Car finance
calculator
Monthly Payment
£247
Total Payable
Cost of Credit
£19,237
£2,237
How much do you want to borrow?
WHAT IS YOUR CREDIT SCORE?
Based on 9.9 APR
Rates from 9.9% APR. Representative APR 16%. Compare Car Finance is a credit broker, not a lender, and will show you products offered by lenders. To apply you must be a UK resident aged 18 or over. Credit is subject to status and eligibility.
How does the car finance
calculator work?
Our quick and handy calculator helps you work out your monthly payments for your car. The calculator uses several factors to tell you your monthly payment, including:
- • loan amount required
- • interest rate (APR)
- • length of loan
- • type of finance (HP or PCP)
By changing any of these inputs, you'll immediately see how they impact the monthly payments. For example, increasing or decreasing the length of loan will change the monthly payments and total cost payable.
The interest rate is another factor which will change the monthly payments. We've made it easy to adjust, based on your approximate credit rating. However, when you apply for car finance, you'll be guided through your personalised quotes based on your individual circumstances.
If you don't know what your current credit score is, you can check it for free and make any suggested improvements which could result in a cheaper loan.
Depending on the type of car finance you select, the monthly payments can change dramatically. HP is a common type of finance, which spreads the loan evenly across the length of the agreement. PCP, however, has an optional balloon payment at the end which reduces the amount your paying each month but means you either have to pay the final payment or return the car at the end.
To get a personalised quote, without any impact on your credit score, apply now.
Your questions answered
Do I need a good credit score?
Having a good credit score can often lead to lower interest rates. But we work with many different lenders, so if you've missed payments in the past or know you have a bad credit score there may still be options available.
If you have a thin credit rating (never had loans or credit cards), we can also help you build your credit score before applying.
Making affordable repayments on your car finance can show you're responsible with money and help improve your credit score over time. But payments need to be made on time and the loan amount should suit your financial circumstances.
Will applying for car finance affect my
credit score?
When you make an application on Compare Car Finance, we check your credit report but this doesn't affect your score. It's a soft-search and not visible to other companies.
When you choose a lender and complete the final paperwork, they may run a hard-search which is recorded on your report and could impact your score.
What do I need to apply?
Completing an application is easy and can be done in under a minute. We just need to know:
- Your name, address and date of birth
- What vehicle/amount you'd like to finance
When you speak to the lender, they will usually request:
- A copy of your driving licence
- Proof of UK address
- Proof of income (payslip, bank statement or tax return
How much does car finance cost?
How much it costs to get a car loan is based on factors including:
Loan amount - The more money you borrow, the more you will pay back.
Interest rate - The interest rate, also known as the APR, is the extra cost of borrowing money on top of the vehicle price
Type of car finance - Choosing between Hire Purchase or Personal Contract Purchase can affect the monthly repayments, as PCP has a balloon payment at the end rather than spread across the loan
Length of agreement - If you're borrowing money for longer, you pay the APR over a longer time and pay back more than the same loan amount over a shorter time.