How can I work out how much I can borrow, paying £150 per month over 3 years?

easy

I receive DLA payments, and have had a car on the motability scheme for the last 9 years. This has suited me fine up to now.
But I need an estate car with auto transmission, and the selection on motability is very limited, unless I stump up a couple of grand as an advance payment, which is totally dead money.
So I think I can do better now buying a recent second hand car (can get a laguna auto est for less than 8000 for example), but need to know in advance how much I'm able to generate on those payments.

BTW that amount is slightly flexible but not much. DLA pays 195 per month, but was planning on needing the 45 per month towards insurance and servicing.

Does anyone know of a loan calculator? I'm assuming borrowing independantly, not a car dealer's finance (unless you know better), and have a reasonable credit score I think (never been refused, altho card tarted a bit).

CLAPTON

try

http://www.moneyfacts.co.uk/calculators/loanrepayment.aspx

it works by you say how much, how long and the APR then gives the the monthly payments

but you can use trial and error to get the relevant results.

easy

Thanks Clapton. But surely somewhere there is a calculator that lets me enter a repayment amount, a no of months and a rate, to tell me how much I could borrow?

CLAPTON

posibly

but doing it by trial and error will take you only minutes

Albert2

Hi,
Have a wee look at the post office loan calculator (know it's just post office rates), may give you an idea for what you are looking for ?

easy wrote: »

I receive DLA payments, and have had a car on the motability scheme for the last 9 years. This has suited me fine up to now.
But I need an estate car with auto transmission, and the selection on motability is very limited, unless I stump up a couple of grand as an advance payment, which is totally dead money.
So I think I can do better now buying a recent second hand car (can get a laguna auto est for less than 8000 for example), but need to know in advance how much I'm able to generate on those payments.

BTW that amount is slightly flexible but not much. DLA pays 195 per month, but was planning on needing the 45 per month towards insurance and servicing.

Does anyone know of a loan calculator? I'm assuming borrowing independantly, not a car dealer's finance (unless you know better), and have a reasonable credit score I think (never been refused, altho card tarted a bit).