Car finance calculator

Work out how much a car finance deal will cost you with MoneySuperMarket’s free car loan calculator

Loan calculator

MoneySuperMarket's loan calculator is designed to give you an idea how much a personal loan is going to cost.

Your monthly repayment will be

The total amount repayable will be , therefore the loan will cost you

You could afford to borrow up to

The total amount repayable will be , therefore the loan will cost you

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Calculate and compare loans: Find out how

How to use the car finance calculator
 

If you know how much you want to borrow:

  • Choose ‘Calculate monthly repayments’
  • Enter the amount, how long you want to pay it back, and at what interest rate
  • Hit ‘Calculate’
  • See your results, including what your monthly repayments will be, the total cost of the loan, and the amount you’ll pay in interest

To see how much you can borrow based on what you can afford to pay per month:

  • Choose ‘What can I afford?’
  • Enter the monthly repayment you can afford to make, the length of time you can afford to pay that amount, and at what interest rate
  • Hit ‘Calculate’
  • See your results, including what you can afford to borrow, the total repayable amount and how much you’ll pay in interest

By selecting different annual interest rates (APRs), you can see how they will affect both your monthly car loan repayments and the total cost of the car finance deal. Once you’ve used the calculator to see how much car finance will cost with that loan amount, term and interest rate, the next step is to look for a deal that matches those criteria.

How the MoneySuperMarket car finance calculator works

Our online car finance calculator works out your monthly loan repayments by dividing the total loan and interest amount by the number of months over which you will pay it back.

By doing this, it can show you how much a car loan will cost you each month – so you can work out whether you can afford to borrow that amount.

You’ll also see how much interest you will pay overall, so you can make a decision based on the total cost of a car loan. Just remember that if you take a three-month payment freeze on your car finance loan during the coronavirus outbreak, your subsequent repayments may be slightly higher as a result.

Representative example: 5.5% APR Representative based on a loan of £10,000 repayable over 60 months at an interest rate of 5.5% pa (fixed). Monthly repayment of £190.39. Total amount payable £11,423.40.

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Table - Typical car loan applied for by age

Age Average Loan Amount
17-19 £6,101
20-24 £8,218
25-29 £9,587
30-34 £10,372
35-39 £10,840
40-44 £11,008
45-49 £10,678
50-54 £10,572
55-59 £10,231
60-64 £9,963
65+ £9,571

Data collected by MoneySuperMarket between November 2019 and October 2020, accurate as of November 2020

How to choose a car loan

There are two main types of loan you can use to finance the purchase of a car: personal loans and secured loans.

Personal loans are offered by a range of lenders including banks and building societies; typically you can use them to borrow between £1,000 and £25,000 over a one, three or five-year term. They can be a good way to get your hands on the cash you need quickly, but they can prove expensive – or difficult to get – if you have a low credit score. You will usually also face penalty fees if you choose to repay the loan early.

Secured loans, which are secured against an asset such as your home or your car, are also available from a variety of lenders. They can prove a cheaper way to borrow the money you need to buy a car. However, if you fail to keep up with the repayments, the lender can repossess your home – or your car if you used that as security – to clear the debt.

You can find out more about the pros and cons of the two main types of loans you can take out to finance a car purchase with our guide: Secured vs unsecured loans. Alternatively, learn more about all the options available with the MoneySuperMarket Car Finance Guide.

How to get a car loan with bad credit

The best car loan rates are usually reserved for the borrowers with high credit scores. However, you can still get a car loan with a low credit score, whether that’s because you’ve had financial problems in the past or simply haven’t had time to build up a credit history. So-called bad credit car finance deals exist; you may just have to put down a larger deposit or agree to pay a higher interest rate.

Compare car loans

It’s easy to compare car loans with MoneySuperMarket. Just give us a bit of information about your income and requirements, and we will show you a list of quotes for the amount, term, and interest rate you’re likely to be offered.

We use a “soft” or simple check that doesn’t appear on your credit file, and we’ll also show your chances of being accepted, so you know where you stand before you apply. This helps you to avoid damaging your credit score with failed applications.

If the loan you choose is marked ‘pre-approved’, you know that if you apply you’ll definitely be accepted, and you’ll definitely get the deal you see. The loan amount, duration and interest rate are all confirmed.

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