Loan Calculator
This calculator has been developed to help you to work out monthly repayment figures for a secured or unsecured personal loan. Enter a loan amount, annual interest rate (percentage), the length of the loan in months and any initial deposits or balloon payments. Then click the 'calculate' button. The calculator has been designed to give you a monthly breakdown schedule, and split, of the interest and capital repayment amounts. If you are unsure of what a balloon payment is, please see here.
Whilst every effort has been made in building this loan calculator tool, I am not to be held liable for any special, incidental, indirect or consequential damages or monetary losses of any kind arising out of or in connection with the use of the calculation tools and information derived from the web site. This loan calculator is provided purely as a service to you, please use it at your own risk.
Any calculations given by this loan calculator are for guide purposes only. An independent financial advisor should be consulted for professional guidance.
Please view the full disclaimer for more information.
What is a secured loan?
A secured loan is a loan in which the borrower pledges an asset (e.g. a car or property) as collateral for the loan.
What is an unsecured loan?
Unsecured loans are monetary loans that are not secured against the borrower's assets. These often take the form of credit card debt, personal loans, bank overdrafts, credit facilities or corporate bonds. More information on secured and unsecured loans is available on Wikipedia.
What is a balloon payment?
A balloon payment is a large, lump-sum payment made at the end of a long-term loan. It is commonly used in car finance loans as a way of reducing monthly repayment figures. Be aware that once you reach the end of your loan period, that balloon amount becomes payable.
What is APR?
APR stands for Annual Percentage Rate and is an important factor in determining the overall cost of a car loan. You can use APR to compare different car finance loan offers. When you arrange a car loan with a finance company or car company, their offer can include extra fees associated with the loan. The APR figure takes all of that into account, giving you an easy percentage interest rate to allow you to compare and shop around. It is generally said that the lower the APR rate is, the better it is for you. Advice from the FSA (UK) is available on their website.
If you have any problems using this loan calculator then please contact me.
