What changes a monthly payment?
The amount borrowed, APR and agreement term are the main inputs. A larger deposit reduces the amount of credit. A longer term spreads repayments over more months. A higher APR generally increases the cost of borrowing.
- Vehicle price and deposit
- Amount of credit
- APR or interest rate
- Number of monthly payments
- Fees included in the agreement
Representative APR versus your rate
A representative APR is an advertising measure and is not the rate every customer will receive. The actual rate depends on the finance provider, the applicant's circumstances and its assessment.
Nationwide Motor Finance uses a clearly dated representative APR for website illustrations. Those figures are not quotations, offers or predictions of approval.
Compare total payable
When comparing options, look at the amount of credit, total charge for credit and total amount payable. A payment that fits this month still needs to remain affordable for the full agreement term.
Leave room for insurance, tax, fuel and maintenance. If a payment would make normal costs difficult to manage, consider a lower-priced car, larger deposit or different timeframe rather than relying on a longer agreement alone.
