How much can I afford to pay?

Our car finance calculator is an ideal tool to work out what your monthly repayments will be.

Good credit
Bad credit
Amount to borrow:
To repay over:
5 Years
Car finance rate XX% APR
Cost of credit £ XXX
Total repayment £ XX,XX.XX
48 monthly payments of
£ 245 /mo

Representative example - Borrowing £5,500 over 4 years with a representative APR of 19.8%, and a deposit of £0, the amount payable would be £162 per month, with a total cost of credit of £2,282 and a total amount payable of £7,782.

We compare car finance quotes from all the leading providers

We partner with the UK’s trusted car finance lenders, so that you get the most suitable car loan quotes from across a huge choice of deals.

Personal Loans

Personal loans have long been a quick and popular way to raise funds to buy a car. Here at Car Finance Plus, we offer the most competitive rates by giving customers access to a large panel of lenders across the UK.

We offer two types of personal loan, secured and unsecured, and the type that is right for you will depend on your credit score and your particular financial situation.

Secured loans vs Unsecured loans

Secured loans

A secured loan is a loan that is ‘protected’ by a form of collateral, usually the car you are purchasing. A lender will offer a secured loan to somebody with a poor track record of money management, since the collateral will ensure they receive their repayments on time, one way or another.

The obvious con with this type of loan is that your car or another valuable asset may be at risk if you default on payments because it gives the lender the authority to seize it. They are also somewhat complicated to set up due to the inclusion of collateral.

That being said, a secured loan gives the lender more security over their loan, and this usually means that they are willing to lend more money and at a lower interest rate.

Unsecured loans

Unsecured loans, as the name suggests, do not require any form of collateral as security. These are often given to people with a good credit score and a high likelihood of making repayments on time. See our eligibility page for more information on credit checks and what they entail.

The lack of collateral means that unsecured loans are easier and faster to set up than secured loans, but repayments often come with higher interest rates. Unsecured loans also often come with lower limits on how much can be borrowed, so for significantly large purchases, an unsecured loan may not be a viable option for you.

What about deposits?

A lender will take the following into account when assessing the affordability of an unsecured personal loan:

  • The amount requested
  • Any deposit or personal savings being contributed to the vehicle purchase
  • The length of time you wish to borrow the money

It is advisable that you have enough money saved to offer a significant deposit, such as 10% of the total loan. This will reduce both the amount you’ll need to borrow and the amount of interest you’ll need to pay. Opting for a shorter repayment period will also help to lower the interest rate.

Please note that failure to meet any repayments will harm your credit score and your ability to secure loans in the future.

Customer reviews

Emile was amazing! Was a pleasure speaking to him on the phone! He got me the best deal and helped me right up to the end, even gave excellent customer service after the purchase had gone through.

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About us

We are the motor finance people

Since 2015 we’ve specialised in motor finance. We’re a family-run company committed to putting our customers first.

Learn more about our company