Rates from 8.9% APR. Representative Example: Borrow £12,000 over 5 years with a £0 deposit. Representative 19.8% APR fixed rate. Monthly payment: £306.04. Option to purchase fee £10 payable. Total cost of credit: £6,372.40. Total amount repayable: £18,372.40.
Car Finance 247 Limited is a credit broker, not a lender.

Car Finance Calculator

For illustration purposes only. The rate and payment you may be offered will be based on your individual circumstances.

How does the car finance calculator work?

Our illustrative 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:

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 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

If you still feel that you need help when using our car finance calculator, you can speak to a member of our team here.

Key cost considerations

Remember, there are more costs to think about than just the car itself. Before going ahead with car finance, it’s a good idea to factor in the extra costs of running a car.

Common costs of car ownership may include:

Insurance
Road tax (VED)
Maintenance and MOT
Fuel or charging
Additional fees such as delivery, admin or optional extras

Some of these costs, like insurance and road tax, can usually be paid monthly or annually. Others, like fuel or charging, will be much more regular. Payments like your MOT and service are annual, but repairs can be costly. It may be worth having money set aside in case something goes wrong.

Before taking out car finance, make sure you can comfortably afford these costs alongside your monthly repayments.

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.

Rated Excellent by 52924 customers – 4.9 out of 5 on Trustpilot

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 which could give you access to better rates. Credit is subject to status.
At Car Finance 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 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 Car Finance 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 Car Finance 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.
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.
At Car Finance 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 Car Finance 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.

Car Finance Calculator

Car Finance Calculator

How does the car finance calculator work?

How do I use the car finance calculator?

Key cost considerations

How to choose the perfect car finance deal

Rated Excellent by 52924 customers – 4.9 out of 5 on Trustpilot

Frequently Asked Questions

What car can I afford?

How much does car finance cost?

Why get car finance through Car Finance 247?

What do I need to apply for car finance?

What is the ideal APR for a car loan?

Is it bad to finance a car for 72 months?

How much must you earn to qualify for vehicle finance?

Is it better to make a large down payment on a car?

How much will my monthly car finance repayments be?

Do Car Finance 247 charge any fees?

How much can I borrow to buy a car?

Is financing a car worth it?