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Finance Calculator

The car finance calculator has been designed to give a representative example of what you can expect when applying for finance. This guide gives an indication of the APR, monthly repayments and total repayments that you may be expected to pay. It includes the ability to adjust the amounts based on your perceived credit history. Please be aware that finance companies base their decisions on an array of differing factors. This calculator is not an offer of finance, an exact payment or APR, or a guarantee that your application will be accepted. Please use the calculator to help you gain some insight into potential payments, terms and APR and use this calculator as a guide. Credit is subject to status and is not guaranteed. If you require any support then please call our friendly staff who are waiting to assist you in obtaining the best deal to suit your circumstances.

*This car finance calculator is for illustration purposes only. The interest rate that you receive from your motor finance provider, or the fees they may charge, can vary significantly depending on your personal circumstances. If you have poor or bad credit you are deemed to be a higher risk to the lender, hence the reason for higher monthly payments. New Look Loans is a finance broker and arranges finance with lenders on our client’s behalf. New Look Loans does not provide loans and cannot directly calculate the exact cost of your loan. This tool is only a rough indicator to help users check potential affordability. Credit is subject to the discretion of the lender, is subject to status and is not guaranteed.

My credit score is...

If you're not sure what your credit rating is please read below the description for each area of rating to determine your credit rating

EXCELLENT
GOOD
FAIR
POOR
BAD

Cost of vehicle:

£1,000 £35,000

I would like to repay over:

12 Months 60 Months

Deposit amount:

£0 £10,000

REPRESENTATIVE EXAMPLE:
5.9% Representative APR
Total Repayment:
Total Cost of Credit:
Monthly Repayment:
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What is my credit rating?

EXCELLENT

If you have an excellent credit score; you are likely to qualify for lower interest rates and a higher credit limit. Customers who have an excellent credit score have usually been registered on the electoral roll for a considerable length of time. They are more likely to be a home owner or long standing council tenant. They have usually worked for the same employer for a reasonable number of years. These customers will more than likely have had significant accounts on their credit files showing loans, credit cards and a mortgage all paid on time. There will be no Bankruptcies, County Court Judgements, defaults or missed payments recorded or numerous credit searches on their credit file.

GOOD

If you have a good credit score; you are more likely to qualify for lower interest rates and a higher credit limit. Customers who have a good credit score have usually been registered on the electoral roll for a considerable length of time. They are more likely to be a home owner or long standing council tenant. They have usually worked for the same employer for a reasonable number of years. These customers will more than likely have had significant accounts on their credit files showing loans, credit cards and a mortgage all paid on time. There will be no Bankruptcies, County Court Judgements or defaults. There may be one or two slow payments recorded. There wouldn’t be numerous credit searches on their credit file.

FAIR

If you have a fair credit score; you are likely to qualify for slightly higher rates than customers who have a good credit score. Customers who have a fair credit score may have come off the electoral roll recently, or have an irregular electoral roll history. They may be self-employed or a young person who has a small employment history. They may have higher levels of debt compared to their disposable income. These customers may previously have had a good credit score but have several credit searches carried out against their credit file, over in a short space of time. They may have occasional missed payments on their credit file or occasionally go over their credit limit, on credit or store card accounts. There might be some small and historic County Court Judgements and defaults on their credit file.

POOR OR BAD

If you have a bad credit score; you are likely to qualify for a high interest rate and a lower credit limit. Customers who have a bad credit score can still be approved for a loan. Customers who have a poor credit rating are likely to have County Court Judgements, defaults, problems with their mortgage payments or be on a debt management program. They might not appear on the electoral roll. They might have had several addresses in a short space of time. They may have had long periods of unemployment. These customers are likely to be over their credit limit on credit cards or store cards. They might have a large number of slow or late payments.

If you have a bad or poor credit score, you may want to consider checking your credit report. New Look Loans have partnered with Experian CreditExpert. Click this link to start your Experian Credit Expert free trail.

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About our Car Finance Calculator

Here at New Look Loans we are confident in our ability to get you the best deal on your next car loan, even if you have had problems in the past. All of the finance that we arrange is tailored to meet your requirements and is subject to a successful affordability check.

We can help you whether you have an excellent credit history in which case we can get you some great low rate finance deals. We can even help if you are self employed or you have had some credit problems in the past.

Our car finance calculator has been designed to provide you a quick and easy way for you to see just how affordable a car loan could be. It doesn’t matter what your credit history is. It will give you an approximate guide to how much your monthly payment will be. You can extend the term to make sure you can afford to meet the monthly payment required.
At New Look Loans we have an experienced team who are all highly skilled in obtaining what we consider are the best car credit rates to suit all circumstances from our extensive panel of lenders. We are a well established motor finance broker and have a long standing relationship with all our lenders, which means we can get you the best deals available.

Please try out our car loan calculator now and see how affordable buying a new or used motor vehicle may be?

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