you have £5,000 in positive equity.
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Negative equity occurs when the value of an asset is lower than the amount owed on any loans secured against it. If the market value of your vehicle is lower than the settlement figure on your finance, you have negative equity. For instance, if your car is worth £10,000 and you owe £15,000 on your car loan, you have £5,000 in negative equity.