Car loan calculator

The car loan calculator is handy tool when you are thinking about applying for car financing. Check out OP's car loan calculator and find a suitable car loan for you.

How to use the car loan calculator 

Using the car loan calculator is simple. Enter the loan amount you need and the loan term of your choice in the tool, and the calculator will recommend the best car financing option for you. You can then proceed to the application.

  1. Enter the loan amount you need and the loan term of your choice in the car loan calculator.
  2. Based on the information you provide, we will recommend a suitable financing solution. 
  3. Apply for financing conveniently online. 

Compare car loans with the car loan calculator 

Buying a car takes planning and carefully going over different financing options. When you are about to buy a car, the car loan calculator helps you decide before buying what type of car financing is suitable for your financial situation. You don't need to know at this point if you want to buy from a private seller or a dealership – the car loan calculator will let you know which financing options are best for you.  

Why should you use the car loan calculator? 

Comparing different financing options can be difficult and time-consuming. Most buyers are interested in knowing where to apply for financing and how large a loan they could be entitled to. The car loan calculator helps answer these questions and lets you compare different financing options easily. The car loan calculator also tells you the amount of your monthly loan instalment.

  • You can compare different financing options with the car loan calculator. 
  • The calculator shows you the amount of the monthly repayment instalment. 
  • You see the effective costs of different loans easily 

When comparing different options with the car loan calculator, you need to specify how large a car loan you need and what your desired repayment period is. The car loan calculator will then suggest different financing options for you. These options differ in terms of collateral, interest rate and maximum loan amount. 

How can I buy a car with financing? 

After you have determined the best car finance option for you with the car loan calculator, you can apply for financing online. You can apply for financing with or without collateral or choose to buy the car with hire-purchase financing. When applying for the loan, please note that the car loan calculator can only give a preliminary estimate of the loan. 

You can apply for car financing with collateral or buy a car with hire-purchase financing even if OP is not your main bank. To be eligible for car financing without collateral, you must be OP's customer. 

The car loan calculator shows the interest and expenses of the car loan 

The interest rate and final costs of the loan depend on the type of car financing you select. The car loan calculator will show the best financing option based on the information you enter first on the list. The other financing options are listed below to help you compare the different alternatives. 

The car loan calculator shows the interest rate and total costs of the loan for each financing option. The car loan calculator also shows the amount of the repayment instalment for each financing option and the effective interest rate. 

Once you have decided on a suitable option with the help of the calculator, you can apply for the financing online. 

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 OP Tailored Consumer Credit

Example calculation for a loan of 10 000 euros:

Loan with a personal margin of 3,5 per cent + a 3-month Euribor (3,938 %, 1.3.2024)

OP Tailored Consumer Credit is a one-off loan. Its effective interest rate for a loan of 10 000 euros with a 5-year payback period would be 8,72 % if the personal margin were 3,5 % and the loan servicing fee 6 euros per month.

The estimated total amount payable would be 12 302,33 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 further assumes that the loan is repaid in monthly instalments of 210 euros up to and including the final instalment.

Loan with a personal margin of 6,5 per cent + a 3-month Euribor (3,938 %, 1.3.2024)

OP Tailored Consumer Credit is a one-off loan. Its effective interest rate for a loan of 10 000 euros with a 5-year payback period would be 11,82 % if the personal margin were 6,5 % and the loan servicing fee 6 euros per month.

The estimated total amount payable would be 13 136,91 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 further assumes that the loan is repaid in monthly instalments of 225 euros up to and including the final instalment.

Loan with a personal margin of 10,95 per cent + a 3-month Euribor (3,938 %, 1.3.2024)

OP Tailored Consumer Credit is a one-off loan. Its effective interest rate for a loan of 10 000 euros with a 5-year payback period would be 16,54 % if the personal margin were 10,95 % and the loan servicing fee 6 euros per month.

The estimated total amount payable would be 14 372,35 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 further assumes that the loan is repaid in monthly instalments of 250 euros up to and including 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!
Vakuudeton laina

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.