Hire purchase and a personal bank loan are essentially the same in terms of how the payments are structured. The monthly costs are generally higher than if you choose PCP, however, you will own the car at the end of the agreement for a nominal fee. Instead, you will usually pay a deposit, followed by regular monthly payments and a small ‘option to purchase’ fee at the end of the agreement. Hire purchase is similar to PCP, but without the balloon payment at the end of the agreement. At the end of the contract, you will have the chance to either return the car to the finance company, pay the balloon payment (GFV) to purchase the car or use the equity in the vehicle towards another car if you’re part exchanging. Personal contract purchase usually requires the buyer to pay a deposit, followed by regular monthly payments for the duration of the finance agreement. If you have no interest in owning a car at the end of a finance agreement, you may instead want to explore personal car leasing (PCH). If you’re looking at financing a car with the view to own the car or have the option to buy the car at the end of the agreement, the most popular options are PCP, HP or a personal loan. There are a couple of main car financing options. What are the different types of car finance?
Reducing the length of the loan will increase your monthly repayments but lower the total amount you repay over the course of the finance agreement. Once you’ve entered all of the required details, we will calculate your monthly repayments, the total amount you’re borrowing and the total amount repayable, including the interest. Where you are calculating the cost of a PCP agreement, you will also need to enter the amount of the balloon payment, which is also known as the GMFV (Guaranteed Minimum Future Value) or option to purchase fee. If you are taking out a PCP or HP agreement, you will need to enter your deposit, including any dealer contribution. Regardless of the type of finance you choose, you will need to select how much you want to borrow, select the term of the loan and the APR. Our car finance calculator allows you to choose from any of these options to see what your repayment plan would look like.
#CARS COM FINANCE CALCULATOR HOW TO#
If you’d like more details on how to finance your classic car, supercar or prestige car, speak to our team today for a tailored quote on 020 3355 0035.There are various ways to finance a car, with the most popular options being PCP, HP, or taking out a personal loan. If you make any changes to any part of the calculator (for example the term or deposit), it will automatically adjust the repayment details.
#CARS COM FINANCE CALCULATOR FULL#
The calculator will display the full finance details, including the monthly repayments, representative APR, flat rate and total charge for credit. Use the slider or number entry box to select the amount of balloon you would like to pay at the end of the term. The higher the balloon payment, the lower the monthly payments. Term: Select the number of months over which you would like to repay the loan, choosing from 24, 36, 48 or 60.īalloon: This is a lump-sum payment at the end of a lease purchase agreement. The minimum deposit percentage is set by the age of the car and will automatically display on the calculator. Price of vehicle: Use the slider or the number entry box to select the price of the vehicle.ĭeposit: Use the slider or number entry box to select the amount of deposit you would like to pay.
NEW is for brand-new cars, USED for cars up to 10 years old, MODERN CLASSIC for cars that are 10-20 years old, and CLASSIC for cars more than 20 years old. Type of Vehicle: Select the type of vehicle, based on its age. We understand, of course, that individual circumstances cannot be reflected in a calculator, so we would always encourage you to call or use the live chat functionality to speak to one of our finance experts for a tailored quote for your vehicle and circumstances.Ĭredit profile: Your credit score is determined by a multitude of factors and will affect the terms of the finance agreement, so choose the credit profile that best suits you, from POOR, AVERAGE, GOOD or EXCELLENT Use the above car finance calculator to get an indicative car finance quote.
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