Martin Lewis Car Loan Calculator – Find the Cheapest Car Loans and Best Car Loan Rates
Looking for the cheapest car loans and best car loan rates in the UK? Our free Martin Lewis car loan calculator helps you find the best way to finance a car by comparing deals, calculating payments, and exploring car finance options. Whether you're searching for the best car loan rates, comparing cheapest car loans, or exploring car finance claim options, this calculator provides the insights you need to make informed financial decisions, following the money-saving principles recommended by Martin Lewis and Money Saving Expert.
Why Use Our Martin Lewis Car Finance Calculator?
Finding the best car loan and cheapest car loans requires careful comparison and understanding of your options. Our Martin Lewis car finance calculator helps you:
- ✓Compare best car loan rates from different lenders to find the cheapest car loans
- ✓Calculate monthly payments for different loan terms and interest rates
- ✓Explore the best way to finance a car - whether through standard loans, PCP, or HP
- ✓Understand total interest costs to identify the cheapest car loans
- ✓Estimate APR based on credit score to find best car loan rates for your situation
- ✓Plan extra payments to reduce total interest and find the best car loan strategy
- ✓Access information about car finance claim options if you've been mis-sold car finance
Finding the Cheapest Car Loans
The cheapest car loans aren't always the ones with the lowest monthly payments. To find the truly cheapest car loans, consider:
- •Total Interest Cost: The cheapest car loans have the lowest total interest over the loan term, not just low monthly payments
- •APR Comparison: Compare APRs from multiple lenders. The best car loan rates typically range from 3% to 8% APR for good credit
- •Loan Term: Shorter terms usually result in cheapest car loans overall, even if monthly payments are higher
- •Fees and Charges: Factor in arrangement fees, early repayment charges, and other costs when comparing cheapest car loans
- •Credit Score Impact: Improving your credit score can help you access the best car loan rates and cheapest car loans
Best Car Loan Rates in the UK
The best car loan rates depend on several factors:
- ✓Excellent Credit (750+): Can access best car loan rates as low as 3% to 5% APR
- ✓Good Credit (700-749): Typically qualify for best car loan rates around 5% to 7% APR
- ✓Fair Credit (640-699): May see best car loan rates between 7% to 10% APR
- ✓Poor Credit (<640): May face higher rates, but shopping around can still help find the best car loan rates available
- ✓0% APR Deals: Some dealers offer 0% APR promotions, which can be among the best car loan rates if you qualify
Best Way to Finance a Car
The best way to finance a car depends on your personal circumstances:
- •Standard Car Loan: Often the best way to finance a car if you want to own the car outright. Fixed monthly payments and clear ownership path
- •PCP (Personal Contract Purchase): Can be the best way to finance a car if you want lower monthly payments and flexibility at the end of the term
- •HP (Hire Purchase): A straightforward best way to finance a car with fixed payments and guaranteed ownership
- •Cash Purchase: If you can afford it, paying cash can be the best way to finance a car - no interest costs
- •Larger Deposit: Making a larger deposit can help secure the best car loan rates and reduce total interest
Martin Lewis Car Finance Claim Calculator
If you believe you were mis-sold car finance, you may be eligible for a car finance claim. Our calculator helps you understand:
- •Claim Eligibility: You may have a car finance claim if you were sold finance without proper affordability checks, had hidden commission, or were misled about terms
- •Potential Compensation: Successful car finance claim cases can result in compensation, interest refunds, or loan adjustments
- •Time Limits: There are time limits for making a car finance claim, so it's important to act promptly if you believe you have a case
- •Professional Advice: For car finance claim matters, consider seeking professional advice from claims management companies or financial advisors
- •Documentation: Keep all finance documents, payment records, and correspondence related to your car finance claim
How to Use the Martin Lewis Car Loan Calculator
- ✓Enter Vehicle Price: Input the total price of the car you're considering
- ✓Set Down Payment: Enter your deposit amount or percentage to reduce the loan amount
- ✓Choose Finance Type: Select standard loan, PCP, or HP to see how each affects your payments
- ✓Enter APR: Use the credit score estimator or enter a specific APR to find the best car loan rates
- ✓Select Loan Term: Choose from 24 to 96 months to see how term affects monthly payments and total cost
- ✓Compare Results: Adjust inputs to compare different scenarios and find the cheapest car loans
- ✓Explore Extra Payments: See how making extra payments can reduce total interest and help you find the best car loan strategy
Tips for Finding the Best Car Loan
- ⚠Shop Around: Compare offers from at least three lenders to find the best car loan rates and cheapest car loans
- ⚠Check Your Credit Score: Know your credit score before applying, as it directly impacts the best car loan rates you'll receive
- ⚠Consider Total Cost: Look beyond monthly payments - the cheapest car loans have the lowest total interest, not just low monthly payments
- ⚠Read the Fine Print: Check for fees, early repayment charges, and other terms that could affect the best car loan for you
- ⚠Negotiate: Don't be afraid to negotiate - dealers and lenders may offer better rates to secure your business
- ⚠Consider Timing: End of month or end of quarter can be good times to negotiate the best car loan rates
- ⚠Factor in All Costs: Include insurance, road tax, maintenance, and fuel costs when determining the best way to finance a car
Understanding Car Finance Options
When exploring the best way to finance a car, understand your options:
- •Personal Loans: Unsecured loans that can be used for car purchase - often offer competitive rates for the best car loan
- •Dealer Finance: Finance arranged through the car dealer - convenient but compare with other options to find the cheapest car loans
- •Bank Loans: Traditional bank car loans - often have competitive best car loan rates for existing customers
- •Credit Union Loans: Can offer competitive rates and may be the best car loan option for members
- •PCP vs HP: Compare both options to determine the best way to finance a car for your needs
Summary
Use our free Martin Lewis car loan calculator to find the cheapest car loans and best car loan rates in the UK. Whether you're comparing deals, exploring the best way to finance a car, calculating payments, or researching car finance claim options, this calculator provides the tools you need to make informed decisions about your car finance.
Remember to shop around for the best car loan rates, compare total costs not just monthly payments, check your credit score, read all terms carefully, and consider all financing options to find the cheapest car loans and best way to finance a car for your situation. If you believe you have a car finance claim, seek professional advice promptly.