Car loan calculator – calculate your car financing needs

The car loan calculator is handy when you are contemplating car financing. Familiarise yourself with the car loan calculator and calculate a suitable car loan for you.

Car finance

Buying a car requires planning – and usually financing. You will ask yourself: Where should I get financing? How much financing do I need?

With the car loan calculator, you can quickly find out what your car financing needs are. When financing is in order, you can focus on finding the ride of your dreams.

The car loan calculator will recommend a financing form that suits your needs

The car loan calculator estimates the loan costs for a selected loan term. Based on the chosen loan amount and loan term, we will recommend a loan that suits your needs.

The options are hire purchase, bank loan and special consumer credit. The calculator shows you the recommended monthly instalment, interest rate and total cost.

This is how you use the car loan calculator

Enter the loan amount you need and a suitable loan term.
Based on the information you provide, we will recommend a suitable financing solution.
You can conveniently apply for financing online.

Bear in mind that the calculation is only an estimate. The credit interest rate and terms and conditions will be specified in the credit offer.

The credit is extended by OP Retail Customers plc. The loan is granted by an OP cooperative bank. Hire-purchase financing is granted by OP Corporate Bank plc.

Car loan calculator

Example calculation for Bank Loan

A bank loan is one-off credit. If the 12-month Euribor is 4.091% (August 18, 2023) and the loan’s interest rate is a 3.9% margin plus the 12-month Euribor, the effective interest rate on a bank loan of 10,000 euros with a five-year repayment period will be 7.9%. A monthly servicing fee of 2.50 euros per month will be charged. An origination fee of 120 euros will be payable when the loan is drawn down. The estimated total amount payable will be 12,046.06 euros.

This calculation is based on the assumption that the entire loan has been drawn down, the loan interest rate, fees and charges are constant throughout the loan term, and the loan is repaid in equal instalments of 196.28 euros each month. The bank loan is granted by an OP cooperative bank.

Example calculation for Special Consumer Credit

Special Consumer Credit is a one-off loan: the effective interest rate for a 6,000-euro loan with a 5-year payback period would be 14.01 % if the credit interest rate were the 3-month Euribor + 7.95% (11.75 % in September 2023) and the loan servicing fee 6 euros per month.

The estimated total amount payable would be 8,249.19 euros. This calculation is based on the assumption that the loan is drawn down in a lump sum and the loan interest and charges and fees remain unchanged throughout the loan term. It also assumes that the loan is repaid in monthly instalments of 145 euros all the way to the final instalment.

The loan is granted by OP Retail Customers Plc

Example calculation of hire purchase financing

Hire purchase financing is a one-off credit. Effective interest rate on a credit of 20,000 euros with a 5-year credit period amounts to 7.6% when the interest rate on financing is 6% (7/23), the establishment fee is 190 euros and the invoicing fee is 9 euros per month. The estimated total cost of credit is 23,959.10 euros, paid in 60 instalments of 399.40 euros each. This calculation is based on the assumption that the entire credit is drawn down at the same time and that interest on the loan, and the charges and fees, remain unchanged throughout the loan term.

The credit is issued by OP Corporate Bank

What kind of loan do you need?

Manage your personal finances in a smart way and apply for a loan with OP. Learn more about all OP loan options!

When is an unsecured loan the best option?

An unsecured loan is a convenient way of financing many kinds of purchases. Read more about why an unsecured loan could be the best option for you.