Calculate monthly payments for HP and PCP car finance deals.
Monthly Payment
£478.00
£110.31/week
Amount Financed
£20,000
Total Interest
£2,944
Total Payable
£27,944
Car finance is the most common way to buy a car in the UK, with over 80% of new cars purchased using a finance agreement. It allows you to spread the cost over a fixed term, but it is crucial to understand the total cost, including interest, to make a sound financial decision. This Calculator Site tool helps you compare different scenarios quickly.
The two main types are Hire Purchase (HP), where you pay off the car and own it at the end, and Personal Contract Purchase (PCP), which has lower monthly payments and a final 'balloon' payment to secure ownership. Our Loan Calculator can help you compare against a personal loan.
Don't Just Focus on the Monthly Payment
A low monthly payment can be tempting, but it might hide a very long term or a high total interest cost. Always check the APR (Annual Percentage Rate) and the Total Amount Payable. A lower APR on a slightly shorter term could save you thousands, even if the monthly cost is a bit higher.
Your finance deal is shaped by three main factors: the deposit you put down, the length of the term, and the APR. Adjusting these in our calculator will show you their direct impact on your payments and total cost.
5-8%
Typical Used Car APR
48 months
Most Common Finance Term
>80%
New Cars Bought on Finance
Running a car involves more than just finance. Use our Fuel Cost Calculator to estimate running costs and the Car Tax Calculator to check VED rates.
How to use this Calculator Site tool
Enter the car's price, your deposit amount, the finance term in months, and the APR. The calculator will instantly show your monthly payment, weekly equivalent, total interest, and the total amount you will pay over the term. Adjust any input to see how it affects your results.
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