Car finance calculator

People with excellent credit have usually been at the same address for a long period of time and are registered on the electoral roll. You will have a perfect & long standing credit history showing loan, credit card and mortgage repayments & have no CCJs, defaults or missed payments. You will rarely apply for credit.

People with good credit have usually been at the same address for a long time and are registered on the electoral roll. You are most likely a homeowner or a long term tenant with a stable employment history. You'll likely have a long standing credit history with a mortgage, loan and credit cards with very few missed payments.

You may have had recent changes in address & an irregular electoral roll record. You may have recently changed job and you may have high levels of debt compared to your income. Credit applications made frequently. You may have occasional missed payments or go over your credit limit(s).

Unstable / erratic address history (not on electoral roll). Recent periods of self-employment or unemployment. Over committed on loans/cards. Current late payments on file, Defaults or CCJ's. In an IVA, DM Plan or Bankruptcy.

Your repayments

  • Best Available Rate
  • Total Repayment
  • Total Cost of Credit

Monthly Repayments

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Representative example: borrowing £7,500 over 4 years with a representative APR of 25.4%, an annual interest rate of 25.4% (Fixed) and a deposit of £0.00, the amount payable would be £239.77 per month, with a total cost of credit of £4,008.96 and a total amount payable of £11,508.96

Loan Amount

48 Monthly Repayments

Representative APR

Loan Term

48 Months

Total Cost of Credit

Total Amount Repayable

Guide to car finance

Here at Carcraft, we want to make finding your next car as quick and easy as possible. Through listing cars from thousands of dealerships from across the UK, you’re sure to find a car that's right for you!

We've partnered with CarFinance 247, the UK's no.1 car finance broker, to give you access to a range of finance options to fund the purchase of your next vehicle. By searching lots of lenders, CarFinance 247 can find the most suitable finance option matched to your individual needs, with all circumstances considered.

Car finance gives you the opportunity to buy the car you want now, rather than having to spend what might be a very long time saving up to buy it.

Although the use of your savings is, of course, one option, there are also a number of alternatives – such as Personal Contract Purchases (PCPs), Hire Purchase (HP) agreements, guarantor loans and personal loans.

With so much choice available, it's important to know which one is most suited to you. Take a look at our summary of each option below.

What is hire purchase (HP)?

HP is one of the most commonly used forms of car finance.

Regular, fixed monthly instalments are made over an agreed period of time, typically up to a maximum of 5 years.

If at any point during the agreement you have the funds available to pay the outstanding balance, you can ask for a settlement figure and on payment of this, the car becomes yours.

It's important to remember that you don't actually own the car until the final payment is made, so if you default on the repayments this could eventually lead to it being taken back from you – or "repossessed".

There are HP options available to suit a range of credit circumstances, including bad credit.

What is a personal contract purchase (PCP)?

This is a flexible finance option that gives you the use of the vehicle for a fixed period of time, after which you can choose to purchase the car outright or hand it back.

With this option, you make regular monthly payments over a period typically of 36 or 48 months.

During this time, you're effectively leasing the car rather than buying it. This means the fixed monthly instalments are generally lower than with other finance options.

At the end of the agreed period you make the decision as to whether you want to give the car back or buy it outright. If you want to buy it, you'll need to make a one-off 'balloon payment'.

What is a guarantor loan?

A guarantor loan essentially involves finding someone else – usually a friend or relative – to guarantee repayment of your loan in the event that you’re unable to make the payments.

As with other types of loans for car purchases, the monthly repayment amount is fixed and spread over a set period of time.

Through keeping up with repayments on this type of loan, you may be able to repair or restore your credit history.

Guarantor loans typically have higher monthly repayments than other types of car finance;

What is a personal loan?

Banks and other financial institutions offer personal loans that are typically unsecured;

For this finance option, a good credit history is usually needed.

As the loan is unsecured, you are free to sell the car at any point, but you must still make the monthly repayments.


If you're looking to buy a new vehicle, you may have a number of options available to you when it comes to raising the funds.

Hopefully the information above has helped you to understand what finance options are out there. Remember, with any finance agreement, you're committed to making repayments of the agreed amount over the term of the loan.

That's why it's so important to ensure that you get the most appropriate finance option for you, one where you can comfortably afford to meet the repayments on your car and at a cost-effective price.