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Car Loan Calculator

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Vehicle Loan Calculator

Calculate monthly payments, total interest, and loan costs for vehicle financing

How to use: Calculate monthly payments and total cost for vehicle financing. Enter the full vehicle price in Vehicle Price and your upfront cash or part-exchange in Deposit. Do not take the deposit off the price yourself, because the calculator subtracts it for you. Then enter Interest Rate (APR from your lender), and Loan Term (years - typically 3, 4, 5, or 6 years). Results show: Monthly Payment (amount due each month), Total Interest (extra cost beyond principal), and Total Cost (amount borrowed + interest, not including the deposit). Example: £25,000 vehicle price, £5,000 deposit (so £20,000 borrowed), 5.5% APR, 5 years = £382/month, £2,921 interest, £22,921 total. Longer terms = lower monthly payment but higher total interest. Critical for car loan shopping and affordability analysis.

Car Loan Calculator — Monthly Repayments

Work out the monthly repayment and total interest on a car loan or car finance in £. Enter the price, deposit, rate and term in years.

Use this car loan calculator to see what a car could cost you each month. Enter the price of the car, your deposit or part-exchange value, the interest rate and the term in years. It shows the monthly repayment, the total interest and the total you pay.

Most UK car buyers choose between hire purchase (HP), personal contract purchase (PCP) and a personal loan from a bank. With HP you pay off the whole amount in equal monthly instalments. PCP has lower monthly payments but leaves a large optional final payment, and a personal loan lets you own the car from day one. A bigger deposit or part-exchange cuts the amount you borrow and the interest you pay.

Personal loan instead?

If you are borrowing for something other than a car, or comparing a bank loan with dealer finance, use the loan calculator, which takes the term in months.

How to use this calculator

  1. Enter the price of the car in pounds.
  2. Enter your deposit or part-exchange value.
  3. Enter the annual interest rate from your finance quote.
  4. Enter the term in years (for example 5).
  5. Click Calculate to see the monthly repayment, total interest and total cost.

Worked example: £20,000 car loan at 5.5% over 5 years

Borrowing £20,000 at 5.5% over 5 years (60 monthly payments) gives a repayment of £382.02 a month.

Over the 5 years you pay £22,921.39 in total, so the interest is £2,921.39.

Frequently asked questions

HP or PCP: which does this calculator model?

It models a standard fixed-rate loan paid off in equal monthly instalments, which matches hire purchase or a personal loan. It does not model a PCP optional final payment, so for PCP use the monthly payment and final payment shown in your dealer's quote.

How much deposit should I put down?

There is no single right amount. A bigger deposit or part-exchange means you borrow less, so your monthly repayment and total interest both fall. Try a few deposit amounts here to see the difference, and keep enough savings for running costs such as insurance, tax and servicing.

Is a longer car finance term worse?

A longer term lowers the monthly repayment but you pay interest for longer, so the total cost goes up. On £20,000 at 5.5%, 5 years costs £2,921.39 in interest and 7 years costs £4,141.67. Cars also lose value, so a long term can leave you owing more than the car is worth.

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