Car Finance Calculator

Calculate monthly payments on a car loan — PCP, HP or personal loan — and see the total interest you will pay over the term.

Car purchase price (£)

Deposit (£)

Finance type

Annual interest rate (APR %)

Term (months)

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Fill in the details to get your result.

How This Works

Monthly payment is calculated using the standard amortisation formula: P × (r(1+r)^n) / ((1+r)^n - 1) where P = principal, r = monthly interest rate (APR/12), n = number of payments. Total interest = total paid - original loan amount. PCP differs in that a proportion of the car's value (the Guaranteed Minimum Future Value / balloon) is deferred to the end.

HP: you own the car at the end. Monthly payments are higher because you're paying off the full value. PCP: lower monthly payments because a balloon payment is deferred, but you don't own the car at the end without paying it. PCP suits people who change car every 3–4 years. HP suits people who want to own and keep the car. PCP can trap you in a cycle of always having finance — HP is simpler and more transparent.