antnee
Member
Registered: 30th Dec 07
Location: Cov Drives: Clio 197
User status: Offline
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Is there a way to work out how much I will be able to settle for on the HP finance deal I currently have?
Loan amount £9500
APR 4.5% (might be 4.75%)
Spread over 5 years
Im thinking about changing car after 18 months so how much (roughly) should I have to pay to settle?
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Dave
Member
Registered: 26th Feb 01
Location: Lancs
User status: Offline
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Speak to the finance company and ask for a settlement figure.
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John
Member
Registered: 30th Jun 03
User status: Offline
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quote:
Originally posted by Dave
Speak to the finance company and ask for a settlement figure.
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Toby
Premium Member
Registered: 29th Nov 05
User status: Offline
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Assuming your initial payment and your last payments were not balloon payments and assuming that interest rate was 4.6% and you had paid it for 18months your settlement figure would be approx £6.9-7k
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sc0ott
Member
Registered: 16th Feb 09
User status: Offline
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Can you not just pay off say 9400 for example and then ask for a settlement figure on the remaining 100 quid?
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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Assuming monthly interest
£9500 at 4.5% APR
£176.44pm
TAP £10604
1 9500
2 9358.52335
3 9216.516163
4 9073.976448
5 8930.90221
6 8787.291443
7 8643.142136
8 8498.452269
9 8353.219815
10 8207.442739
11 8061.119
12 7914.246546
13 7766.82332
14 7618.847258
15 7470.316285
16 7321.228321
17 7171.581277
18 7021.373057
19 6870.601556
20 6719.264662
21 6567.360254
22 6414.886205
23 6261.840379
24 6108.22063
25 5954.024807
26 5799.25075
27 5643.896291
28 5487.959252
29 5331.437449
30 5174.32869
31 5016.630772
32 4858.341488
33 4699.458618
34 4539.979938
35 4379.903213
36 4219.2262
37 4057.946648
38 3896.062298
39 3733.570882
40 3570.470122
41 3406.757735
42 3242.431427
43 3077.488895
44 2911.927828
45 2745.745907
46 2578.940805
47 2411.510183
48 2243.451696
49 2074.76299
50 1905.441701
51 1735.485457
52 1564.891878
53 1393.658572
54 1221.783142
55 1049.263179
56 876.0962655
57 702.2799765
58 527.8118764
59 352.6895209
60 176.9104567
In month 18 you'll owe £7021.37
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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At 4.75%, £177.45pm
1 9500
2 9359.374073
3 9218.192673
4 9076.453606
5 8934.15467
6 8791.293654
7 8647.868336
8 8503.876489
9 8359.315873
10 8214.184244
11 8068.479344
12 7922.19891
13 7775.340668
14 7627.902336
15 7479.881623
16 7331.276228
17 7182.083841
18 7032.302145
19 6881.928811
20 6730.961502
21 6579.397873
22 6427.235567
23 6274.47222
24 6121.105457
25 5967.132897
26 5812.552144
27 5657.360797
28 5501.556445
29 5345.136666
30 5188.099028
31 5030.441092
32 4872.160406
33 4713.254512
34 4553.72094
35 4393.557211
36 4232.760834
37 4071.329312
38 3909.260135
39 3746.550785
40 3583.198733
41 3419.201441
42 3254.556359
43 3089.260929
44 2923.312582
45 2756.708739
46 2589.446811
47 2421.524199
48 2252.938292
49 2083.686471
50 1913.766105
51 1743.174553
52 1571.909165
53 1399.967279
54 1227.346222
55 1054.043312
56 880.0558559
57 705.3811491
58 530.0164771
59 353.9591147
60 177.2063257
Month 18 £7032.30
[Edited on 23-03-2014 by Ian]
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Toby
Premium Member
Registered: 29th Nov 05
User status: Offline
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Wasn't too far off and my maths is poor!
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antnee
Member
Registered: 30th Dec 07
Location: Cov Drives: Clio 197
User status: Offline
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Thanks Ian,
I think I may have given you the wrong interest rate as the monthly payment is £202, but it gives me a good ball park figure. 
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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£202pm is 10.4% APR.
Adds about £240 to the settlement in month 18.
Could also be that you're paying PPI.
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