No, AutoMoney Trust car finance calculator provides an illustration based on the information and options selected, such as the vehicle price, deposit amount, finance term, and estimated monthly payments. It is designed to help you understand how different finance options could affect your budget before making an application.
The figures shown by the car finance calculator are not a guarantee of approval or a guaranteed financed offer. If you decide to apply for car finance, you application will be assessed based on your individual circumstances, including affordability, financial commitments and credit history.
The APR, monthly payment amount, finance terms, and total amount payable offered following an application may differ from the calculator illustration. Any final offer will be confirmed in your hire purchase agreement if your application is approved.
Using our finance calculator can be helpful first step when comparing options and understanding what monthly payments may be affordable before applying for car finance.
The length of your car finance agreement can have a significant impact on both your monthly payments and the total cost of borrowing. Choosing a longer finance term, such as 60 or 84 months, spreads the cost of the vehicle over a greater number of payments. This can make your monthly payments more affordable, but it may mean you pay more interest overall throughout the agreement.
A shorter car finance term, such as 36 months, usually results in higher monthly payments because the balance is repaid over a shorter period. However, paying the agreement off sooner can reduce the overall amount of interest paid, making it a potentially lower-cost option over the full term.
When choosing the right finance term, it is important to consider your budget, monthly affordability, and how long you plan to keep the vehicle. The best option is one that allows you to comfortably manage your payments without putting unnecessary pressure on your finances.
AutoMoney Trust offers car finance terms from 36 to 84 months, giving you flexibility to choose an agreement that suits your circumstances. Use our car finance calculator to compare different term lengths and understand how your monthly payments and overall costs could change before applying.
The main difference between fixed and variable car finance rates is whether the interest rate can change during your agreement. A fixed interest rate means your rate and monthly car finance payments stay the same throughout the finance term, giving you certainty over what you'll pay and making it easier to budget. In comparison, a variable interest rate can rise or fall over time, meaning your monthly payments may change.
AutoMoney Trust offers fixed-rate hire purchase car finance only, so you know exactly what your monthly repayments will be for the full term of your agreement. While fixed rates may sometimes be higher than an introductory variable rate, they provide protection against future interest rate rises and make it easier to plan your finances with confidence.
When comparing car finance options, it's important to consider not only the interest rate but also the APR, total amount payable, and the overall cost of borrowing. For more information read our guide on What Is Car Finance APR?.
Car finance usually costs more than the car's cash price because you're paying to borrow money to purchase the vehicle. The total amount payable includes the amount borrowed, plus interest and any applicable fees charged over the term of the finance agreement, which increases the overall cost.
For example, a £10,000 car on a 60-month agreement at a representative APR may cost several thousand pounds more in total once interest, and the option to purchase fee is included.
Several factors affect the total cost of car finance, including your APR, the length of your finance term, the size of your deposit, and the amount you can borrow. A longer agreement can reduce your monthly repayments but will often increase the total amount of interest paid over the life of the agreement. A larger deposit or shorter term may reduce the overall cost of borrowing. If you're unable to put money down upfront, our guide to zero deposit car finance options explains how these agreements work and what to consider before applying.
Before entering into any hire purchase agreement, it is important to review the total amount payable, monthly repayments, and APR so you understand the full cost of the finance. You can also use the AutoMoney Trust car finance calculator to compare different borrowing amounts, deposits, and agreement terms to find an option that best suits your budget.
Yes, AutoMoney Trust hire purchase agreement includes a £199 admin fee as well as an option to purchase fee of £10, which is paid alongside your final monthly payment if you decide to keep the vehicle at the end of your agreement. This fee allows ownership of the car to transfer to you once all payments have been completed.
All applicable fees are clearly explained in your car finance agreement, so you can understand the costs involved before entering into a hire purchase agreement.
Additional charges may apply if payments are missed, including reminder letter fees or default interest. These charges are designed to cover the costs associated with managing missed payments and are detailed in our arrears fees and default interest schedule.
Unlike some finance providers, AutoMoney Trust does not charge early repayment fees if you choose to settle your agreement ahead of schedule. If you are considering paying off your car finance early, you can contact us to discuss your options and understand any settlement figure that may apply.
