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Car finance calculator

Amount to borrow

Must be between £3,000 to £50,000

Choose lenght of contract

24 months
36 months
48 months
60 months

Assuming your credit profile is

Estimated payments

These estimates are subject to credit checks and may change when you apply for finance.

Hire Purchase (HP)

APR 5.9%

48 monthly payments of


Total charge of credit
Total amount payable

Personal Contract Purchase (PCP)

APR 5.9%

48 monthly payments of


Optional final payment
Total charge of credit
Total amount payable

What types of car finance loan are there?

There are three main types of car finance loan available to customers:

  • Personal loan: This involves taking out an unsecured personal loan and repaying monthly instalments over a fixed period. Not only can you purchase the vehicle upfront, but as the owner you can sell it whenever you need.
  • Hire purchase: Hiring a vehicle from a car finance company requires you to put down a deposit of around 10% of the full loan amount. You then pay monthly instalments for the duration of the agreed contract. The larger the deposit paid, the lower the instalments will be.
  • Personal contract purchase (PCP): Taking up this option works in a similar way to hire purchase, including monthly payments and an upfront deposit. This may be a more cost-effective option as you are paying off the depreciation of the car at the end of the contract, rather than the cost of a brand new vehicle. You then have the option of paying off the remaining value and holding onto the car, returning the car, or starting another PCP contract on a brand new car.
Finance features:Hire purchase (HP)Personal contract purchase (PCP)Personal loan
Requires initial depositOptionalOptional
Car is yours at the end of the agreementOptional
Fixed monthly payments
Optional balloon (final) payment
Avoid excess mileage charge
Secured against an asset (e.g. a car)
Support with vehicle issues

How much will a car finance cost?

Before committing to a car finance loan you will want to ensure you are able to afford your preferred choice of car. The price you pay will vary depending on the:

  • Loan type: Choosing between an unsecured loan, PCP, or hire purchase agreement will have a direct impact on how much you pay each month, and overall.
  • Credit history: The better your credit history, the more favourable the interest rate on the loan will be. The opposite is also true, as lenders want to ensure you can afford to repay the loan without defaulting.
  • Deposit you put down: Putting down a larger deposit will usually mean your monthly instalments will be lower as a result.
  • Interest you take out: The annual percentage rate (APR) will vary depending on your individual circumstances. While a representative APR will be advertised, there is no guarantee you will be offered this figure for your loan. Carplus APR rates start at 5.9%.

Can I get car finance if I have bad credit?

People may be unsure whether or not having bad credit will affect their chances of securing a car finance deal. However, even if you have bad credit you may still be eligible, although the deals may not be as good as someone with good credit.

Carplus maybe able to help even if you have a bad credit rating. That’s because we search forbest deals from over 20 reputable lenders. The initial quote will require a soft credits check that will not have an impact on your credit rating.

If you’re worried that your current credit status may affect your choices, this could be the option for you.

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