If you have a car finance agreement and you want to end it early, the settlement figure is the amount of money you need to pay to close the loan.
Sometimes things change, and you might need to end your finance agreement early. Maybe you want to sell your car and get a different one, or you just don't need a car anymore. Whatever the reason, you tell your finance provider you want to end your car loan early, and they will tell you how much you need to pay – this is the settlement figure.
Yes, it does. The settlement figure is the total amount you still owe on your car loan, including any interest. If you paid a deposit or have made some payments already, those will be subtracted from the total amount you owe.
If you have a personal contract purchase (PCP) agreement, the settlement figure will include a large final payment called a ‘balloon payment’.
If you have a hire purchase (HP) agreement or an unsecured personal loan (UPL), there isn't a balloon payment to pay, but there may be early settlement fees.
Your lender will add up all the payments you still need to make until the end of the loan. They subtract any future interest and the deposit you paid. If you missed any payments, those will be added, along with any early settlement fees. If you added extras like warranties or maintenance to your loan, you’ll need to pay for those too.
A multi-part agreement (MPA) allows you to add extras to your finance agreement, such as certain warranties and maintenance. You can settle your Oodle finance by selecting ‘Request a settlement figure’ from our app (iOS or Android), from our customer portal, and from the ‘Chat with us’ feature at the bottom of this page. This will show you how much you need to pay to settle the finance. If you want to fully settle your MPA, you’ll need to pay off any add-ons or negative equity too.
It depends on your situation. You could save money on interest if you pay off your car finance early, but there might be fees for ending your contract early. The amount you save depends on how much time and interest are left on your loan. Make sure to check all the costs before deciding.
