Car Finance Calculator
On the hunt for a new car? Use our handy car finance calculator to work out how much you might pay each month on our Personal Contract Purchase (PCP) or Hire Purchase (HP) plans.
This calculator shows what your monthly repayment could be. The actual repayment could be lower or higher depending on your personal circumstances and the make, model and age of the car you would like to finance. You can get your personalised rate by logging in to Internet Banking.
How our car finance calculator works
To find out what your monthly repayments could be:
- Enter the price of the car you’d like to buy.
- Enter the amount you’ll pay as a deposit.
- How long you want to borrow for.
The calculator also shows what your Annual Percentage Rate, or ‘APR’ could be. APRs give you an idea of how much it could cost each year, in interest, including any standard fees, to borrow money. The APR is shown as a percentage.
Log on to Internet Banking to get a personalised rate.
This is the total price of the car you want to buy or the price you’ve negotiated with your dealer. If you haven’t chosen a car, enter the amount you plan to spend.
Your deposit is the amount of money you pay upfront to secure the car. Include any part exchange paid for your existing car, if you’re trading it in.
You can choose how many months (between 12 and 60) you want to repay your car finance over. The longer the term the lower the monthly repayments, but the more you will pay in interest.
Personal Contract Purchase (PCP)
This is our predicted future value of the goods at the end of the finance agreement and only applies to Flex Car Plan (PCP). You can either pay the optional lump sum to own the car, or hand the car back – return conditions apply. To find out more, view our product comparison page.
The Total Repayment shown for Flex Car Plan (PCP) includes the optional lump sum.
Personal Contract Purchase (PCP) final payment will be the optional lump sum.
Hire Purchase (HP)
HP Representative example:
You could borrow £13,000 over 48 months with 48 monthly repayments of £301.54. Total amount repayable will be £14,483.92 (including £10.00 purchase fee). Representative 5.5% APR, annual interest rate (fixed) 5.33%.
You can apply if you are:
- A Lloyds Bank main personal current account holder (minimum 3 months)
- Registered for Internet Banking
- Aged 18 or over
- A UK resident.
Lending is subject to status and additional affordability checks.
Switch your car finance to Lloyds Bank
Switching your existing HP or PCP agreement to Lloyds Bank could save you money. If you refinance your car to one of our plans, your monthly payments could be lower, or you could spread the cost of a lump sum payment.
£50 when you switch
£50 cashback on approved switches between 17 January 2023 and 31 March 2023.
Available to Lloyds customers who switch their existing car finance to us from another finance provider.
Terms and Conditions. Applications must complete by the 30 April 2023 to be eligible for the cashback. Cashback is paid within 30 days of completion and paid into the account that your direct debit is set up on. Offer can be withdrawn at any time. Lending is subject to status and additional affordability checks.
- Please look at your rights and options with your current agreement. You should check the value of the car and think about whether switching to us is right for you
- Any early settlement fees that may be payable
- If you refinance over a longer term this could result in more interest being paid.
Our car finance options
Personal Contract Purchase (PCP)
PCP stands for Personal Contract Purchase. With this plan, you will normally pay a deposit and then make monthly payments. These payments include interest and are for an agreed period of time. PCP offers lower monthly repayments than our Hire Purchase (HP).
At the end of the contract, you can choose to pay the final lump sum/balloon payment to keep your car, part exchange for a new agreement (subject to status) or simply return the car. If returning your car, yearly mileageIf you have exceeded the agreed mileage allowance on return of the car, you will need to pay an excess mileage charge. You can avoid this by agreeing a realistic mileage at the outset. and return conditions apply.
Hire Purchase (HP)
In a Hire Purchase (HP) agreement, you’ll usually pay a deposit up front. The remaining cost of the car, including interest, is split into monthly repayments over an agreed amount of time.
Once the term is up, you own the vehicle, with no lump sum to pay or mileage limits. What you do next is up to you. You might keep the car or sell it to upgrade for a newer model.
Frequently asked questions
Car finance is a type of borrowing which helps you spread the cost of a new or used car, instead of paying for it in full, up front.
We will buy the car on your behalf. You will then make regular payments, including interest, over a fixed term.
On an HP plan, once you make the final repayment, including all interest, you’ll own the car.
On a PCP plan, you may have a balloon payment left after the term ends. You can choose to pay this off and keep the car, trade it in for a new car on a new plan (subject to status), or just return it. If you’re on a PCP plan, you may have a limit on how many miles you can drive per year. If you go over that limit, you could pay a fee at the end of your agreement.
Any finance we offer you depends on various factors, such as the vehicle make, model and age, your personal circumstances and our lending policies.
Total costs for car finance will depend on a range of factors, including:
- The value of the car.
- Your deposit amount.
- The length of the term, usually between 12 and 60 months.
- The interest rate.
It is important to know what you will pay back before you agree to car finance. Only take out car finance if you can comfortably afford the monthly repayments.
APR stands for Annual Percentage Rate. It shows how much it will cost you in interest and any standard fees as a percentage. This can be useful when comparing deals from different lenders.
What you need when you apply to finance a new or used car can vary between lenders, but can include:
- The registration number for the car you’re buying.
- Current mileage on the car.
- An estimate of how many miles you expect to drive each year.
- The total price of the car and deposit.
- The dealership’s information, including their name, post code and bank details.
- Your own financial details, including your monthly income and regular outgoings, such as debts and other financial commitments.
The amount you can borrow will depend on many factors, such as your:
- Credit score.
- Monthly incomings and outgoings.
- Chosen car.
- Choice of product (HP or PCP).
Only borrow what you can afford to pay back, alongside your other essential outgoings.
A deposit is a payment you make to the dealer up front when you buy a car. You don’t always have to pay a deposit, but it could lower your monthly repayments if you do. Some dealers and lenders may need you to pay a deposit.
If you are trading in your current car, please include the part exchange value in your deposit.
As well as your personal circumstances, your quote will depend on a range of factors, including:
- The make and model of car.
- How old it is.
- The price.
Without these details, we can only give you a rough idea of what your monthly repayments could be. For a personalised quote in just a few minutes, that does not impact your credit score, log on to Internet Banking.
The best plan for you will depend on your personal circumstances.
Do your research before choosing a finance plan and see which is right for you.
Make sure you can afford to make the monthly repayments, on top of the regular outgoings you already have.
Important legal information
Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.
We may monitor or record telephone calls to check out your instructions correctly and to help us improve the quality of our service. Calls from abroad are charged according to the telephone service provider’s published tariff. Not all Telephone Banking services are available 24 hours a day, 7 days a week. Please speak to an adviser for more information.