Car Loan Calculator

Monthly cost for a car loan or PCP with deposit and balloon.

0 for standard loan

Result

Amount financed£18,000.00
Monthly payment£455.66
Total cost£23,871.80

How it's calculated

  1. 1

    Amount financed = £20,000.00 − £2,000.00 deposit = £18,000.00

  2. 2

    Monthly rate r = 9.9% ÷ 12 = 0.825%

  3. 3

    Amortised payment = £18,000.00 × r × (1+r)^48 ÷ ((1+r)^48 − 1) = £455.66/mo

  4. 4

    Monthly payment = £455.66 · Total cost = £23,871.80

Car Loan Calculator — FAQs

What is a balloon payment?

A large final payment deferred to the end of PCP finance — lowers monthly payments; you can pay it, return the car, or part-exchange.

Typical car finance APR?

~4–8% on manufacturer PCP deals, 8–15% for used cars and independent lenders.

PCP vs HP vs loan?

PCP: low payments + optional balloon. HP: higher payments, you own the car. Personal loan: cheapest APR often, you own it from day one.

What is a good car finance APR?

Under 6% is strong; 0% deals exist on new cars. Above 15% is expensive — compare against a bank loan before signing.

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