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Most car finance advertising leads with a monthly payment, which tells you very little on its own. The figures that matter are the amount actually financed after your deposit and part exchange, and the total you hand over by the end.
This calculator models a straightforward fixed-payment car loan where you own the car outright at the end, with no balloon payment. For deals with a final lump sum, use the PCP calculator; for a conditional sale with an option-to-purchase fee, use the hire purchase calculator.
Last reviewed
Estimated monthly payment
£452.02
An illustration using the APR you enter as an effective annual rate. A lender’s regulated APR disclosure and payment schedule can differ.
The amount financed is the cash price minus your deposit and any part-exchange value. An upfront fee is paid separately and is not financed, so it does not attract interest here.
Total amount paid adds your deposit, part exchange and any upfront fee to the monthly payments, which is the honest comparison figure between two deals on the same car.
The monthly payment is the level amount that clears the financed balance over the term. The entered APR is converted into an effective monthly rate, and the payment is the standard annuity result for that rate and term.
A zero APR is handled by dividing the financed amount evenly across the term, so a genuine interest-free deal produces the expected figure rather than an error.
A 9.9% APR agreement on a £20,000 car, no part exchange and no fee.
A monthly payment of roughly £450 and a total cost well above the cash price.
Cash price of the vehicle (£): 20000; Cash deposit (£): 2000; Part-exchange value (£): 0; APR (%): 9.9; Term (months): 48; Upfront or arrangement fee (£): 0
Estimated monthly payment: £452.02
The result depends on the following. If any of them do not match your situation, treat the figure as indicative only.
One deterministic annuity calculation on the financed amount, with fees kept outside the interest-bearing balance so they are never double-counted.
The effective-rate convention is applied consistently across the car finance, PCP and hire purchase calculators so that their results can be compared with each other.
Here every pound of the financed amount is repaid across the term and the car is yours at the end. A PCP defers a large final payment, which lowers the monthly figure but leaves a decision to make.
Financially, yes. Its agreed value reduces the amount financed in the same way cash does, though any outstanding finance on the old car must be settled first.
Lenders apply their own rounding, fee timing and first-payment dates, and the advertised representative APR is not always the rate offered to you. Treat this as a close estimate for comparison.
Please note: Results are estimates for general information only and are not financial, tax or legal advice. Figures depend on the assumptions listed on each page and on your personal circumstances.
Model a personal contract purchase with a balloon payment, and compare returning or keeping the car.
Equal monthly instalments on a hire purchase agreement, with the option-to-purchase fee shown separately.
Estimate equal monthly repayments and total interest for a fixed-rate personal loan.
Estimate an effective annual percentage rate from equal monthly repayments and an upfront fee.