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| Total charge of credit | £0 |
|---|---|
| Total amount payable | £0 |
Rates from 9.9% APR: the exact rate you will be offered will be based on your circumstances, subject to status. Representative example: borrowing £7,000 over 5 years with a representative APR of 21.9%, the annual interest rate of 21.9% (Fixed) and a deposit of £0, the amount payable would be £185.33 per month, with a total cost of credit of£4,119.81 and a total amount payable of £11,119.81. 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 receive a fixed fee commission per finance agreement, or we receive a commission based on a percentage of the total amount of finance taken. This will not affect the interest rate offered or the total amount repayable. Our service is free.
How does a car finance calculator work?
Our car finance calculator shows you how much money you'll have to put down each month to repay your car loan. Just choose how much money you want to borrow and how long you want the payment to last.
It gives you an indication of how much car finance would cost. Input the amount you'd like to borrow and the period over which you'd like to repay the loan, then our online car finance quote calculator will do the hard work for you.
There are two different types of car financing in the UK - HP, and PCP.
A hire purchase (HP) is a type of car finance that allows you to purchase a car or any vehicle in the UK without paying the total amount all at once.
A personal contract purchase (PCP), on the other hand, is a type of car finance that requires you to pay the entire amount for the car in full.
If the APR is low, moderate, or high, the car finance calculator will estimate how much you'll have to pay back.
This will give you an idea of the various financing and payment options available in the UK. Please keep in mind that the three APRs displayed by our calculator are merely an estimate. Fill out our application form to get a car finance quote if you'd like an exact APR.
Explaining credit scores and the car finance calculator
A credit score is a borrower evaluation system by which banks and financial institutions can predict how diligently a person will pay back a car loan.
Usually, several credit score systems are used for different categories of borrowers or types of car finance. Each characteristic of a borrower is evaluated in credit points. After evaluating, it is possible to calculate the total credit score of a borrower. The most reliable clients have the highest credit score and the best chance of getting vehicle finance in the UK on favourable terms. There are several car credit scores from good to bad:
- Excellent – extensive credit history, no past due payments, no outstanding convictions, and no credit denials.
- Good – no or very few missed payments, few loan denials, but not always offered the lowest interest rate.
- Fair – if credit history has missed payments or exceeded the credit limit. The lowest rates are not always offered, and there were also credit denials.
- Poor – if past loans were received at high interest or high collateral, missed payments in the past.
- Bad – many missed payments or past financial difficulties, such as bankruptcy
How to use the online car finance calculator
The online car finance calculator here at Carplus works very simply. First, you enter the amount you need into the appropriate field, the term you are looking to take the car loan for, and your credit score. Then, our system calculates the interest rate and the cost of credit. In the end, you get the total amount of the car loan, the number of payments, and each monthly payment amount. At Carplus, we always go out of our way to help our customers and try to find the best deal to buy a car for everyone, regardless of their financial situation.
Car finance by age
Statistics show that different car loan amounts characterise clients of different ages. For example, the average car loan amount for customers aged 18-19 years is £6,101, and for customers aged 50-54 years - £10,572. The car finance amount depends on the class of the vehicle, the time of its use, power, and other factors.
Here is a rough table of car loan amounts by customer age:
| Age | Loan Amount |
|---|---|
| 20-30 | £8,218 |
| 30-40 | £10,372 |
| 40-50 | £11,008 |
| 50-60 | £10,231 |
| 60+ | £9,963 |
What do I need to apply for car financing at Carplus?
To make an application for car finance, we need very little data:
- Full name
- Driving license
- Employment details
- Residential status and address
- Mobile number and email address
You have to be between 18 and 75 years old, be a UK resident for at least 12 months, and receive a monthly income of at least £1,000.
How to choose the right car finance for me
When choosing car finance, it's important to find the best option for you. Your personal condition, credit score, desired vehicle, and intended use all factor into this decision.
In the world of vehicle finance, there are two main types of raising finance: hire purchase (HP) and personal contract purchase (PCP). Even though both of these loans allow you to break down the cost of a new vehicle and are secured by the vehicle, their methods of operation are vastly different.
By using HP finance, you're essentially hiring your vehicle out to HP until the end of your payment term is up. If you're looking for a lower monthly payment on a car finance, you may want to consider PCP instead of HP. With PCP, you can either return the car or buy it by paying the balloon payment.
Bad credit car finance payment calculator
Even if you have bad credit, you can estimate your monthly payments using the car finance HP calculator. Although the figures aren't guaranteed, using the calculator can help you figure out how much finance you can borrow to buy a used car, even if your credit isn't great.