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What is a Settlement Figure?

What is a settlement figure - Car finance advice from Socialmotors

Car finance settlement figure advice

With car finance agreements, a settlement figure is the amount of money you owe the finance company for the loan you have taken out. The amount reduces by each repayment you make.

 

It’s recommended that you are aware what this figure is, in the event you consider exchanging or selling the vehicle you have financed. To do this, you need to settle with the finance provider any outstanding money you owe.

 

If or when you come to sell your vehicle, it may be the case that it is worth less than the amount you owe the lender. If this happens, and you find yourself looking for another car finance option. There are companies on our panel who may be willing to add what you owe to your new hire purchase agreement.

 

You could also perform what is called a “voluntary termination” (VT for short) of your finance agreement. To exercise a voluntary termination you need to have already paid 50% or more of the overall amount owed.

 

Due to the relationships we have with many car loan lenders in the UK, Socialmotors is able to help people with all types of credit backgrounds apply and get approved for car finance packages – at very low rates of interest!

 

We have thousands of cars for sale, and also provide finance options for many other vehicles including motorbikes, motorhomes, vans and taxi’s to name a few.

 

Types of car finance packages available:

Application process

Make an application online

Apply now or call us, one of our experienced advisors will take some basic details for our lenders to review. If approved you will be offered a credit limit for your new car.

Choose your car

Once you have your credit limit, one of our advisors will assist you in choosing your new car from our showroom – we have over 1000 vehicles available in group stock, at this stage you will be able to discuss your needs and establish the car you want.

Documents and Delivery

We will now prepare your new car for delivery and get it to you usually within 48 hours, giving you a free 12 month comprehensive warranty & 12 months MOT. Once your car arrives, if your happy you sign your finance documents.

Application Criteria

Do you meet the hire purchase car finance application criteria?

To be eligable for car finance all you need is to…

  • Be aged 18 or over
  • Hold a full UK/EU driving licence
  • Be UK resident for 3 years
  • Have a Full time, part time job, be self-employed
  • Not bankrupt

Please note: if your income is 100% benefits you must be in receipt of a high rate benefit like DLA or PIP to apply for bad credit car finance.