Car Finance Calculator
Work out monthly car finance (hire purchase) payments from the car price, deposit, part-exchange value, APR and term.
Enter your values and press Calculate.
How to use the Car Finance calculator
This models hire purchase (HP) or a personal loan, where you own the car after the last payment. PCP deals have a large optional final “balloon” payment, so their monthly cost is lower but you don’t own the car unless you pay it. Dealer fees can change the real cost — always check the APR and total amount payable on the finance agreement.
Formula
The APR is converted to its equivalent monthly rate, i = (1 + APR)1/12 − 1, then the standard loan formula M = P × i ÷ (1 − (1 + i)−n) is used.
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