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Car finance: Car Credible launches new first-of-its-kind deal calculator

This release will help users get an even better understanding of their car finance deal

At Car Credible, our purpose is to help you take back control of your car finance.

We know that it can be overly confusing to understand whether you have a good deal or not, so we have created a comprehensive tool that can help everyone in the simplest way possible.

We are releasing our product in stages, and last week we launched our deal checker and personalised dashboard. Check out the launch if you missed it.

The personalised dashboard has been designed to offer you five features on one screen, to help you better understand your position within your deal.

Check your deal now

The five parts of the dashboard are:

  1. Your car value
  2. Your equity position
  3. The outstanding debt on your finance
  4. Your early settlement figure
  5. Your position in your current deal

Everyone wants to know exactly where they are currently sitting within their finance deal, as well as know the actual value of their car, and we can provide these for you without you having to leave your house or pick up the telephone. To access them, you can sign up and create an account if you haven’t already.

This week, our latest exciting addition to Car Credible is our deal calculator.

This is where you can check your payments and ongoing car finance position before you buy a new car or enter into a new finance agreement.

All you need to do is fill out a quick and easy-to-use form that will take you less than two minutes. This will give you access to the information you need that will assist in making an informed decision for you.

To help you along the way, there are boxes below each section of the form to clarify any terminology that you are unclear with, as well as a link to our keywords section that includes every word you could potentially come across when dealing with car finance.

If you have already created an account and entered your finance details, the deal calculator form will auto-populate so you don’t have to do anything.

Once you have filled out the form there will be three exciting and simple features for you to use.

Estimated payments

Our algorithm works out what you could be expected to pay for your car finance per month, over the duration of your deal, and the total interest your agreement will acquire over the period.

The next stage of our release, which will be coming soon, will provide even more advanced calculations including your equity position.

You are also able to view and edit all the information you entered into your form in one place by clicking on the ‘My finance deal in full’ button, rather than flicking back through to check you’ve entered everything correctly.

Change your terms

This is a really unique and personalised feature, tailored to help you understand what you wish to achieve with your finance deal.

We offer suggestions on how you can save money if you reduce the length of your deal, or how you can reduce your interest payments by increasing your deposit, and even how much you would be expected to pay further down the line if you wanted to reduce your monthly repayment.

It's something that will be invaluable in helping you budget what you can and want to afford.

Visual timeline

The visual timeline is a first-of-its-kind feature that allows you to see exactly where your finances are at each month of your deal using our slider.

As you move through the months, the pie chart below will show you how much finance you have paid and how much is remaining on your deal.

It’s a really unique offering to help you see exactly where you stand in your agreement each month, rather than being inundated with numbers and having to do your own calculations.

Check your deal now

We are releasing our product in stages - as mentioned above - and the deal calculator is the most recent launch that we think our users will love.

Coming up next is our equity timeline calculator which will be a game-changer in helping you understand when you are entitled to leave your car finance agreement, so stay tuned.

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