Win your car finance on us! Car Finance Calculator
CarFinance 247 is a credit broker, not a lender.
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
| Total cost of credit | £ 2000 |
|---|---|
| Total repayment | £ 2000 |
|
48
monthly
payments of |
£
245
98
|
Rates from 9.9%: the exact rate you will be offered will be based on your circumstances, subject to status.
Representative example: borrowing £25,000 over 48 months, £3,750.00 deposit, on PCP, with annual mileage of 8,000pa, and a representative APR of 11.9%, an annual interest rate of 11.9% (Fixed), the amount payable would be £394.51 per month, an optional final payment of £7,194.33, with a total cost of credit of £9,912.36 and a total amount payable of £28,444.33.
We look to find the best product from our panel of lenders and will offer you the best deal that you’re eligible for. We earn a commission for providing our services, but this does not influence the interest rate you’re offered in any way.
We only work with trusted partners
By planting a tree for every car finance agreement issued to one of our customers, CarFinance 247 is driving towards a more sustainable future.
If you're unsure about how much your finance deal will cost, our car finance calculator is a great place to start your buying journey. However, we're not just limited to cars at Car Finance 247.
We have a broad panel of lenders who can offer many forms of finance as well as car finance, including:
So, regardless of the type of vehicle you're looking to acquire, our used car finance calculator can help you assess how ready you are to join the world of vehicle finance.
Find out how much you could borrow and what your monthly car loan payments might look like by using our handy calculator tool below. Once you’re ready to get the ball rolling, you can find out what your quote might look like here.
We’ll get in touch with you to discuss your deal, but if you’d like to speak to us first, please give us a call here.
How does the car finance calculator work?
Our car finance repayment calculator helps you find out how much your monthly payments might be for your perfect car, taking into account a number of factors:
- Interest rates,
- Your credit score
- Your budget.
All you need to do is enter the amount you’d like to borrow and the length of the agreement term you’d like. Our calculator will then provide an estimate of your repayments depending on your UK credit report banding – excellent, good, fair or bad.
The Car Finance 247 calculator is a great place to start your car finance journey.
Eager to find out more? Get a tailored quote and receive a decision in minutes.
How do I use the car finance calculator?
If you've never used a car finance calculator before, you may need some help utilising it the first time. There's nothing to worry about though, as we’ve specifically designed it to be as hassle-free as possible.
To use the car finance calculator, simply follow these four easy steps:
- If you already know how much money you’d like to borrow, drag the slider from left to right until you hit the right amount.
- Decide how long you’d like to have to pay back the loan – this is known as the ‘loan term’.
- Select the credit rating profile that best suits your financial circumstances from the drop-down menu. You can choose a credit score of Excellent, Good, Fair, or Bad.
- Change both fields until you reach an estimated monthly payment amount that works with your budget.
If you have a fixed budget in mind, our car loan calculator can still work for you. Just change the amount you want to borrow and the 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 personal circumstances
- The vehicle you choose to buy
- Interest rates
- The lender that approves your finance application.
If you still feel that you need help when using our car finance calculator, you can speak to a member of our team here.
How to choose the perfect car finance deal
When choosing a new car finance deal, it’s important to find the one that’s best for you. Of course, the vehicle you choose will depend on a number of factors:
- Your personal circumstances
- The car you’d like to buy
- How you’re planning to use your vehicle
There are two main types of car finance available: Hire Purchase (HP) and Personal Contract Purchase (PCP). Both these deals allow you to break down the cost of a new car and are secured against the vehicle. However, they’re both quite different from one another:
- With Hire Purchase 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 final payment (known as 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.
- Personal Contract Purchase car finance typically offers lower monthly repayments than HP deals, 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 as a lump sum, or use any positive equity as a deposit in a new deal.
Personal loans are also another form of finance to consider, although we are not able to offer them at the moment. With a personal loan, you borrow the amount of money needed to buy your vehicle, which allows you to own the car from the start. However, you still need to keep up with your monthly loan repayments until the loan is paid off.
Bad Credit Car Finance Calculator
It doesn't matter if you have a bad credit rating either, as you can use our car finance calculator to get an estimate of how much your monthly repayments might be - regardless of your current credit score. While the amounts aren’t guaranteed, our car finance payment calculator can help you understand how much you could afford to borrow when you have a poor credit rating.
Simply select the bad credit banding and enter the amount you’d like to borrow and your ideal loan term length, and we’ll start making the calculations.
You’ll then be able to work out the answers to the following questions:
- 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?
If the answer to these questions is yes, taking out a bad credit finance deal could be ideal.
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 broad panel of lenders, including those who specialise in bad credit car finance. To find out what your monthly repayments might look like when using the loan calculator, simply select ‘Bad’ from the drop-down credit banding menu.
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 finance agreement you have (such as Hire Purchase or Personal Contract Purchase), the loan term and the APR (your interest rate). It’s worth bearing in mind that the loan with the lowest monthly repayments might not be the cheapest deal when considering the entire agreement term.
PCP car finance might be the cheapest finance option available - this is because, unlike HP and a personal car loan, you don’t have to borrow the full value of your vehicle. Instead, you take out 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 the agreement term.
But remember, with Personal Contract Purchase, you won’t own the car at the end of your agreement unless you choose to pay the balloon payment.
What is considered to be a bad APR rate for a car?
It’s hard to state what a bad APR rate is, as it’s something that will vary for everyone.
Put simply: 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
- Any arrangement charges.
However, your monthly payments are classed as separate. 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, with your credit score having a large impact. 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, so they could charge a higher APR rate to reflect that risk.
If you’d like to work out your credit score, please see our free credit check tool.
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 will depend on the following factors:
- Your personal situation
- Your affordability
- The car you want to buy
- Your deposit
- The length of your agreement term
Putting down a larger deposit may also allow you to pay less each month. However, if you don’t have the cash for this, we also offer no deposit car finance options.
You should 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
- Maintenance
- Repairs
If car ownership is important to you or you’d like a newer car model, then you might want to pay more each month with 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 having a car you’re proud to park on the drive, we work hard to get you the best deal from our panel of lenders. We have a fantastic five-star Trustpilot rating, showing just how much our customers love our services.
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 car finance elsewhere.
Plus, you’ll have a dedicated account manager on hand to guide you through the finance process and help you find the perfect car.
Apply and get your car finance quote
When you apply for vehicle finance with CarFinance 247, the process starts with a free 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 about the next steps. They’ll answer any questions you might have and grant you access to our used car search, enabling you to narrow down your options to your local area.
Already found your ideal car? We can still help you secure a loan – just let your account manager know and we’ll get the process started.
And if you still feel that you need more advice first, we’ll be happy to help - just get in touch here.
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.
The ideal APR for a car loan is one that’s affordable and tailored to your situation. Every lender can offer different APRs and the one that you’re offered will depend on the amount you want to borrow, your financial history, the type of car loan you need, and your credit score.
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.
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.
At CarFinance 247, we do not charge any fees for our service.
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 additional 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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Get in touch
Contact usUniversal Square,
Devonshire Street North,
Manchester,
M12 6JH,
* The UK's largest online car finance broker by unique users to the website. Based on Similar Web data – 1,137,647 to CarFinance 247 vs. 753,819 for nearest competitor. January to June 2023.
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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