Car Finance Early Settlement Calculator
Work out whether settling your PCP or HP agreement early leaves you in positive or negative equity against the car's current value, and when Voluntary Termination becomes an option.
Not financial or legal advice. This is an estimate, representative figures, not financial or legal advice. Always get an official settlement figure and confirm your Voluntary Termination position directly with your finance provider. If you're struggling with car finance repayments, free, independent help is available from MoneyHelper (moneyhelper.org.uk) and StepChange (stepchange.org).
Enter your agreement details
Add your balance (or the figures to estimate it), a settlement figure and the car's current value to see your equity position.
How this is worked out
The outstanding balance, when not entered directly, is estimated as your remaining monthly payments plus the balloon/GMFV for a PCP. The settlement figure, when not entered directly, applies your chosen rebate percentage to that balance as a simple approximation of the interest rebate lenders must apply, real settlement figures use a more precise actuarial calculation set out in the Consumer Credit (Early Settlement) Regulations 2004. Equity is simply the car's current value minus the settlement figure. The Voluntary Termination threshold is 50% of the agreement's total amount payable (deposit plus every contracted instalment, excluding any optional final PCP payment); once what you've paid reaches that point, sections 99 to 100 of the Consumer Credit Act 1974 give you the right to hand the car back.