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Rates from 9.9% APR. Representative APR 19.9%.
ChooseMyCar is a credit broker, not a lender.
Rates from 9.9% APR. Representative APR 19.9%.
ChooseMyCar is a credit broker, not a lender.
4.9 out of 5 on Reviews 3640 “ChooseMyCar is Ranked #1 out of 102 companies in the section Car Finance and Loan Companies with 884* 5 Star Reviews”
*as of August 2021
Finance Calculator: How Much Can You Afford to Spend On A Car?
Representative example:
Borrowing £6,500 over 48 months with a representative APR of 21.4%, an annual interest rate of 21.4% (Fixed) and a deposit of £0.00, the amount payable would be £196.24 per month, with a total cost of credit of £2,919.52 and a total amount payable of £9,419.52
How does our car finance calculator work?
Our car finance calculator allows you to enter the overall amount you want to loan, the amount you want to pay each month and your credit score. It then shows you the best available rate along with how much it will cost you overall, including how much it will cost you in credit.
The APR examples used in this calculator will only be representative examples. To get an exact APR you’ll need to apply for car finance.
Step 1: Decide how much do you want to borrow
Define how much you are going to need to borrow to buy the car that you want. Remember, the more you borrow the more you may need to pay back in the long run.
Consider how much you have available for a deposit at this stage as that will affect the amount you want to borrow, as will the value of the car you want to buy.
Step 2: Work out how quickly you want to pay off your loan
At this stage you will want to work out how much you want to pay back each month, and how long you want the loan term to be. While a longer term will mean smaller monthly repayments, you may end up paying more in interest, so keep this in mind.
Step 3: Enter your credit score
Once you’ve worked out the amount you want to borrow and how long you want the loan term to be, you’ll need to enter your credit score. This lets you see how much your credit score may affect the amount you can borrow and what that means for your interest rate.
Step 4:Calculate your representative car finance quote
At this stage, the calculator will show you an example of what your deal may look like. This will show you the best available rate you may be offered. It’s not a quote, more of an example of what you could be offered. For a full quote, you’ll need to get in touch with ChooseMyCar.
The exact amount that you will pay for Car Finance depends on your circumstances. Your down payment, the length of your repayment and any additional charges your lender adds will all change what you pay every month.
Looking at our Car Finance Calculator, a £15,000 loan paid back over 36 months at 6.9% APR will cost just over £461 a month. Change that to a 48 month repayment and this goes down to £357, though the finance costs you more over time.
The total amount or monthly repayments of any car finance can vary depending on the type of finance you’re applying for, your Credit Rating and the length of your repayment period. You can get a good estimate from the Car Finance Calculator, above.
Typically, longer repayment periods mean lower monthly costs but they will cost more in interest and charges. Lower credit scores will often increase any charges your lender adds to your finance, making it more expensive over time.
When deciding what is the best value for you, it’s good to look at your monthly budget. If you can comfortably afford £300 a month then aim for the best car you can finance for this amount.
The finance you’re offered for any car is based on personal circumstance and the structure of your loan. Investigate the options available to you, explore different finance types and remember: APR can be negotiated.
The total that you pay for car finance is equal to your down payment plus your total monthly payments and any balloon payment you might pay at the end.
The amount that finance costs you in fees and interest (APR) can be found by taking that total and removing the cash cost of the car at the time your finance begins. For example, a £24000 car at 5% APR could cost £1851 in interest and charges over 3 years.
The APR you’re charged for any finance will depend on your personal circumstances so it’s difficult to put a direct number on this. However, for a borrower with a good credit history, an APR between 6% to 11% is considered fair. Keep in mind that APR is negotiable.
How to apply and get a quote for car finance
Once you have filled in the car finance calculator and got an idea of what you may be able to afford, based on the amount you want to borrow, the loan term and your credit score, you can get in touch for a quote.
To do this you simply need to visit our car finance application page and fill in your details. We can then provide you with a proper car finance quote.
If you need more information about car finance though, we have further reading about the different types of car finance as well as guides on car finance.