Used car PCP calculator

  • Work out monthly payments on a used car PCP
  • See total cost and the balloon at the end
  • Built for used-car rates and shorter terms
  • Compare against HP and a personal loan
  • No sign-up required

Updated August 2026 · FCA car finance guidance

Used car in a dealership forecourt

Used car PCP calculator

Enter the used car's price, your deposit, the balloon or GMFV, the APR and the term. The maths is the same as a new car PCP, but used deals tend to have a lower balloon, shorter terms and a higher APR, so the defaults here reflect a typical used deal.

£
£
£
%
mo
Monthly payment
£239
Across 48 months, with a £6,000 balloon due at the end.
Monthly payment
£239
Total cost
£18,989
Total interest
£3,989
Balloon due
£6,000
Car price£15,000
Less deposit−£1,500
Amount financed£13,500
Monthly payment × term£11,489
Balloon payment£6,000
Total amount payable£18,989
This uses the same reducing-balance method FCA-regulated lenders apply to PCP: interest builds on the full balance including the balloon, while your monthly payments reduce the non-balloon portion. Used-car defaults reflect a lower balloon and a higher APR than a subsidised new deal. Your real quote depends on the car's age, the lender and your credit profile.

Figures are illustrative only and not financial advice. Your actual APR and balloon depend on the lender and your circumstances. For your rights and how car finance is regulated, see the FCA guide to car finance.

Sources

PCP on a used car

PCP isn't just for new cars. Most franchised dealers and plenty of independents will put a used car on a Personal Contract Purchase, often under an approved-used badge. You pay a deposit, make fixed monthly payments, and there's a balloon (the GMFV) waiting at the end, exactly like a new deal. What changes is the shape of the numbers, and those differences work mostly in your favour.

The big one is depreciation. A new car loses the most value in its first year, sometimes a fifth of the price before you've done a full service. A used car has already taken that hit. So on a used PCP the balloon is a smaller slice of the price, and you're far less likely to end up owing more than the car is worth. That lower negative-equity risk is the quiet advantage of buying used on finance.

A worked example on a £15,000 used car

Take a three-year-old car priced at £15,000, with a 10% deposit, a £6,000 balloon at 40% of the price, 9.9% APR over 48 months. That works out at about £239 a month. Across the term you'd pay roughly £11,489 in monthly payments, plus the £1,500 deposit, so around £12,989 before the balloon. Pay the £6,000 balloon to keep the car and the total is about £18,989, of which £3,989 is interest.

ElementAmount
Used car price£15,000
Deposit (10%)£1,500
Amount financed£13,500
Balloon / GMFV (40%)£6,000
APR9.9%
Term48 months
Monthly payment≈ £239
Total interest≈ £3,989

Three ways used PCP differs from new

The calculator maths is identical, but the inputs sit in different ranges:

  • Lower balloon. Used GMFVs tend to be 30% to 45% of the price rather than the 40% to 55% you see on a new car, because the fast early depreciation has already happened.
  • Shorter terms. Lenders rarely want the car older than about 8 to 10 years at the end, so a five-year-old car might only be offered a three or four-year deal.
  • Higher APR. There's no manufacturer subsidy on used stock, so rates usually land between 8% and 13% rather than the headline 0% deals on new models.

Is used PCP worth it?

It depends on what you want at the end. If you like changing cars every few years and want low monthly payments, used PCP does the job and carries less depreciation risk than a new deal. If you intend to keep the car, look hard at the total cost, because a higher APR on PCP can make hire purchase or a personal loan cheaper overall once you've settled the balloon. Run the same car through the PCP vs HP vs loan comparison before you decide.

One more thing worth checking: the car's history and condition. A used PCP still ties you to a mileage limit and fair wear and tear rules, and the guaranteed future value assumes the car is looked after. The MoneyHelper guide on buying a car is a sensible neutral read before you commit.

What happens at the end

Same three choices as any PCP. Pay the balloon and keep the car, hand it back with nothing more to pay if it's within the mileage and condition terms, or part-exchange and roll any positive equity into your next deal. Because used cars hold their value more steadily, there's a decent chance you'll have equity to play with. Check where you stand any time with the PCP equity calculator, or estimate the cost of clearing the deal early with the settlement calculator.

Common questions

Yes. Most franchised dealers and many independents offer PCP on used cars, often branded as approved-used finance. The structure is the same as a new car PCP: deposit, monthly payments, then a balloon (GMFV) at the end. The main differences are that used cars usually have a lower balloon, shorter maximum terms, and slightly higher APR than manufacturer-subsidised new car deals.
The maths is identical, but the numbers differ. Used cars have already taken their steepest depreciation, so the balloon is a smaller share of the price, often 30% to 45% rather than 40% to 55%. Terms are usually capped so the car isn't too old at the end, commonly 48 months. And because there's no manufacturer subsidy, APRs on used PCP tend to sit around 8% to 13% rather than the 0% deals you sometimes see on new cars.
It can be. Because a used car depreciates more slowly than a new one, you're less likely to fall into heavy negative equity, and there's a better chance of positive equity at the end. The trade-off is a higher APR than a subsidised new deal, so compare the total cost against hire purchase and a personal loan before signing. If you plan to keep the car, HP or a loan is often cheaper overall.
Used car PCP rarely carries the 0% manufacturer offers you see on new cars. In 2026, typical used PCP rates run from about 8% to 13% APR depending on the lender, the car's age and your credit profile. Approved-used schemes from franchised dealers can be a little lower. Always check the APR and the total amount payable, not just the monthly figure.
Most lenders won't let the car be older than about 8 to 10 years at the end of the agreement. So a 5-year-old car might only be offered a 3 or 4-year term, not the full 5. This protects the lender's guaranteed future value, because an older car is harder to price. It's why used PCP terms are often shorter than new car deals.

Buying new instead? Use the standard PCP calculator. Want to own the car outright? Compare with the HP calculator, or check how fast a used car keeps losing value with the depreciation calculator.