Your Car Finance Calculator

We want to help you start your car buying journey in the right way. Our car finance calculator ensures you know exactly what you can afford based on your circumstances.

carfinanced

We are always looking to find the best rates from our comprehensive panel of lenders. This means you will be offered the best deal available for your circumstances. There is no fee attached to this service but in the spirit of honesty, we do earn a commission from the lender. This has no bearing on the interest rate you are offered.

Good credit
Bad credit
Amount to borrow:
£
To repay over:
5 Years

Assuming your credit profile is

Car finance rate XX% APR
Cost of credit £ XXX
Total repayment £ XX,XX.XX
48 monthly payments of
£ 245 /mo
Your Estimated Credit Score:

Representative example - Borrowing £5,500 over 4 years with flat rate of 10.4% and a representative APR of 19.8%, and a deposit of £0, the amount payable would be £162 per month, with a total cost of credit of £2,282 and a total amount payable of £7,782.

How does our car finance calculator work?

We like to keep things simple at CarFinanced. Our calculator is designed to very easily show you what your monthly payments could be based on the amount you wish to borrow.

Why not go ahead and try it? All you need to do is enter the amount you’d like to borrow and the amount of months you would like to pay it back over. You will also see the option to change your credit rating. The calculator will then work out an estimate based on the details you’ve entered.

Ready to begin?

Which car loan is right for me?

Getting the right car loan for you and your personal circumstances is critical. You have to factor key things in like:

  • Do I want to keep the monthly cost down?
  • Do I have a deposit to pay?
  • Do I want to own the car?
  • Do I want to be limited on mileage?

With HP, we can often find you a zero deposit car finance option with the added benefit of owning the car at the end of the loan term. This would be following the payment of the ‘Option to Buy’ fee. The option to buy fee is typically ONLY £10.

Typically your monthly payments will be higher but there will be no mileage limitations, meaning you can drive whenever and wherever you like during the loan period.

With PCP car finance, you will often find the monthly payments are lower, and there are still some zero deposit options depending on your credit score. What you will find with PCP however is that you will not automatically own the car at the end of your loan agreement.

Instead, you will be presented with 3 options:

  • Pay the ‘Balloon’ payment and keep the car

  • Trade the car in for a newer model
  • Hand the car back

Car finance calculator for bad credit

Car finance isn’t just for people with a great credit history. You can use our car finance calculator to estimate your monthly payments even if you currently have a bad credit score.

Using the finance calculator above, simply select the amount you would like to borrow and over how long. Then change the credit option to the one that best fits your current situation. Although at this stage we cannot guarantee the price quoted, this will give you a very good idea of how much your new car will cost.

You may then find that the monthly payments are lower than you had previously budgeted for and wish to change the loan length. The advantage to doing this is that you will dramatically lower your total amount payable for the car.

What is a good APR rate on car finance?

There really is no such thing as a good or bad APR rate as it all depends on your personal circumstances. APR stands for ‘Annual Percentage Rate’ and represents the total annual cost of borrowing money. This will include interest applied, admin fees incurred and the relevant arrangement fees for the loan.

The APR you are offered will be the best available for your personal circumstances. A good or bad APR for you could be the complete opposite for someone else. The biggest factor in deciding an APR for the lender is your credit score. A good credit score will typically mean a lender will see you as a ‘Reliable Borrower’. A bad credit score could mean the APR you are offered is higher.

What is the most cost effective way of financing a car?

This really does depend on your personal circumstances. First you have to consider the following:

  • Do I want to own the car?
  • Would I rather pay less each month with a large (balloon) payment at the end?
  • Am I happy to restrict my annual mileage?
  • Do I want to make any modifications to the car?
  • How regularly would I like to change my car?

On the surface, PCP might be the cheapest way to finance a car as you are only paying back what the lender believes the car will lose in value during your contract term. This means the monthly payments are lower than options such as HP or Personal Loan.

You may find that the limitations of PCP don’t suit your current needs, however. Firstly, you will never actually own the car without a balloon payment at the end (usually thousands of pounds). Secondly, there are mileage limits with sizable fees being incurred for going over your agreed annual figure.

With HP, your monthly instalments are typically higher, but you will own the car at the end of your contract term following payment of your ‘Option to Buy’ fee. You will also have no mileage limits, meaning you can use the car as much as you like without the worry of paying additional fees.

Why use us for your new car finance deal?

CarFinanced was built to help people drive the car they really want. Our mission is to give you the options so that you can make the best decision based on your personal circumstances.

No matter what your credit score looks like, we can help find you the best hire purchase deal. So whether it’s the new family car with the big boot, or a 2 seater sports car for a weekend blast, we are here to help.

car finance calculator

How much does a good car cost?

There is no set rule on how much a good car should cost. Your new car purchase should be based solely on your personal circumstances and affordability. Consider the following:

  • Do you think you will be able to make monthly payments over a long period?
  • Would you like to own the car one day and stop paying monthly instalments?
  • Are you happy paying every month if the costs are higher?

  • Are you going to be doing a lot of annual miles?
  • If your personal circumstances changed, could you still afford the monthly payments?

Entering into a car finance agreement should be a considered process, ensuring that you have settled on the right payment terms for your budget, and the right car for your lifestyle.

Ready to choose your new car finance deal?

Frequently Asked Questions

At CarFinanced, we allow everyone to check whether they are eligible to be approved for finance within a few minutes. Share some small details with us and our lenders will use that information to carry out a soft credit search to give you an answer with the best deals right away.

If you have a poor credit history, you can still apply for car finance. The company will look at your personal circumstances such as; Your employment status, age, income, loan amount, alongside your credit history. You will then receive your exact interest rates and payments.
Yes! You can part-exchange your car as a deposit.

Annual percentage rate (APR) is the interest rate applied to your loan. Predominantly, it is the yearly cost of your borrowing. You will pay this on top of the sum that you have applied for. If you take out a long-term loan, the total amount payable will be more, as you will be paying interest for a longer amount of time.

Yes, if the provisional is less than 3 years old.
Our average transaction takes less than 24 hours to complete from beginning until the end.
Unfortunately, you are legally required to be 18 years or over in order to take out car finance.
If you choose HP, you will own the car at the end of your finance term, whereas if you opt for PCP, you can either choose to hand the car back or pay a balloon payment determined by the final purchase price of the car.
If you would like someone else to be able to drive your car, you may be able to add them as a named driver on your car insurance policy.
With your permission, we can pass your details on to insurance companies who can provide this for you.
Depending on the age of the car and the lender, between 12-72 months.
To be eligible for a quote, you need to be at least 18 years old, have a drivers license and earn at least £1000 per month.

Apply for car finance today

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