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Car finance calculator - calculate car loan costs
Finance calculator
- 36month
- 42month
- 48month
- 60month
This helps you get a more accurate finance estimate
Not sure about being approved?
Check finance eligibilityWon't affect your credit score
We are a credit broker not a lenderThese estimates are subject to credit checks, and may change if you do apply for finance.
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| Loan amount | £7,500.00 |
|---|---|
| Length of Loan | 60 months |
| Monthly payment | £0 |
| Interest rate | 14.9% APR |
| Optional final payment | £0 |
| Amount of interest | £0 |
| Total payment | £0 |
Our car finance calculator helps you work out your monthly repayments and total interest costs before you apply for a loan. It gives you a quick estimate, so you know what to expect and can plan your budget with confidence. While it doesn’t cover Personal Contract Purchase (PCP) or Hire Purchase (HP), it’s a handy way to compare costs and explore your options. Use it to get a clearer picture of how much your car finance might cost.
How do I use the car finance calculator?
Our car finance calculator is easy to use and helps you get a clear idea of what your monthly payments could be. Just follow these simple steps:
How much do you want to borrow
Calculate the best rate
Car finance options
The results give you a rough idea of what you might pay, but the actual offer will depend on your personal circumstances, the car you choose, and the lender’s terms. Use this calculator to explore your options and get a better understanding before applying for finance.
Car finance calculator example table
Loan Amount (£) | Loan Term (Months) | Estimated Credit Score | PCP & HP Interest Rate (APR) | PCP Monthly Payment (£) | PCP Total Payment (£) | HP Monthly Payment (£) | HP Total Payment (£) |
£5000 | 48 | Poor | 19.9% | 95.96 | 6355.91 | 147.63 | 6355.91 |
£7000 | 48 | Poor | 19.9% | 134.34 | 8898.27 | 206.68 | 8898.27 |
£8000 | 48 | Poor | 19.9% | 153.53 | 10169.45 | 236.2 | 10169.45 |
£10000 | 48 | Poor | 19.9% | 191.91 | 12711.81 | 295.25 | 12711.81 |
£15000 | 48 | Poor | 19.9% | 287.87 | 19067.72 | 442.88 | 19067.72 |
£20000 | 48 | Poor | 19.9% | 383.83 | 25423.62 | 590.5 | 25423.62 |
What loan length is right for you?
Picking the right loan length is important because it affects both your monthly payments and the total amount you’ll repay. Here’s how it works:
- A shorter loan means higher monthly payments, but you’ll pay less overall since you’ll pay less interest.
- A longer loan gives you lower monthly payments, making them easier to manage, but you’ll pay more in interest over time.
It’s a good idea to think about your future plans before choosing a loan term. If you have big expenses coming up—like buying a house or starting a family—you might prefer lower monthly payments to keep extra money in your budget. But if you can afford higher repayments, a shorter loan could save you money in the long run.
Use the car finance calculator to explore different loan lengths and find the best fit for your budget.
What costs should I think about?
When working out your car budget, it’s important to remember that your monthly finance payments aren’t the only cost. Owning a car comes with extra expenses, so it’s good to plan ahead.
- Insurance – This is a legal requirement, and the price depends on your car, age, and driving history.
- Road tax – Another legal cost, based on your car’s emissions and fuel type.
- Maintenance – Regular servicing, MOTs, and repairs can add up over time.
- Running costs – Fuel, tyres, parking, and other daily expenses all affect your budget.
By thinking about these costs in advance, you can plan your finances better and avoid surprises. Make sure your monthly payments still leave you with enough room for everything else, so you can enjoy your car without worrying about extra bills.
FAQ
How much can I borrow to buy a car?
It depends on your credit rating, income, and lender criteria. Most lenders offer between £1,000 and £50,000, but the amount varies based on affordability checks.
How much will my monthly car loan repayments be?
Your monthly payments depend on the loan amount, interest rate, and loan term. Use the car finance calculator to get an estimate based on your details.
Am I eligible for a car loan?
Eligibility depends on factors like credit rating, income, and affordability checks. You can check your finance eligibility without affecting your credit score.
Can I get a car loan with bad credit?
Yes, some lenders offer car finance for bad credit applicants, but interest rates may be higher. A larger deposit or guarantor could improve your chances.
Do I have to put down a deposit with a car loan?
Not always. Some lenders offer no-deposit car finance, but a deposit can reduce your monthly payments and total interest costs.
What car can I afford?
It depends on your budget, income, and credit rating. Consider your monthly repayments, insurance, road tax, and running costs to find a car that fits within your budget.
How much does car finance cost?
The cost depends on the loan amount, interest rate (APR), and loan term. A longer loan reduces monthly payments but increases total interest paid. Use the car finance calculator for an estimate.
What is the ideal APR for a car loan?
A lower APR (Annual Percentage Rate) means cheaper borrowing. Rates vary based on credit rating, lender, and loan type. A good APR is usually between 5% and 10%, but bad credit applicants may get higher rates.
How much must you earn to qualify for vehicle finance?
There’s no fixed amount, but lenders check your income, expenses, and affordability. A stable income that covers repayments and other financial commitments increases approval chances.
Is it better to make a large down payment on a car?
Yes. A larger deposit lowers your monthly payments, reduces interest costs, and improves loan approval chances. Some lenders offer no-deposit car finance, but this means higher repayments.
How much will my monthly car finance repayments be?
Your repayments depend on the loan amount, APR, and loan term. A longer term lowers monthly payments but increases interest. Use the car finance calculator to estimate your costs.