Car finance Company early settlement

Jackwin

I have a car purchased through The Car Finance Company over 2 years ago with a PAYG device fitted . I have never missed a payment.
I am in a lot better position now than I was when I bought the car and was thinking about getting a settlement figure from them .
The car was £5995 when purchased . APR 49.57%. Monthly repayment £291.71 . Total repayable £10501.56. ( don't judge me , it was my only option at the time )
I have made 26 payments (£7584.46 )
How much do you think my settlement figure would be if I were to pay it off this month ? .
Just interested in your thoughts before I ring them

[Deleted User]

It'll probably be the remaining capital, plus 2 months interest.

Plug your figures into a repayment calculator to see what your outstanding capital is.

Jackwin

just rang them
said I owe 3172,33
early settlement figure ..................2821.34

OUCH

may as well just keep paying it monthly

[Deleted User]

Why? Why not save the £350?

Is your wallet short on space?

Jackwin

not really . but a 350 reduction for settling 10 months early ??????????

molerat

How much is that money earning you in the bank ? I will give you a clue - a lot less than £350.

[Deleted User]

Jackwin wrote: »

not really . but a 350 reduction for settling 10 months early ??????????

It's simply the interest you'd have paid on the remaining balance. If you'd paid it off earlier (when the balance was bigger) you'd have saved a lot more. But then again, the settlement figure would have been a lot more.

Personally, I'd go for £350 if all I had to do was a few clicks of a mouse.

PeacefulWaters

Jackwin wrote: »

not really . but a 350 reduction for settling 10 months early ??????????

With a typical savings account earning 0.5% that's a brilliant return.

Get it paid off.

And never borrow at such a ridiculous APR again.

pd52

http://www.financecalcs.co.uk/Calcs/Settlement.php