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Can i settle my current car finance agreement early?

I have finance on my car now that was over a 4 yr period. I have only paid off 16 months but i want to get rid of it. Is there anyway of doing it and getting a new car?

Asked by Iain hewitson

Hi Iain,

Yes this is possible. Once you have made an application with us and been approved we would need you to get a settlement figure from your current finance company so we can see how much you owe.

Once this has been done you'll need to get a valuation on your car from a local dealer where you wish to purchase your new car from. You can either let the dealer buy it off you and settle the finance or you may get more money privately from selling the car but this can be a hassle as you're not guaranteed to sell it.

The choice is obviously yours but for speed i'd recommend you go down the dealer route. Once approved with us we provide a no obligation quote and you can buy a car from any dealer nationwide. Please make an application when you're ready. Kind Regards, Rachel

Tim Carpenter
Answered by Tim Carpenter Car Finance Expert Edited on

Liked by 27 People

£
5 Years
Total cost of credit £ XXX.XX
Total repayment £ XX,XX.XX
48 monthly
payments of
£ 245 98

Rates from 6.9%: the exact rate you will be offered will be based on your circumstances

Representative example: borrowing £6,500 over 5 years with a representative APR of 27.4%, an annual interest rate of 27.4% (Fixed) and a deposit of £0.00, the amount payable would be £188.74 per month, with a total cost of credit of £4,824.37 and a total amount payable of £11,324.37

Rates may differ as they are dependent on individual circumstances. Subject to status.


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