Car Loan & PCP Repayment Calculator
For illustrative purposes only — not financial advice. About our calculators
Car Finance Configuration
Leave at 0 for a standard Hire Purchase (HP) or Personal Loan.
Optimisation Strategy
Even a small monthly overpayment can shave years off your term and potentially save thousands in interest.
REPAYLY REPORT
Car Finance Repayment Analysis
Car Finance Summary Results
Monthly Payment
£447
Interest Cost
£6,443
Total Repayable
£21,443
Interest Saved
£0
Term reduced by
0m
Detailed Amortisation Schedule Table
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| #1 | £446.73 | £261.31 | £185.42 | £24,738.69 |
| #2 | £446.73 | £263.25 | £183.48 | £24,475.43 |
| #3 | £446.73 | £265.20 | £181.53 | £24,210.23 |
| #4 | £446.73 | £267.17 | £179.56 | £23,943.06 |
| #5 | £446.73 | £269.15 | £177.58 | £23,673.91 |
| #6 | £446.73 | £271.15 | £175.58 | £23,402.76 |
| #7 | £446.73 | £273.16 | £173.57 | £23,129.60 |
| #8 | £446.73 | £275.19 | £171.54 | £22,854.41 |
| #9 | £446.73 | £277.23 | £169.50 | £22,577.18 |
| #10 | £446.73 | £279.28 | £167.45 | £22,297.90 |
| #11 | £446.73 | £281.35 | £165.38 | £22,016.55 |
| #12 | £446.73 | £283.44 | £163.29 | £21,733.11 |
| #13 | £446.73 | £285.54 | £161.19 | £21,447.56 |
| #14 | £446.73 | £287.66 | £159.07 | £21,159.90 |
| #15 | £446.73 | £289.79 | £156.94 | £20,870.11 |
| #16 | £446.73 | £291.94 | £154.79 | £20,578.16 |
| #17 | £446.73 | £294.11 | £152.62 | £20,284.05 |
| #18 | £446.73 | £296.29 | £150.44 | £19,987.76 |
| #19 | £446.73 | £298.49 | £148.24 | £19,689.28 |
| #20 | £446.73 | £300.70 | £146.03 | £19,388.57 |
| #21 | £446.73 | £302.93 | £143.80 | £19,085.64 |
| #22 | £446.73 | £305.18 | £141.55 | £18,780.46 |
| #23 | £446.73 | £307.44 | £139.29 | £18,473.02 |
| #24 | £446.73 | £309.72 | £137.01 | £18,163.30 |
| #25 | £446.73 | £312.02 | £134.71 | £17,851.28 |
| #26 | £446.73 | £314.33 | £132.40 | £17,536.95 |
| #27 | £446.73 | £316.66 | £130.07 | £17,220.28 |
| #28 | £446.73 | £319.01 | £127.72 | £16,901.27 |
| #29 | £446.73 | £321.38 | £125.35 | £16,579.89 |
| #30 | £446.73 | £323.76 | £122.97 | £16,256.13 |
| #31 | £446.73 | £326.16 | £120.57 | £15,929.96 |
| #32 | £446.73 | £328.58 | £118.15 | £15,601.38 |
| #33 | £446.73 | £331.02 | £115.71 | £15,270.36 |
| #34 | £446.73 | £333.48 | £113.26 | £14,936.88 |
| #35 | £446.73 | £335.95 | £110.78 | £14,600.93 |
| #36 | £446.73 | £338.44 | £108.29 | £14,262.49 |
| #37 | £446.73 | £340.95 | £105.78 | £13,921.54 |
| #38 | £446.73 | £343.48 | £103.25 | £13,578.07 |
| #39 | £446.73 | £346.03 | £100.70 | £13,232.04 |
| #40 | £446.73 | £348.59 | £98.14 | £12,883.45 |
| #41 | £446.73 | £351.18 | £95.55 | £12,532.27 |
| #42 | £446.73 | £353.78 | £92.95 | £12,178.48 |
| #43 | £446.73 | £356.41 | £90.32 | £11,822.08 |
| #44 | £446.73 | £359.05 | £87.68 | £11,463.03 |
| #45 | £446.73 | £361.71 | £85.02 | £11,101.31 |
| #46 | £446.73 | £364.40 | £82.33 | £10,736.92 |
| #47 | £446.73 | £367.10 | £79.63 | £10,369.82 |
| #48 | £446.73 | £369.82 | £76.91 | £10,000.00 |
Understanding Car Finance & Balloon Payments
PCP vs. Hire Purchase (HP)
For UK vehicle finance, Hire Purchase (HP) is a straightforward agreement where you pay a deposit and spread the remaining cost over equal monthly instalments until you own the car outright. Personal Contract Purchase (PCP) lowers monthly payments by deferring a large portion of the car's cost—known as the Guaranteed Future Value (GFV) or balloon payment—until the very end of the agreement. Compare both structures to see how early settlement affects your overall finance costs.
The Balloon Payment & Refinancing Costs
The defining feature of PCP is the final balloon payment (GFV). While this structure keeps your monthly payments affordable, it creates a significant financial hurdle at the end of the term if you wish to keep the vehicle. Many drivers find themselves unable to pay the balloon sum in cash and are forced to refinance it. Refinancing the balloon payment means taking out a new loan, extending the time you pay interest and significantly increasing the total cost of ownership.
Mileage Restrictions & Depreciation Realities
PCP and lease agreements are built around a strict annual mileage limit. If you exceed this limit, you will face hefty excess mileage charges (typically between 6p and 30p per mile) when returning the vehicle. Furthermore, because cars are rapidly depreciating assets, PCP contracts are highly sensitive to market fluctuations. If the car depreciates faster than expected, you may find yourself in 'negative equity' during the contract, where the vehicle is worth less than the settlement figure. Overpaying or saving to settle the contract early can help protect against negative equity.
Early Settlement Fees & Regulations
If you want to exit your car finance agreement early, you can request an early settlement figure. Under the UK Consumer Credit Act, lenders are allowed to charge early termination fees, which frequently equate to 1 to 2 months of interest. Historically, some lenders used the 'Rule of 78' to front-load interest charges in the early stages of the loan, making early settlement less beneficial. Modern regulations require fairer rebate calculations, but it remains essential to check the exact terms.
Financial Literacy Hub
Managing debt effectively requires more than just a calculator. It requires a strategy. Whether you're using the Snowball Method (paying off small debts first for momentum) or the Avalanche Method (targeting high-interest debt first), REPAYLY provides the data you need to stay on track.
Expert Tip
Always verify early repayment terms with your lender before making large lump-sum payments.
Key Concept
Overpayments reduce your principal balance directly, compounding your savings every month.
Related Guides
In-depth articles to support your financial decisions