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Car Financing Calculator— What is it?

by | Dec 11, 2020 | Car Finance | 0 comments

Our easy-to-use car financing calculator is a handy tool that will let you know in just a matter of seconds how much your monthly repayments will be if you decide to apply and get approved for car financing today.


Just decide how much it is you wish to borrow and how long your preferred repayment period is. Once the numbers are keyed in, the calculator will provide and help  you with the essential estimates.


However, it’s important to understand the loan calculator is only able to offer optional representations of what your loan repayments are likely going to be. At the end of the day, the actual amount you will need to cover will depend on your specific circumstances as a borrower.


Car financing representative example calculator:

To get an idea how much your repayments are going to be, if you wish to borrow £7500 and you would prefer to get it paid off in 4 years’ time with a 27.9% APR along with a fixed 27.9% annual interest rate, the amount you need to pay on a monthly basis will come up to £244.77. This will bring the total credit cost to £4,248.96 and will bring the overall payable amount to £11,748.97. The final figure involves the loan principal and the loan costs.


Understand that what’s shown above is just a mere illustration of how things will be calculated when taking out a car loan. However, how much you will be allowed to take out or select, your repayment period and the interest rate you will be offered will affect the final figures that you will be subjected to if you decide to apply for one.


At Simply, we are not a lender but a broker.


Car finance calculator— How does it work on us?

Our loan calculator is designed to give you an idea of the costs involved if you are to take out or apply for a loan. This will help you get a good grasp of the deals and monthly repayments and whether or not it will be well within your financial capacity.  


It’s important to know ahead of time what your monthly repayments are going to be before taking out a loan agreement. This gives you the chance to compare the costs with how much you are earning regularly, minus your day to day expenditures including payment. Also, this helps prevent you from borrowing an amount that’s just beyond your savings and capacity to pay for. Car loans are long-term commitments, after all. It’s important to know exactly what you’re signing up for before you do any payment agreement.


About Simply finance on car calculator help

At Simply, we do our best to get you reasonable deals for your next vehicle. It doesn’t matter what your circumstances are. We’re here to help. Whether you have retained a spotless credit history over the years, you’re currently self-employed or you’re currently in need of car financing for bad credit borrowers, we have the right solutions just for you.


The car finance calculator we provide on the site is aimed to offer a quick and stress-free means to determine your budget regardless of the kind of  finance or credit history you have established. This is meant to help you get a look at how your monthly repayments are going to be if you decide to take out a loan agreement based on finance calculator.


With this information readily handy for you to feel confident about being fully aware of the facts and most importantly, the costs and repayment involved with car financing long before you set out to the dealership. This too, helps you make intelligent decisions on different deals.


We are proud of our ability to find the best deals for you and we are committed to helping you get only the most competitive deals out there when buying your next vehicle.


We work with a panel of lenders who are known for their quick and efficient action on the loan applications they receive. Dishing out loan decisions fast ensures that you can get the car you want at leading rates based on what the market currently offers.


Don’t hesitate to check out the car financing calculator at the top of the page and find out what exactly it is you can afford.


Do note that the car loan calculator we offer on this site is designed for illustrative purposes only and is aimed at giving you a representation of what your monthly repayments are going to be. The actual figures will likely vary as computation for loan costs will be highly dependent on your current financial circumstances.


Understanding your credit score when you apply

Your loan rate as well as the probability of whether or not you will get approved will be banked considerably in the current state of your credit records. To give you an idea what the different score signifies, we explain each of them below:



Applicants with excellent credit scores are generally those that have had their names and details on the electoral roll for quite some time. These are also the people who have stayed in the same employer for a good number of years now.


If you check their credit file, you’ll find that they will generally have a number of accounts and this includes credit cards, mortgages and loans and all of them show that they have been consistently paid on time.


Excellent credit scorers also do not have any missed payments on their records of account. Most importantly, they never have defaults, CCJs or bankruptcies on file.



When your credit is good, this means that you have had your name on the electoral list for a good length of time now.


You may have been with the same employer for quite some time and you will likely have a number of accounts on your credit record including credit cards, loans, as well as mortgages— and they also show that they’ve been paid on a timely manner.


A good credit scorer will also not record any missed payments in any account. More importantly, there should be no defaults, bankruptcies or CCJs. There may also be an instance or a couple of instances of slow payments on record.


These kinds of borrowers will also not have a number of credit enquiries on their file.



When you’re an applicant with an average credit score, you may have only recently appeared on the electoral list. There’s also a chance that your electoral history may be a bit irregular— with some years showing your details on the roll and some not.


Your employment history is likely not that stable or you may be currently self-employed. You tend to have a much higher debt level too compared to the amount of disposable income you are earning.


There’s also a very good chance that your records will show a number of credit enquiries account within just a short span of time.


You have had some instances where you went over your credit limit and you may have also recorded some missed payments in your history.


You may also have small defaults and CCJs on record as well.


Bad credit

Bad credit applicants will generally have defaults, CCJs as well as problems with their mortgage payments. These borrowers will also likely be in some debt management plan.


They are likely not present on the electoral list.


These types of borrowers will likely have recorded a number of address changes within just a short span of time. They will also likely log long periods where they were out of work.


Bad credit applicants are also likely to go over the credit limit on their store cards or credit cards. Their credit file is likely to show numerous late payments or slow payments— hence, the score.