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Car finance calculator
On the hunt for a new car? Use our handy car finance calculator on our Personal Contract Purchase (PCP) or Hire Purchase (HP) plans to work out:
- The monthly repayment of the car you’d like to buy
- How the cost compares from PCP to HP
- The total repayment at the end of the term
Work out monthly repayments
Explore the cost of car finance by adjusting the figures. This calculator is an illustration only. You can get your personalised rate by logging into online banking.
Option 1
Personal Contract Purchase (PCP)
Optional lump sum
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.
Total repayments
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.
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.
See your car finance options
Find out how to fund your next car purchase.
Our car finance range
Find a personalised car finance option for you.
Let’s look at the details
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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.
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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.
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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.
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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.
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The amount you can borrow will depend on many factors, such as your:
- Credit score.
- Budget.
- 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.
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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.
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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.
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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.
Existing customers
Take greater control and manage your Lloyds Bank car finance account online.
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