A settlement figure, when talking about car finance, is the amount of money you still owe on your loan or finance agreement, including interest. It might be important to know this figure if you need to sell or replace a car that you’re currently repaying finance on. You can find out your settlement figure at any time and the lender must let you know within a reasonable amount of time.
If you are in a hire purchase (HP) agreement, you can settle your finance at any time by paying your settlement fee and any other fees outlined in your finance agreement, such as an option to purchase fee. If you have taken out a personal loan, you can also settle your finance at any time but be aware that a fee may be charged for early settlement – all fees should be listed on your loan agreement.
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