CarFinance247 Calculator

Car Finance Calculator

How it works

Get approved

Receive your personalised car finance quote and approval in principle in minutes.

Choose your car

We pride ourselves on high quality vehicles, exceptional service, and a seamless purchasing experience

Complete your purchase

Car Finance 247 is the UKs largest online broker, they’ll take care of all the paperwork. Simply arrive, pick up your vehicle, and drive away.

Frequently Asked Questions

How does car finance work?

The way car finance works is that you borrow money from a lender to cover the cost of your new or used car and then pay it back in affordable monthly repayments. There are several types of loan available and car finance is the catch-all term used to describe them. You’ll need to know how much you want to borrow and how long you want to borrow it for (the loan term) to find the car finance deal that’s right for you. You can also put down a deposit to reduce the total loan amount. If your loan is approved, you’ll then pay it back in monthly instalments, plus interest, for the duration of the loan term, which typically lasts between one and five years. Depending on the deal you choose, your finance might be secured against the car.

How much does car finance cost?

The cost of car finance is typically defined as the amount of money you borrow plus the interest and any other charges that you’ll need to pay on the loan over the repayment term. If you choose Hire Purchase (HP) car finance, your monthly repayments will cover a portion of the car finance and your interest payment. The interest rate that you’re offered depends on a few things including your credit score and improving your score could give you access to better rates.

Who is eligible for a car loan?

You can apply for a car loan with CarFinance 247 if you’re over 18 years old and have a minimum of three years’ address history in the UK.

Hire purchase (HP)

With hire purchase, the loan is secured against the car and you won’t own it until you’ve reached the end of your agreement and paid the ‘Option to Purchase’ fee. You might need to put down a deposit but it’s unlikely that you’ll have to agree to any mileage restrictions.

Personal Contract Purchase (PCP)

Personal contract purchase loans are also secured against the vehicle, but you don’t automatically own the car when the loan term ends. Instead, you can choose to give it back, use any positive equity as a deposit in a new deal, or buy the car by paying the balloon payment. Monthly payments can be lower than with HP car finance, but you may have to agree to annual mileage limits.

Will applying for finance affect my credit score?

When you apply with CarFinance 247, we’ll run a soft credit check to find out if we can find you an approval from one of the lenders on our panel. This may be noted on your credit report, but it shouldn’t affect your score. It’s only if you choose to proceed with a finance option that a hard credit check, which can impact your credit score, will be completed.

I have fair credit, can you help?

Working with a large panel of lenders means we can help customers with a range of credit histories to get car finance, and we’re frequently able to help people with fair credit. No two customers are alike, so we’d look at your application in more detail to make sure we tailor a quote to your needs. We’ve got several options that would be suitable for customers with fair credit, so we’d be hopeful of being able to help you to get a competitive finance deal in place.

Are there any restrictions on lending?

We offer financing starting from £3,000, typically with a minimum term of 3 years.

How much deposit do I need to buy a car?

Putting down a deposit when buying a car can reduce the amount you need to borrow and increase your chances of securing a loan. In a typical hire purchase agreement, you can put down a deposit of 10% or more of the car’s value. However, if you don’t have any money saved or a vehicle to part-exchange than you may be able to find a no deposit hire purchase deal.