Car Finance Calculator

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No impact on your credit score
Rates from 6.9% APR. Representative APR 19.9%

Our car finance calculator is a great place to start your car buying journey.

Find out how much you could borrow and what your monthly car loan payments might look like.

Calculate car finance

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Trustpilot 4 Half Stars
4.6 out of 5
5 years
Total cost of credit £ 2000
Total repayment £ 2000
48 monthly
payments of
£ 245 98

Rates from 6.9%: the exact rate you will be offered will be based on your circumstances, subject to status.

Representative example: borrowing £6,500 over 5 years with a representative APR of 19.9%, an annual interest rate of 19.9% (Fixed) and a deposit of £0.00, the amount payable would be £166.07 per month, with a total cost of credit of £3,464.37 and a total amount payable of £9,964.37. 

We look to find the best rate from our panel of lenders and will offer you the best deal that you’re eligible for. We don’t charge a fee for our service, but we do earn a commission. This does not influence the interest rate you’re offered in any way.

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How does the car finance calculator work?

The car finance calculator works to help you find out how much your monthly car loan payments might be.

All you need to do is enter the amount you’d like to borrow and how long you’d like to have to pay the loan back. The online car finance calculator will then provide an estimate of your repayments depending on your UK credit banding – excellent, good, fair, or bad.

It’s a great place to start your car finance journey. Ready to find out more? Get a tailored quote and receive a decision in minutes.

How do I use the car finance calculator?

To use the car finance calculator, simply follow these four easy steps:

  1. If you already know how much you’d like to borrow, drag the slider from left to right until you hit that amount

  2. Decide how long you’d like to have to pay back the loan – this is known as the ‘loan term’

  3. Select the credit score profile that best suits your financial circumstances from the drop-down menu. You can choose from Excellent, Good, Fair, or Bad

  4. Change both fields until you reach an estimated monthly payment amount that works with your budget

If you have a fixed budget in mind, the car loan calculator can still work for you. Just change the amount to borrow and loan term until you land on the figure that you’re comfortable with.

Please keep in mind that the calculator is designed to give you an estimate of your monthly car loan repayments. The amounts mentioned could vary based on your individual circumstances, the vehicle you choose to buy, and the lender that approves your finance application.

How to choose a car loan

When choosing a car loan, it’s important to find the one that’s best for you. This depends on your personal circumstances, the car you’d like to buy, and how you’re planning to use it.

There are two main types of car finance available: hire purchase (HP) and personal contract purchase (PCP). Both these loans allow you to break down the cost of a new car and are secured against the vehicle, but the way they work is quite different.

With HP finance, you’ll effectively hire the car from the lender until the end of your loan term. But, once you’ve made all your repayments and covered the ‘Option to Purchase’ fee, it’ll be all yours! In most cases, there are no mileage restrictions in an HP deal, but your monthly repayments can be higher than other finance options.

PCP car finance typically offers lower monthly repayments than HP, but you won’t automatically own the car at the end of your agreement. Instead, you can choose to hand the car back, buy it by paying the balloon payment, or use any positive equity as a deposit in a new deal.

Bad Credit Car Finance Calculator

You can use the car finance calculator to get an estimate of how much your monthly repayments might be, even if you have bad credit. While the amounts aren’t guaranteed, the calculator can help you understand how much you could afford to borrow for a used car with a poor credit score.

Simply select the bad credit banding and then enter the amount you’d like to borrow and your ideal loan term length.

You’ll then be able to work out:

  • Can you afford the monthly repayments for the car you want?
  • Could you pay back more each month and pay off the finance sooner?
  • Will you be able to keep up with your repayments for the full term of the agreement?

How to get a car loan with bad credit

Securing a car loan with bad credit can be challenging but it’s not impossible! If you’ve ever missed a payment or been refused credit in the past, then you might have a poor credit score. But that doesn’t mean it’s the end of the road.

At CarFinance 247, we work with a panel of lenders including those who specialise in bad credit car finance. To find out what your monthly repayments might look like using the loan calculator, select ‘Bad’ from the drop-down credit banding menu.

What is the cheapest way to finance a car?

The cheapest way to finance a car depends on the type of car loan you have, the loan term, and the APR. It’s worth bearing in mind that the loan with the lowest monthly repayments might not be the cheapest deal overall.

PCP car finance might be the cheapest finance option available as, unlike HP and a personal car loan, you don’t have to borrow the full value of your vehicle. Instead, you take a loan to cover the difference between the price now and the amount the lender thinks the car will be worth at the end of your loan term. But remember, with PCP, you won’t own the car at the end of your agreement unless you choose to pay the balloon payment.

What is a bad APR rate for a car?

A bad APR rate for a car is a rate that’s unaffordable and not tailored to your circumstances. APR stands for Annual Percentage Rate and represents the total annual cost of borrowing money including interest, admin fees, and any arrangement charges. As APRs are tailored to your individual circumstances, a bad APR rate for one person may be a good or fair rate for another.

The APR that you’re offered depends on several factors including your credit score. If you have a good credit score and are a reliable borrower, you could receive a rate that reflects that. However, if your credit history is poor, it’s more difficult for lenders to know what type of borrower you’ll be and so they could charge a higher APR rate to reflect that risk.

How much a month should I pay for a car?

The amount you should pay for a car each month depends on your personal situation, affordability, the car you want to buy, and how long your loan term will be. Consider how much you can comfortably afford to spend on your car payment and ensure you have enough spare cash left to cover extra costs like insurance, tax, fuel, and maintenance. If car ownership is important to you or you’d like a newer car model, then you might want to pay more each month for a hire purchase agreement. But if low monthly payments are your priority, opting for PCP car finance or an older used car could be better.

Why come to us for car finance?

At CarFinance 247, helping people secure car finance is all about helping them improve their everyday lives.

Whether it’s sorting out the school run, getting that big boot for the big shop, or just a car you’re proud to park on the drive, we work hard to get you the best deal from our panel of lenders.

All circumstances are considered. We work with lenders who can help people with good and bad credit, are self-employed or on benefits, and even those who have been refused finance elsewhere.

Plus, you’ll have a dedicated account manager on hand to guide you through the finance process and help you find a car.

Apply and get your car finance quote

When you apply with CarFinance 247, the process starts with a no obligation quote. If we can find you an approval in principle from our panel of lenders, your dedicated account manager will give you a call to talk next steps. They’ll answer any questions you might have and grant you access to our used car search. Already found a car? We can still help you secure a loan – just let your account manager know.

Frequently asked questions

Affordability checks will help you determine how much you can afford to spend on a car. These checks consider a range of factors including your credit score, the amount you’d like to borrow, and how much disposable income you have left each month after paying all your essential bills.

Securing a car loan and having a fixed budget in mind before you start searching for a car can help you choose your new wheels with confidence – and the car finance calculator is a great place to start!


The cost of car finance is typically defined as the amount of money you borrow plus the interest and any other charges that you’ll need to pay on the loan over the repayment term.

If you choose Hire Purchase (HP) car finance, your monthly repayments will cover a portion of the car finance and your interest payment. The interest rate that you’re offered depends on a few things including your credit score and improving your score could give you access to better rates.


At CarFinance 247, we work to get you the best car finance deal from our panel of lenders. And thanks to our lending panel, we can help people with a variety of different circumstances find a car loan that’s right for them. The process is quick and easy; if you’re approved in principle, we’ll give you a call to talk through your options. Your dedicated account manager will take care of all the admin along the way so you can focus on the fun bit – finding your dream new car!


If you know how much you’d like to borrow or have already found a car you’d like to buy, it’s time to apply. It all starts with a quote. Complete our online application form and you’ll be asked to enter some personal details, your current employment status, monthly income, and information about the type of vehicle you’re looking to buy so that we can get to work finding you an approval in principle from our panel of lenders. You’ll then be paired with an account manager who will help you gather all the paperwork you need for your application. Find out more about the documents you need to prepare when applying for car finance here.



It’s not necessarily bad to choose a car loan term of 72 months or six years. A longer loan term could reduce your monthly repayments, making them more affordable. However, it’s important to remember that it might cost more overall due to paying more interest over time. At CarFinance 247, we work with lenders that can offer HP finance deals with terms that last from one year or 12 months up to five years or 60 months.


The minimum amount that you must earn to qualify for vehicle finance depends on the lender that approves you. At CarFinance 247, our panel includes lenders that can help people who earn more than £900 a month. This also includes people who are on benefits and have a total income of £900 or more a month.  


CarFinance 247 works with a panel of lenders, which means we can help you find finance for a wide variety of different vehicles, including cars, vans, motorcycles, caravans, and taxis.


While no deposit car finance is available, putting down a large down payment on a car can reduce the amount you need to borrow. This could mean that you have lower monthly repayments or will be paying the loan back over a shorter period. However, it’s important that you only put down a deposit that you can afford and ensure that you still have cash available to cover car ownership essentials like tax, insurance, fuel, and any ad-hoc repairs.


The car finance calculator is designed to give you an idea of how much you might pay each month, but we can’t confirm exactly how much your monthly payments will be until you’ve completed our application form and decided on the car you’d like to buy.

This is because how much you’ll pay will depend on a few different factors including how much you want to borrow, how long you need to pay it back, and your credit score.

You’ll be able to review the full payment schedule and check whether you’re happy to continue with the finance before you sign your agreement.


No, at CarFinance 247, we don’t charge you anything for arranging finance, but we do earn a commission. This does not influence the interest rate you’re offered in any way.

You might need to pay an administration fee to the car seller and some dealerships offer optional services that you can pay for, like a delivery or valeting charge. To find out if any fees apply to you, we recommend speaking to the dealership directly. 


At CarFinance 247, we work with lenders that can finance amounts between £2,000 and £100,000.


When deciding if financing a car is worth it, you should consider the advantages and disadvantages of car finance vs. buying a car outright. It really depends on what’s best for you and your circumstances. Car finance can help you break down the cost of a car into manageable monthly repayments whereas buying outright will likely mean you need to pay for your car all in one go.

If you have a healthy savings pot then buying outright could be the easiest and cheapest option for you, especially if you plan to keep the same car for a long time and aren’t too concerned about it losing value over time. However, if you like to change car regularly and would like the option to hand the car back at the end of your agreement, then a car finance option like PCP could be the best option for you.

Find out more about the pros and cons of buying a car outright or choosing car finance here.


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* The UK's number one online car finance broker by unique users to the website. Based on Hitwise data – 1,746,657 to CarFinance 247 vs. 666,020 for nearest competitor. January to December 2019.

96% of our customers recommend us: † Based on feedback left on independent review site Reviewcentre. May 2019.

CarFinance 247 is a trading name of CarFinance 247 Limited. Registered office: Universal Square, Devonshire Street North, Manchester, M12 6JH. Registered in England. (Registration Number 06035525).

CarFinance 247 is authorised and regulated by the Financial Conduct Authority for insurance distribution and credit broking (Firm Reference Number: 653019). CarFinance 247 is registered with the ICO (Registration Number Z1897658).

Finance is subject to status and is only available to UK residents aged 18 and over. Written quotations are available on request.

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