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Settlement Figure

Settlement Figure
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Settlement Figure

A Settlement Figure is an amount that is still owed on the initial sum you borrowed for your Car Finance, including the interest.  It is important to know these figures if you want to Upgrade Or Replace your current vehicle.

This can be done one of two different ways; firstly you can sell your current vehicle to a dealer that you want to purchase your new vehicle from and use the equity to settle your current finance agreement.  Secondly you can settle the outstanding funds with your saving or any other funds you may have available; subsequently, you will own the vehicle outright, you can then sell the vehicle privately, or Part Exchange your vehicle with any reputable dealer of your choice.

In some instance, you may encounter a potential problem regarding negative equity. Negative equity means that the amount due to be settled is more than the current value of the vehicle. In this instance, you would have to cover the remaining outstanding balance.

 What If I Can’t Settle The Loan?

Another possible option is voluntary termination (VT), if you currently paid over 50% of your borrowed amount, including interest and fees, you may be entitled to return your vehicle to the initial finance company. You can call 0330 445 5505 and talk to one of our friendly members of staff who will help you with any queries.

If you plan to use U Car Finance for the new vehicle, we have lenders who would consider adding the negative equity from the previous finance onto a new agreement. This is something the lender would also have to agree to.  Use Our Finance Calculator to see what you could borrow today. Alternatively, you can call 0330 445 5505 and talk to one of our friendly members of staff who will help you with any queries.

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U Car FInance
U Car Finance is one of the leading UK Car Finance Brokers, we are dedicated to giving our customers the best service as possible. We accept people who have been refused elsewhere, people with good credit, bad credit and people with no credit history at all.

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U Car Finance
208 Victoria Street (Ground Floor)
Oldham, OL9 0DA
United Kingdom

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