Car finance calculator

Car finance helps you spread the cost of a new or used car. Instead of paying the full cost of the car upfront, you'd typically pay a deposit and make monthly repayments which include any interest payable, over an agreed term.

Bank of Scotland buys the car on your behalf and you'll become the owner of the vehicle once the final repayment including interest has been made.

The finance offers available will depend upon factors such as the vehicle being financed, your personal circumstances and our lending policies.

The cost of your car finance will depend on lots of factors, including:

• the price of the car
• how much deposit you pay
• the length of the term
• the interest rate you are offered.

It's important to know what you'll pay back before you agree to car finance. Only take out car finance if you can comfortably afford the monthly repayments.

APR stands for 'annual percentage rate'. It shows you how much it'll cost for your total borrowed amount as a percentage. It's made up of both the interest and fees for the borrowed amount.

The APR helps when you are comparing loan rates from different lenders.

When taking out car finance, you'll need to tell us:

• the dealer’s name, postcode and bank account details
• the car registration number
• the current and expected yearly mileage
• the price of the car and deposit
• your financial details, including your monthly income and existing finance commitments
  

The amount you can borrow will depend on many factors, such as your:

• credit profile
• budget
• monthly incomings and outgoings.
• chosen car
• choice of product - HP or PCP).

For example, if you've a strong credit score and low monthly outgoings, you might be able to borrow more.

With a Hire purchase plan you own the car once you've made all your payments at the end of the term, with no lump sum to pay or mileage limits.

For the same car and term, a Personal contract purchase plan has lower monthly repayments. You can own the car at the end of the term with an optional lump sum payment. If you don't want to own the car, you can return it. If it's in good condition and inside the mileage limit you agreed, there'll be no extra charges. Some wear and tear is expected but if the car needs repairs, or you go over the mileage limit, you'll be charged.

A deposit is the amount of money you pay to the dealer up front. You don't always need to pay one, but it could lower your monthly repayments if you do. If you're trading in your current car, please include the part exchange value in your deposit.

Without any car details, we can only give you a rough idea of how much you can borrow and how much your monthly repayments would be. If you give us the details of the car you want to buy, we'll be able to give you a more accurate quote. 

The best option for you depends on your personal situation. As well as comparing monthly repayments, you should read about the features of each plan to see which one is right for you.