Use this calculator to see what a vehicle might cost each month on hire purchase (HP) and PCP, and what you’d pay in total. It works for cars, vans, pickups, motorbikes and motorhomes. Everything happens on your device: we don’t ask for your details, and nothing you type is saved or sent anywhere.
In short
Enter the price, deposit, term, APR and the PCP final payment. The calculator shows the monthly payment, total amount payable and interest for HP and PCP side by side, plus when you’d reach the halfway point for voluntary termination. The figures are an illustration, not a quote: your actual rate depends on the lender and your circumstances.
Amount borrowed:
| Hire purchase (HP) | PCP | |
|---|---|---|
| Monthly payment | ||
| Final payment | None | (optional) |
| Total if you keep the vehicle | ||
| Interest you pay | ||
| Total if you hand it back at the end | Not applicable | |
| Halfway point for voluntary termination |
Illustration only, not a quote or an offer of finance. Ignores fees (such as an option to purchase fee), excess mileage and damage charges. Totals include your deposit. Finance is subject to status.
How to use the calculator
- Vehicle price: the cash price, including any extras.
- Deposit: what you’ll pay upfront, including any part-exchange value or dealer deposit contribution.
- Term: how long the agreement lasts. Longer terms mean lower monthly payments, but more interest overall.
- APR: the annual percentage rate. Adverts show a representative APR, which at least 51% of successful applicants get. Your rate may be higher.
- PCP final payment: on a real PCP, the lender sets this based on the vehicle’s expected value at the end of the term and your mileage. Use the figure from your quote if you have one.
Understanding the results
- Monthly payment: what you’d pay each month on each type of finance.
- Total if you keep the vehicle: your deposit, every monthly payment and, for PCP, the final payment. This is the best figure for comparing deals of the same length.
- Interest you pay: the total if you keep the vehicle, minus the price. It shows the cost of borrowing.
- Total if you hand it back: with PCP, you can return the vehicle instead of paying the final payment, as long as you’re within the mileage limit and it’s in reasonable condition.
- Halfway point: with regulated HP and PCP, you can usually hand the vehicle back through voluntary termination once you’ve paid half the total amount payable. Your deposit counts towards it.
For what these differences mean in practice, see PCP vs HP.
Why your quote may be different
- Your APR depends on you. Lenders set your rate based on your credit history and circumstances. See what credit score you need.
- Fees. Some agreements include an option to purchase fee or other charges, shown in the total amount payable.
- How interest is calculated. Lenders’ exact methods vary slightly, so a real quote may differ by a few pounds.
- The final payment. On a real PCP, the lender sets the final payment, and you can’t usually choose it.
Why this matters
Always compare the total amount payable on your quotes, not just the monthly payment. It’s shown on every quote and agreement.
Car finance calculator FAQs
Is this calculator a quote?
No. It’s an illustration to help you compare HP and PCP. Only a lender can give you a quote, and only after checking your circumstances.
Do you store what I type?
No. The calculator runs on your device. We don’t ask for your name or contact details, and nothing you enter is saved or sent to us or anyone else.
What APR should I use?
Use the APR on a quote if you have one. Otherwise, use the representative APR in the advert, but remember yours may be higher, especially with a poor credit history.
Can I use it for a van, motorbike or motorhome?
Yes. The maths is the same. For vans and pickups bought by a VAT-registered business, prices are often shown without VAT, so use the figure you’d actually finance. See van finance.
Why is PCP more expensive overall?
With PCP, you defer a large part of the cost until the end, so you pay interest on it for the whole term. That’s why PCP usually costs more in total if you keep the vehicle, even though the monthly payments are lower.