8/1/2023 0 Comments Vehicle finance calculator![]() ![]() Instead, you will usually pay a deposit, followed by regular monthly payments and a small ‘option to purchase’ fee at the end of the agreement. Hire purchase is similar to PCP, but without the balloon payment at the end of the agreement. At the end of the contract, you will have the chance to either return the car to the finance company, pay the balloon payment (GFV) to purchase the car or use the equity in the vehicle towards another car if you’re part exchanging. Personal contract purchase usually requires the buyer to pay a deposit, followed by regular monthly payments for the duration of the finance agreement. If you have no interest in owning a car at the end of a finance agreement, you may instead want to explore personal car leasing (PCH). If you’re looking at financing a car with the view to own the car or have the option to buy the car at the end of the agreement, the most popular options are PCP, HP or a personal loan. There are a couple of main car financing options. There’s a lot to consider when you’re buying a car and unless you’re buying a car with cash, one of the biggest choices to make is which of the available car finance options to choose from. What are the different types of car finance? Reducing the length of the loan will increase your monthly repayments but lower the total amount you repay over the course of the finance agreement. Once you’ve entered all of the required details, we will calculate your monthly repayments, the total amount you’re borrowing and the total amount repayable, including the interest. Where you are calculating the cost of a PCP agreement, you will also need to enter the amount of the balloon payment, which is also known as the GMFV (Guaranteed Minimum Future Value) or option to purchase fee. If you are taking out a PCP or HP agreement, you will need to enter your deposit, including any dealer contribution. Regardless of the type of finance you choose, you will need to select how much you want to borrow, select the term of the loan and the APR. Our car finance calculator allows you to choose from any of these options to see what your repayment plan would look like. Here is a list of our partners who offer products that we have affiliate links for.There are various ways to finance a car, with the most popular options being PCP, HP, or taking out a personal loan. While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. ![]() The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor. Second, we also include links to advertisers’ offers in some of our articles these “affiliate links” may generate income for our site when you click on them. This site does not include all companies or products available within the market. The compensation we receive for those placements affects how and where advertisers’ offers appear on the site. First, we provide paid placements to advertisers to present their offers. This compensation comes from two main sources. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. The Forbes Advisor editorial team is independent and objective. ![]()
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