Find the monthly payment, total interest and total cost of a car loan, with the amortisation schedule — for a new or used car.
Enter your data
Enter the cash price, deposit, final balloon payment (GMFV) and APR. Most UK car finance is PCP — the monthly payment is lower because the balloon is deferred to the end.
PCP monthly payments cover depreciation plus interest; to keep the car you pay the final balloon (GMFV). Excess-mileage and condition charges may apply if you hand it back.
Monthly payment 487.67 £ · Balloon to own (GMFV) 10,500 £ · Total payable 30,556 £Indicative loan figures. The payment uses the annuity formula (fixed rate). The real interest and APR depend on the lender, on the Bank of England base rate and on fees — the figures here are estimates. Instant in-browser calculation, no account. Last updated: 11 July 2026 · Bank of England base rate.
⚖︎ Results are for informational purposes and do not constitute tax advice. For specific situations, consult a licensed accountant or the relevant tax authority.
The fixed monthly payment uses the annuity formula, from the loan amount, the monthly rate (annual ÷ 12) and the number of months:
For a £15,000 car loan over 5 years at 8%: the monthly payment is about £304, and the total interest is roughly £3,250.
With the annuity formula, from the financed amount, the monthly rate and the number of months. For example, £15,000 over 5 years at 8% works out at about £304 a month.
Car finance usually sits between mortgage and personal-loan rates — indicatively around 7–11% APR, depending on the lender, your deposit, the car's age and your credit score.
Many personal-loan car purchases need no deposit, but putting down 10–20% reduces the amount financed, the monthly payment and the total interest, and can earn a better rate. PCP and HP deals often ask for a deposit up front.
With a personal loan (or HP once paid off) you own the car. PCP keeps monthly payments low but leaves a large optional final balloon payment, and you only own the car if you settle it. Compare the total cost, not just the monthly figure.
The amount depends on your income and existing commitments through an affordability check, plus your credit score. A larger deposit reduces the amount financed and the monthly payment.
Yes, most lenders finance used cars, provided the age at the end of the agreement stays within a limit (often around 10 years). The rate may be slightly higher than for a new car.
Beyond the payment: comprehensive insurance, road tax (VED), the MOT and servicing, and fuel or charging. On PCP and HP the car remains the lender's until the final payment, so it must be kept insured and maintained.
Yes, with a personal loan you can settle early at any time, subject to up to about one to two months' interest as a settlement fee. Overpaying to shorten the term saves the most interest.