Part of Evolution Funding, the UK’s largest motor finance and technology provider.
Part of Evolution Funding, the UK’s largest motor finance and technology provider.
- Instant, online decision
- Initial soft search to apply
- Choose any dealer
- Poor credit welcome
- Rates from 9.9% APR
- Representative APR 10.9%
- Rates from 9.9% APR
- Representative APR 10.9%
- Instant, online decision
- Initial soft search to apply
- Choose any dealer
- Poor credit welcome
How to calculate car finance
My Car Credit’s online car finance calculator is the quick and easy way to crunch the numbers on financing your next car. Start by entering your loan amount, repayment term and credit rating. The calculator will then give an instant breakdown of your expected monthly payments, typical rate and total payable.
Like what you see? Click ‘Apply Now’ to complete a full application.
There is no obligation and your initial application is a soft search*. You’ll be given an instant, online decision as well as an email confirmation. What’s more, the rate you see is the rate you get!
* Should you progress, some lenders may perform a hard search on your credit file.
How to calculate car finance
My Car Credit’s online car finance calculator is the quick and easy way to crunch the numbers on financing your next car. Start by entering your loan amount, repayment term and credit rating. The calculator will then give an instant breakdown of your expected monthly payments, typical rate and total payable.
Like what you see? Click ‘Apply Now’ to complete a full application. There is no obligation and your initial application is a soft search*. You’ll be given an instant, online decision as well as an email confirmation. What’s more, the rate you see is the rate you get!
* Should you progress, some lenders may perform a hard search on your credit file.
A simple and hassle-free process
We work hard to find the right car finance deal for you. No matter what your credit score or financial circumstances, you are welcome to apply with us. We have the largest panel of lenders out of any broker in the UK. This means you’ve got the best chance of finding a deal that works for you and your budget.
Our approach makes the journey to your next car smooth and easy. You can read plenty of customer reviews which talk about how great we are to deal with. We have a slick online application process which allows you to sort out car finance from the comfort of your own home. You can even upload your documentation and e-Sign your agreement without needing to visit a car dealership!
A simple and hassle-free process
We work hard to find the right car finance deal for you. No matter what your credit score or financial circumstances, you are welcome to apply with us. We have the largest panel of lenders out of any broker in the UK. This means you’ve got the best chance of finding a deal that works for you and your budget.
Our approach makes the journey to your next car smooth and easy. You can read plenty of customer reviews which talk about how great we are to deal with. We have a slick online application process which allows you to sort out car finance from the comfort of your own home. You can even upload your documentation and e-Sign your agreement without needing to visit a car dealership!
Still looking for the perfect car?
If you need a bit of help with finding the perfect car, our large and trusted network of car dealers is also on hand. We have a vast range of nearly new and used cars to choose from. In addition, we’ve done all the checks on the dealers listed to ensure they’re reputable. Choose a car from one of our approved dealers and you’re assured of peace of mind. If you’ve already found the car of your dreams, you can simply add this to your application.
To get the wheels moving, enter your details into our car loan calculator and discover how the right finance plan could look for you.
Still looking for the perfect car?
If you’re needing a bit of help with finding the perfect car, our large and trusted network of car dealers are also on-hand. We have a vast range of nearly-new and used cars to choose from. In addition, we’ve done all the checks on the dealers listed to ensure they’re reputable. Choose a car from one of our approved dealers and you’re assured of peace of mind.
To get the wheels moving, simply enter your details into our car loan calculator and discover how the right finance plan could look for you.
Complete Your Finance Application With Us Today
Like what you see? Then it’s time to take the next step in your car finance journey. Complete a full application with My Car Credit to get the ball rolling. We’ll use your details to find suitable deals from our large panel of trusted lenders.
Our team can compare and negotiate on your behalf, saving you lots of time and hassle – not to mention minimising the risk of rejection. We’ll pass you on to one or multiple suitable lenders, who will process your application with your go-ahead.
There is no obligation, and your initial application is a soft search, though some lenders may perform a hard search on your credit file when your application progresses. After our quick checks, you’ll be given an instant, online decision as well as an email confirmation. What’s more, the rate you see is the rate you get.
How to Use Our Car Loan Calculator
Using our car loan calculator is refreshingly simple with just three steps involved.
Start by entering a loan amount. This is the amount you need to borrow to buy your next car. If you have some money saved as a deposit, you can deduct this from the cost of your car to figure out the loan amount. Don’t worry if you don’t have an exact amount – we just need a ballpark figure to begin with.
Next, choose a repayment term. The options are two years, three years, four years and five years. This determines how many months your repayments will be spread across – 24, 36, 48 or 60. A longer repayment term means lower monthly repayments, but it does increase the interest you’ll pay as you’ll be borrowing money for longer.
Finally, there’s your credit rating. Don’t worry – we don’t need an exact score. You can check your credit rating for free online to see whether yours is excellent, good, fair, poor or bad. This will help us narrow down which deals are available to you from our panel of lenders.
Calculate Your Car Finance With Our Car Finance Calculator
Our calculator does exactly what it says on the tin. It crunches the numbers to give you a better idea of what you’ll have to pay for car finance. At the start, you’ll have a rough loan amount and repayment term. Afterwards, you’ll have a more precise amount to pay each month alongside a total cost for the loan – and for your car.
This allows you to make a much more informed decision about car finance for your next vehicle. You can work out whether it’s something you can afford to pay over the next two, three, four or five years – and whether you want to pay that amount for your car of choice.
Above all else, our car finance calculator shows you just how affordable car finance can be. In a few clicks, a car that costs tens of thousands of pounds becomes a manageable payment of a few hundred pounds each month.
How Does Our Car Finance Calculator Work?
Don’t worry – there’s no dark magic involved. Our car finance calculator simply cross-references your details and requirements with criteria from lots of different lenders, all of which have been pre-approved. It will also complete a quick credit check to make sure there are no obvious financial issues.
From the lenders that provisionally approve your application, we compare the interest rates on offer and any other fees that may be involved. This is used to calculate the annual percentage rate (APR) for your loan, which is the overall cost of borrowing each year.
The calculator then divides the loan amount by the number of monthly payments and adds the interest based on the APR being offered. The result is an estimated ongoing repayment for the amount you’ve specified, so you can see how much it will cost each month – and overall.
Crucially, this process only involves a soft credit check. That means nothing will show up on your credit file, so there’s no risk of your credit score being impacted if your application is unsuccessful or you choose not to proceed. Hard checks may be completed by lenders at a later stage, but there is no risk of them being undertaken when using our car finance calculator.
What Information do I Need to Apply for Car Finance?
To start the process, you just need a loan amount, repayment term and credit rating. We’ll then ask for a few basic details like your name, date of birth, marital status and address history. It’s nothing you won’t know – though you may want to check your previous addresses and moving dates if you’ve relocated in the past few years.
In terms of your credit rating, you don’t need an excellent rating to get a car finance deal. Thanks to our network of lenders, we can compare deals from multiple credit providers on your behalf to find car finance for less-than-perfect credit ratings. You’ll find it’s much easier than submitting your details to countless providers yourself and potentially facing lots of rejections before getting accepted.
Once our calculator has found you a deal, we’ll put you in touch with suitable lenders who may accept your application. At this stage, you’ll need a few more documents like your driving licence, proof of earnings, bank statements and proof of address.
You may also be asked to send a picture of yourself holding your licence to prove that you are the one applying, as well as your bank account details to set up monthly payments.
Calculating Car Finance FAQs
How does the calculator work?
Our calculator allows you to work out your monthly repayments against the amount you wish to borrow. Tell us what car loan amount you want, and what repayment term you’d prefer. Finally, tell us your credit rating – excellent, good, fair, poor, or bad. If you’re not sure, you can get a free Experian credit score report. Alternatively, simply use the credit rating guide provided on the calculator. Once you’ve input just three pieces of information, you’ll then see your likely repayments. We give you the typical rate of interest for your personal circumstances. We also explain the total amount payable. The calculation is subject to status but will give you an indication of what your finance options are. Our car finance calculator is free to use, with no obligation to apply for car finance.
How accurate is your car loan calculator?
Without a full application, we cannot give you an accurate quotation on car finance. This is because a tailored quote takes into consideration your personal circumstances, credit rating, status and income, and financial history. The car loan calculator provides an illustrative example but is a great way for you to see what your monthly payments could be, based on your credit profile.
What is the Representative Example?
A Representative Example appears underneath all of our car loan calculators. This allows you to see the typical costs associated with taking out a car loan. Our representative example details the loan amount, the representative APR, the duration of the agreement and the monthly repayment plan, any other potential charges or fees, the total cost of credit, and the total amount payable. As we are authorised and regulated by the Financial Conduct Authority (FCA), we abide by their guidance on the promotion of financial products. This means that we always ensure that our promotions are clear, fair and not misleading.
What is the Representative APR?
In a nutshell, the Representative APR is the rate that the majority of our customers (at least 51%) will get. This means that 50% of our customers are likely to get a better rate than the Representative APR and 49% of our customers will get a higher rate. The Representative APR is a way of allowing brokers such as My Car Credit to advertise finance produces in a way that allows you to easily compare our rate with other offers. It takes into consideration that every customer is offered a different rate dependent on their credit rating and individual circumstances.
How can I get an exact APR?
The exact APR is sometimes called a ‘personal APR’ or ‘real rate’ since it is tailored to you and your circumstances. To get an exact APR, you’ll need to complete an application by clicking the ‘Apply’ button. This takes you through our quick and easy online form, where you’ll provide a small amount of personal information. This allows us to give you a decision on car finance based on your personal circumstances, your credit profile and financial history, and your current financial situation. Wherever possible, we give you an exact APR using soft search. This means you can obtain a ‘real rate’ quote on car finance from My Car Credit without worrying about it showing up on your credit history.
What will I need to apply for car finance?
Our easy, online form takes just minutes to complete. You should have to hand:
• Contact details and email address
• Your current UK address (and previous address if you lived at your current address for under three years)
• Your employment details, including annual gross income (before tax)
Once you’ve applied online and received your decision, your personal Car Credit Specialists will get in touch with you. They will need a few more details from you, covered in this article “What paperwork do I need to get a car on finance?”.
Will an application affect my credit file?
Your initial application is a ‘soft search’. This is a search on your credit file that is not visible to other lenders. Using the minimal information provided in your application, we are able to make an assessment of your creditworthiness and give you an indication of APR. Where possible, we give you an exact APR (dependent on your individual circumstances). A soft search is a great way of finding out if you will be accepted for car finance without risking a mark on your credit file. Please bear in mind that when you proceed with the car loan quote, most lenders will then perform a hard search.