Estimate your car finance payments in seconds. Enter the vehicle price, your deposit and trade-in value, add any fees, then set APR and term to see your monthly payment, total interest and overall cost. Designed for speed, clarity, and mobile use.
We use standard amortization.
Example (for context)
Price 20,000; deposit 2,000; APR 6%; term 60 months; no fees or trade-in.
Loan amount: 18,000
Monthly payment: ~347.99
Total interest: ~2,879.43
Total cost: ~20,879.43
How is the monthly payment calculated?
A: We use standard amortization: the monthly rate is APR ÷ 12, and the payment is computed over the chosen number of months. This spreads principal and interest across the term.
Q: What counts as the loan amount?
A: Loan amount = vehicle price − deposit − trade-in + financed fees. If a fee is added to the loan, include it; if you pay it upfront, don’t.
Q: Does the calculator include taxes or extra fees?
A: Only if you add them. If taxes/fees are financed, add them to “Fees.” If you pay them upfront, leave them out.
Q: What APR should I use?
A: Use the APR quoted by your lender. If you’re comparing offers, try a few APRs to see how the payment changes.
Q: Fixed vs. variable rates — does this handle both?
A: The calculator assumes a fixed APR. With a variable rate, actual payments/interest may differ over time.
Q: Can I repay early and save interest?
A: Usually yes. Extra or early payments reduce interest and may shorten the term. Check your agreement for any prepayment penalties.
Q: Why do my lender’s numbers differ from the calculator?
A: Lenders may include additional fees, use different compounding/rounding rules, or adjust the APR after credit checks.
Q: What term should I choose?
A: Shorter terms = higher monthly payment but lower total interest. Longer terms = lower monthly payment but higher total interest.
Q: How can I lower my monthly payment?
A: Increase your deposit or trade-in, negotiate a lower APR, extend the term (note: more total interest), and avoid financing optional fees.
Q: Does using this calculator affect my credit score?
A: No. It doesn’t perform any credit checks—it’s for estimates only.
Q: Does this support a balloon/final payment?
A: The basic version doesn’t include a balloon field. You can approximate by:
Calculating payments on (principal minus balloon), and
Adding the balloon as a final lump-sum to the total cost.
Q: Can I model bi-weekly or extra payments?
A: Not directly. A common strategy is one extra monthly payment per year (or half-payment every two weeks), which can shorten the term and reduce interest.
Q: What’s the difference between interest rate and APR?
A: APR typically includes certain fees plus interest, giving a more complete cost of borrowing for comparisons.
Q: What happens if APR is 0%?
A: The monthly payment is simply loan amount ÷ term, and total interest is £0 (or $0/€0, etc.).
Q: Is this calculator financial advice?
A: No. It’s an educational tool. Always confirm details and costs with your lender before committing.