Help & Advice

£7000 Over 5 Years For Car Finance

Hi, I am looking to get finince for about £7000 for a new car over 5 years. I finished an IVA in March 13 and I am looking for a loan but am really scared of having to pay ridiculous APRs, please could you let me know how much this would be per month for say 60 months? Thanks

Jonathan Turner


Answer

Hi Jonathan, i hope you're well.
Firstly, congratulations on completing your IVA. I bet that's a big weight lifted off your shoulders. We do have a number of lenders that can help those with less than perfect credit histories, so we may be able to help.
You can use our car finance calculator to get an estimate of repayments. To answer your question though, £7000 over 6 months with a poor recent credit history will cost you approx £226 p/month (based on 29.9% APR). I hope this helps. Kind Regards, Rachel

Answer correct as of September 2016

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Best available rate
Total repayment
Total cost of credit

Best available rate

Total repayment

Total cost of credit

Representative example:

Borrowing £7,500 over 4 years with a representative APR of 27.4%, an annual interest rate of 27.4% (Fixed) and a deposit of £0.00, the amount payable would be £246.43 per month, with a total cost of credit of £4,328.83 and a total amount payable of £11,828.83.

Rates may differ as they are dependent on individual circumstances. Subject to status.

CarFinance 247 is a broker and not a lender

We compare products from 18 of the UK's top lenders to get you the best deal.

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Best available rate
Total repayment
Total cost of credit

Best available rate

Total repayment

Total cost of credit

Representative example:

Borrowing £7,500 over 4 years with a representative APR of 27.4%, an annual interest rate of 27.4% (Fixed) and a deposit of £0.00, the amount payable would be £246.43 per month, with a total cost of credit of £4,328.83 and a total amount payable of £11,828.83.

Rates may differ as they are dependent on individual circumstances. Subject to status.

CarFinance 247 is a broker and not a lender

We compare products from 18 of the UK's top lenders to get you the best deal.