---
title: "Auto Loan Calculator — US, UK, Canada & Australia Compared"
description: "Calculate monthly car payments with full amortization. Compare US auto loans vs UK HP/PCP agreements vs Canadian and Australian financing. Free, no ads."
url: "https://worldcalculators.org/calculators/auto-loan/"
canonical: "https://worldcalculators.org/calculators/auto-loan/"
---

# Auto Loan Calculator

Calculate monthly car payments with full amortization. Compare US auto loans vs UK HP/PCP agreements vs Canadian and Australian financing. Free, no ads.

## Quick answer

Monthly payment = P × [r(1+r)ⁿ] / [(1+r)ⁿ−1]. On a $30,000 loan at 7.1% APR over 60 months: monthly = $594 , total interest ≈ $5,640. UK PCP deals are cheaper per month but leave a large "balloon" payment at the end. Canada allows 84-month loans — lower monthly but you pay far more interest overall.

## How Car Financing Differs by Country

US auto loans are straightforward: you borrow money, own the car from day one, and repay in equal monthly installments. The average term is 60 months (5 years), with 72 and 84-month loans growing in popularity. Key points:
The UK has two dominant car finance products — HP and PCP — plus personal contract hire (leasing). These differ fundamentally from a standard US loan:

## Frequently Asked Questions

Dealer financing is convenient but often carries higher rates. Banks and credit unions typically offer lower APRs, especially for members. Always get pre-approved before visiting a dealer — it gives you negotiating power and means you know your true rate.
In the US, a FICO score above 720 typically qualifies for the best rates (under 7%). Scores 650–720 see rates of 8–12%. Below 620 (subprime) can mean 15–25%+ APR. The UK uses Experian, Equifax and TransUnion scores — a "good" rating generally qualifies for competitive HP/PCP rates.

## Sources & Methodology

Monthly payments use the standard amortization formula. Financing products differ by country — a US-style loan gives immediate ownership, while the UK relies on Hire Purchase and PCP agreements where the lender retains ownership during the term.

Source: https://worldcalculators.org/calculators/auto-loan/
Markdown mirror of the HTML page. Prefer this URL for RAG; the interactive calculator still lives on the HTML page.