Car finance calculator
Representative 14.7% APR
Looking for car finance? Use our quick car finance calculator to help you work out how much you could borrow, what your monthly repayments could be as well as the total cost of credit.
How does the car finance calculator work?
Our car loan calculator works by giving you an estimate of what your monthly payments could look like based on the amount you want to borrow, your preferred loan term, and your credit profile. It uses a representative APR for each credit band to give you an idea of potential costs before applying. You can also get a personalised quote, valid for 28 days, with no impact on your credit score.
How do I use the car finance calculator?
Using the Oodle car finance calculator is simple. Just select your credit profile from one of the options provided then use the slider to select how much you’d like to borrow (you can manually enter the exact amount too) and how long you’d like to repay the loan back. The calculator will then show your estimated monthly repayments and total repayable amount. It’s a quick, no-obligation way to check if car finance could suit your budget.
Compare your car finance options
Typically, there are a few ways to finance a car. Each option comes with its own advantages and disadvantages. The best choice for your car finance will depend on your circumstances.
Car loan
A car loan is a financing option where you borrow a lump sum of money to buy a car and repay it through monthly instalments, but you’ll own the vehicle from the start. While no upfront deposit is required, it’s important to note that the interest rate and monthly payments can be higher than with other car finance options.
Hire purchase
Hire purchase (HP) is where you make a regular monthly payment for a car with a fixed interest rate – meaning you know exactly how much you are paying every month. The deposit can be flexible or even not required at all. The car is owned by the Lender until you pay the last monthly instalment and the option to purchase fee.
Personal contract purchase
Personal contract purchase (PCP) allows you to buy a car through fixed monthly instalments, like hire purchase. PCP tends to have lower monthly payments as you don't have to pay the car's total value. But should you decide to keep the car at the end of the agreement you will need to pay a substantial ‘balloon payment’ to purchase it outright.
Personal contract hire
Personal Contract Hire (PCH) is a flexible leasing option that lets you hire a car for a fixed term with manageable monthly payments and an upfront rental fee. You get full use of the vehicle during the lease, then simply return it at the end - there’s no option to buy, making it ideal if you prefer driving the latest models without long-term ownership.
Whether you’re after your dream car, thinking about switching to electric, or just need a bit more space in the boot, an Oodle Car Loan could help you cover the cost.
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How much will my monthly car finance repayments be?
The exact amount you will have to repay each month will depend on the amount you want to borrow, the interest rate you are offered, and the length of your loan term.
For example, if you have a solid credit rating you may be offered the best (lowest) rates, meaning you will be charged a lower interest rate on your loan - less interest means you pay back less overall. Similarly, if you choose a longer loan term, whilst your monthly repayments may be lower, the total amount you pay back will be higher.
You can get an idea of what your monthly payments will look like by using our handy car finance calculator. Or you can get a personalised quote in under 2 minutes, without impacting your credit score, here.
What does APR mean?
APR (Annual Percentage Rate) is a calculation that allows you to understand the total cost of borrowing over a year. It’s a percentage of the money you’ve borrowed that includes the interest rate and any fees attached to the loan; it’s a helpful way to compare the total cost of different loans.
There are a number of factors that a lender will take into account when calculating your APR, but generally, the better your credit rating, the lower your APR will be. A lower APR means a lower interest rate, which will reduce your monthly payments.
Does my credit rating affect my chances of getting car finance?
Yes. Your credit rating directly impacts your likelihood of getting car finance. Lenders will look at your credit score to assess how reliable you are as a borrower and work out whether to offer you a finance deal. In general, the higher your credit rating, the more likely you are to be offered finance. If your credit score is excellent, you can expect to be offered the best (lowest) interest rates and more favourable loan terms.
If you have a low credit rating your options are more limited: some lenders could turn you down. You may still be offered finance from specialist finance providers, but you will be charged higher rates of interest and can expect stricter loan terms.
Read more about credit scores and how to keep yours in good shape.
Am I eligible for car finance?
If you are over 18, you live in the UK and you can afford to make the repayments, then you are in a strong position to be eligible for a car loan. Other factors that affect your eligibility include your credit score, your income, and the specific criteria of the finance provider you choose.
What information and documents do I need to Apply For Car Finance?
When you apply for car finance, lenders will carry out credit and eligibility checks to determine if they can offer you a finance agreement. You may need documents to prove to the lender that the information you provided in your application was accurate - although lenders can complete these checks automatically in many cases. The information required may include
Proof of identity – All applicants must be aged 18 or over.
Proof of address – Address history from the past three years.
Proof of earnings – This could include personal income, and household income if you have dependents such as children.
Employment information – Details about your current job, including your role and how long you’ve been employed.
How long does it take to get a car finance decision?
It can take just a few minutes to find out if you're pre-approved for a car loan from Oodle. Once you complete your application you'll have the money in your account the next working day - ready for you to buy the vehicle that suits you, wherever you find it.
How much can I borrow with car finance?
You can borrow up to £35,000 with Oodle. The exact amount you can borrow and the duration of your loan will depend on several different factors, including:
Your credit score – your credit score determines your annual percentage rate (APR). The better your score, the lower the APR and the total loan amount.
Your income and affordability of your loan amount – we consider your monthly income and regular outgoings to calculate your disposable income and your ability to keep up with your monthly repayments.