A personal loan could help you consolidate debts, buy a car, or fund a home renovation project. With our personal loan calculator, you can find out what your monthly repayments might look like and how APR affects what you need to pay back.
Please remember that by consolidating existing borrowing, you may be extending the term of the debt and increasing the total amount you repay
26% APR
Representative 26% APR fixed, based on a loan amount of £5,000, over 5 years. This would give you a monthly repayment of £141.92 and a total amount repayable of £8,515.01.
If you don’t have ready cash or savings to buy a car, there are options to borrow the money – either with a bank loan or car finance. But which should you choose? In this guide, we’ll focus on how each works and what you need to think about when deciding between car finance or a personal loan.
Looking to buy a new car with a personal loan? Use our car loan calculator to find out what your monthly repayments may look like and how APR affects what you need to pay back.
If you’re thinking about taking out a car loan to buy your next car, it’s important to understand interest rates. In our guide, we’re focusing on what car interest rates are, how they work and what you can do to get a lower rate.
You can use a debt consolidation loan to restructure any existing debts into one more manageable monthly repayment. Find out what you may be able to borrow with our debt consolidation loan calculator. You can see what your monthly repayments may be based on the interest rate you could be charged.
26% APR
A loan of up to £25,000 could allow you to make some big improvements to your home. Discover how the term of the loan, the APR and the amount you borrow affects the monthly repayment that you would need to make for your home improvements.
Using a car loan to pay off your car finance could help lower your monthly repayments or spread the cost of a final lump sum payment. Here we run through what car refinancing is, how it works and what you’ll need to consider.
If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
If you’ve had debt or money problems in the past, you may have a low credit score. But that doesn’t mean you can’t apply for a car loan with bad credit. Here we’ll look at what your potential options are, whether you need a credit check for car finance and how to boost your credit score.
You can use a personal loan for a range of things including:
Debt Consolidation: Combining multiple debts into one place for easier management
Rep rate 26%
Debt consolidation loans overview
Car Purchase: Buying a new car outright
Home Improvement: Helping you improve your home in small or big ways
Home improvement loans overview
Holiday: Finance for a short break or a trip of a lifetime
Holiday loans overview
Wedding: Helping you fund some or all of your big day
Our loan calculator will help you:
With this information, you can start to consider whether or not to check your eligibility for a personal loan. It could also help with planning your finances for the long term.
It’s easy to use our loan calculator. Simply:
By changing the interest rate or the term of the loan, you can start to understand how each affects the monthly repayments. Remember, the loan calculator just gives you an example, but it can be a helpful guide of what a personal loan could look like for you.
Your monthly loan repayments can be calculated by dividing the total loan amount and interest by the number of months across the term of the loan. Using our loan calculator is a much simpler way to work this out. It will show you how much you’ll pay each month and what the total interest will be across the term of the loan.
It’s up to you to choose the option that suits your circumstances. If you choose a shorter loan term you’ll generally pay less in interest over the length of the loan, but your monthly repayments will be higher. A longer-term loan means less to pay each month, but more in interest overall.
Generally, you should choose the shortest loan term you feel you can afford and that won’t overstretch your budget each month. That’s why it’s super handy to use our loan calculator, as it gives you an idea of your potential monthly payments, you can then weigh this up carefully with your income and other outgoings.
There are several things you can do to improve your eligibility for a loan. They include:
Improve your credit score: Paying your existing monthly bills on time shows you are a responsible borrower. Simple things like registering for the electoral roll and closing unused accounts can give your score a quick boost too.
Check your credit report for errors: Any mistakes on your credit report can negatively impact your score, so always check and ask for them to be corrected.
Don’t make too many applications at the same time: Whenever you apply for a personal loan, the lender registers a hard search on your credit history which shows up on your file. If lenders see a lot of applications in a short space of time, it can count against you. This is why it is best to check your eligibility for a loan before making a direct application to the lender.
Keep below 50% of your credit limit: Not going too far into your overall credit limit demonstrates responsible borrowing.
APR means annual percentage rate and is the yearly interest you pay on your personal loan. It also includes any fees or charges you may need to pay. This means when you see APR on a loan, it gives you the full picture of what it will cost.
Your loan offer and APR depends on you, your personal circumstances and your credit score.
Discover more about financial phrases and acronyms with our helpful Personal Loan Jargon Buster.
At Asda Money, we work with Aro, who have a carefully selected panel of trusted UK lenders. With just one quick eligibility check, you’ll be able to see all the available personal loans that match your requirements including the APR, you can then adjust the loan amounts and terms to see how your options change.
We have partnered with Aro to make sure we search a wide range of trusted lenders to find the right loan for you. You can then compare all the available personal loans to find the one that fits you and your personal circumstances.
Looking to borrow a specific amount? We can help you to find a loan for varying amounts including £5,000, £10,000 and £15,000.Only borrow what you can afford to repay.
