When you take out car finance, it’s important that you understand how your agreement works. One part of this is your settlement figure. Everyone gets excited when they pick up their new car. Whilst we don’t want to be party poopers, if you have taken out car finance, it’s important you understand how to end the agreement when the time is right for you.

How can I obtain my settlement figure?

Obtaining a settlement figure means asking your lender how much is left to pay on your finance agreement.

You might be thinking of changing your car, or you may have decided to pay off your finance balance early. Either way, you will need to contact your lender using the details on your finance documentation.

Your lender can provide you with your settlement figure over the phone, via email (which can take 2-3 days) or by post (which could take 7 or so days). Your settlement figure is valid for 14 days from the date you request it. Once you have paid your remaining balance, the finance company will confirm in writing, and it is important that you keep this letter in a safe place.

What your settlement figure means

Most of the time, your settlement figure will be less than the value of your car. The difference between your car’s market value and the settlement figure can be used as a deposit towards a new car, or as cashback.

When the value of your car is less than the settlement figure, the difference in values is known as negative equity. This often occurs where people change their car early into their finance agreement and have only paid a small deposit.

If you do have negative equity, you can opt to pay it off. Alternatively, some lenders will accept a small amount of negative equity on a new finance agreement.

If you have any questions about obtaining your settlement figure, our car credit specialists are here to help!

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

My Credit Rating


  • You are a home owner
  • You have been on the electoral role for a long period of time
  • You have current credit arrangements and mortgage with no defaults
  • You have no CCJs, credit arrears or missed payments
  • You rarely apply for credit
  • You are employed or self-employed


  • You are on the electoral role
  • You are a home owner or long standing tenant
  • You have a stable employment history
  • You have current credit arrangements with occasional missed payments
  • You have no CCJs


  • You are or have recently been on the electoral role
  • You may have recently changed address
  • You may have occasional missed payments
  • You may have an old CCJ
  • You may have regularly applied for credit


  • You may have had frequent changes in address
  • You may not be traceable on the voters roll
  • You may have exceeded credit card limits
  • You may have missed payments on current agreements
  • You may have had a CCJ in the past


  • You may not be traceable on the voters roll
  • Your credit cards are over their limits
  • You have recent CCJs
  • You may have been refused credit elsewhere
  • You may be in a debt management plan

X monthly repayments of

Typical rate

Loan amount

Total payable




*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!