Car Finance Calculator

Use Car Credible's calculator to discover your affordability and understand the budget you have when buying a new car in finance.

If you are looking to buy a new car but are unsure what you can afford or understand the process of getting car finance, Car Credible is here to help you understand everything you need to get started.

It's good to know how much you can afford before you approach car dealers and lenders because then you can be confident about whether or not the deals they offer are good or whether you should shop elsewhere.

Car finance affordability is the calculations lenders make to determine whether they should approve your car finance loan application. They will look at your monthly income, outgoings, employment and address history to decide if they believe you can make your repayments.

Do you have a car on finance and would like to reduce your monthly repayments? Sign up with Car Credible today; we could help you save money on your deal.

Check your deal now

At Car Credible, our car finance calculator puts you in control of the exact deal you want, including how much you want to borrow, repay each month and the length of time you want to take out the agreement.

From here, it will enable you to approach a dealer and tell them what you want, immediately showing them you're authoritative and know what you are talking about, thus giving you the best chance of getting the deal you require.

How does Car Credible's car finance calculator work?

Get your Quote - See what is available to you by getting a free, no-obligation quote that has no impact on your credit score. We'll find the best deals available to you.

Pick your Car - While you wait for the finance checks to be complete, take some time to browse and discover the car you would like from any reputable dealer.

Sign and Drive - Once all of the paperwork, negotiations, and vehicle checks are complete, you'll be good to hit the road with your new car.

How to use Car Credible's car finance calculator

To use the car finance calculator, follow these five simple steps:

  1. Enter the amount you wish to borrow, the amount of deposit you wish to put down and the final balloon payment you'd want to pay if you know you want a PCP finance deal.
  2. Decide how many months you wish to make your repayments and the interest rate you'd prefer to pay back.
  3. We will show you your estimated payments, and you can decide if they work for you. If they don't, you can return and adjust the figures you had previously inputted into the car finance calculator.
  4. You can view our advice based on the information you have submitted, which we have calculated for you. Here, you may discover how to save money now and in the future.
  5. Once you are happy with the calculation we've provided, go ahead and apply for finance and get the car of your dreams.


How to choose the best car finance deal for you

When choosing a car finance loan, you must make your decision based on your circumstance, including your needs and budget. Take time to assess your options, and don't rush into a deal without weighing up all the pros and cons.

The two most popular car finance options are Personal Contract Purchase (PCP) and Hire Purchase (HP). Both options secure the loan against the vehicle and provide a clear breakdown of what you can expect to repay each month.

On an HP deal, you will make your fixed monthly payments until the end of the agreement, at which point you would have repaid the finance, and the car belongs to you.

On a PCP deal, like HP, you will make your fixed monthly payments until the end of the agreement, but instead of owning the car outright, you will either have to pay the balloon payment to own the vehicle outright, hand the car back to the finance company, use any positive equity as a deposit on a new car or refinance your balloon and extend your loan if you wish to own the vehicle but can't afford the lump sum payment.

How to know if your car finance deal is good

Car Credible, alongside our finance partners and a panel of lenders, will ensure you get the best possible deal to suit your needs and budget based on your circumstance, affordability and all the information you provide to us.

To ensure your deal gets calculated as accurately as possible, please triple-check your new financial requirements before entering them into our car finance calculator and when you apply for car finance.

Check your deal now


Can I get car finance with bad credit?

While some lenders will refuse to approve your car finance loan if you have bad credit, there are many out there that specialise in bad credit car finance and can help you get into the car of your dreams. Before applying for finance, you should research which lenders work with bad credit customers.

Why should I use a car finance calculator?

A car finance calculator enables you to get accurate figures about what you can afford before you start looking for a car. It means you can set a budget and look for cars and finance deals that are manageable for your needs and circumstance.