Can I Settle My Finance Early?
Yes, you can end your finance early, there are different provisions within each finance agreement to do just that. If you are over half way through your finance agreement, the options to end the finance agreement early then open up.
In a Hire Purchase agreement, there is an option to pay off finance early through a settlement fee. This covers any remaining unpaid instalments and interest payments remaining on the agreement. Once this fee has been paid, you legally own the vehicle.
Under a Personal Contract Purchase agreement, you can also pay a settlement fee for bringing the agreement to an end early. After that, you can choose to hand the vehicle back, or alternatively you can take full ownership of the vehicle by paying off the balloon payment.