Budget for the car, not just the payment
A longer term lets the same payment cover a bigger loan, but you pay more interest and may still owe money when you want to change cars. Add your deposit to the loan amount to see the car price you could afford.
Worked example
£300 a month at 9% over 48 months covers about £12,055.43. Over 60 months it covers about £14,452.01, but the interest rises from £2,344.57 to £3,547.99.
Before you buy
Remember insurance, fuel, servicing and road tax.
This is an estimate. Lenders make their own decision based on your full circumstances and credit history.
Inputs for the borrowing calculator car loan
Monthly payment you can afford
What you could comfortably repay each month after your other outgoings.
Interest rate (per year)
The annual interest rate on your finance. The rate shown is only an example, so enter the rate from your quote.
Term
How many months you'd repay over. A longer term lets you borrow more for the same payment but costs more interest.
CALCULATOR QUESTIONS
Car loan borrowing calculator questions
How much car can I afford for £300 a month?
At 9% over 48 months, about £12,055.43 of finance, plus your deposit.
Should I choose a longer term?
It lets you borrow more for the same payment but costs more interest.
Does my deposit count?
Yes. Add it to the amount financed to get the car price.
Is this a guarantee?
No. The lender decides.