How much is left on my car finance?

Car finance runs for years, and once the payments settle into a routine it's easy to lose track of where you are. Whether you're thinking of selling or paying it off early, you'll want to know how much is left on your car finance.

How do you find out how much is left on your car finance?

The quickest way to find out how much is left on your car finance is to ask your lender for a settlement figure. A settlement figure is the exact amount you'd need to pay to clear the agreement today, and your lender has to give it to you when you ask.

Most lenders show your balance in their app or online account, and the settlement figure is usually a click or a phone call away. If you'd rather work it out first, your agreement and bank statements give you a good estimate.

Is the amount left the same as your settlement figure?

No, the amount left on your payments is usually higher than your settlement figure, because settling early cuts out interest you haven't used yet. There are 3 numbers people mean when they ask what's left, and each answers a different question.

• Payments left: what you'll pay if you run the agreement to the end, including any PCP balloon payment if you keep the car.
• Settlement figure: what it costs to clear the agreement today, with a rebate of future interest. This is the number to use if you want to sell, switch or pay off early.
• Voluntary termination amount: what you'd owe to hand the car back. On a regulated HP or PCP agreement you can do this at any time, and you'll owe no more than half the total amount payable, topping up the difference if you've paid less. We explain the steps in our guide to giving your car back.

How do you get a settlement figure?

A settlement figure comes from your lender, by phone, in their app or in writing. If you ask in writing, the lender must send it within 7 working days under section 97 of the Consumer Credit Act 1974 and the Consumer Credit (Settlement Information) Regulations 1983, and lenders don't normally charge for it.

The figure is worked out to a date 28 days after the lender gets your request. If you pay after that date, ask for an updated figure, because it'll change as you make more payments. You'll find more detail on car finance settlement figures in our separate guide.

Can you work out how much is left on your car finance yourself?

Yes, you can work out roughly how much is left on your car finance from your agreement and bank statements. This method gives you your payments left, not your settlement figure, so treat the result as an estimate.

1. Find your agreement and note the monthly payment, the number of payments and any balloon payment, plus whether the final payment or an option-to-purchase fee differs from the rest.
2. Count the payments you've made, using your bank statements or the lender's app.
3. Take that from the total number of payments to get the payments left.
4. Multiply the payments left by your monthly payment, then add any balloon.

Our car finance calculator can give you a quick estimate, too. Missed payments or fees can change the real figure, so always confirm it with your lender.

Is your car worth more than your settlement figure?

Your car can be worth more or less than your settlement figure, and the gap tells you what selling or switching would leave you with. If it's worth more, you have positive equity to put towards your next car. If it's worth less, you have negative equity, and you'd need to cover the difference to clear the finance.

Why does the settlement figure look high on a PCP? Because the balloon payment makes up a big part of what's left, even late in the agreement. We explain how to use any equity in our positive equity guide.