Welcome to our Finance Calculator. This tool is designed to help you estimate your monthly payments and total costs when financing a vehicle or asset. Whether you're considering a Hire Purchase or Lease Purchase agreement, our calculator can give you a clear picture of what to expect financially.

Fund your future with us!

Now that you've crunched the numbers, take the next step towards your new vehicle. Our team of finance experts are ready to help you find the perfect finance solution tailored to your needs.

Don't let finance hold you back – contact us today and let's make your dream car a reality!

Call us on: 07496 324 701 or email us at: sales@elitefinancinggroup.co.uk

How to Use the Calculator

*Remember, this calculator provides estimates based on the information you input. Your actual terms may vary depending on factors such as your credit score and the specific lender's policies.

Car financing allows you to spread the cost of purchasing a vehicle over time, making it more affordable for many buyers. Instead of paying the full price upfront, you make regular monthly payments, typically over a period of 1 to 7 years. The finance company owns the car until you've made all the payments.

The total amount you pay includes the cost of the car plus interest. Your interest rate, often expressed as an APR, affects your monthly payments and the total cost of the loan. A higher deposit usually results in lower monthly payments and less interest paid overall.

1. You pay a deposit (usually 10% or more of the car's value).
2. You make fixed monthly payments over an agreed term.
3. The finance company owns the car until you make the final payment.
4. Once you've made all payments, you own the car outright.
5. There's no large final payment at the end of the agreement.

HP is ideal if you want to own the car at the end of the agreement and prefer consistent monthly payments.

• You pay a deposit and make monthly payments like in HP.
• Monthly payments for LP finance are typically lower than HP.
• There's a larger 'balloon payment' at the end of the agreement.
• You don't own the car until you make the final balloon payment.
• The balloon payment is based on the car's predicted future value.

LP can be suitable if you want lower monthly payments and are confident you can afford the balloon payment at the end. It's important to plan for this final payment to avoid financial strain.

*Remember, both HP and LP are forms of secured finance, meaning the car can be repossessed if you fail to keep up with payments. Always ensure you can comfortably afford the repayments before entering into any finance agreement.