Look beyond the monthly payment
A monthly figure is useful for budgeting, but it does not tell you the full cost of an agreement. Compare the deposit, interest rate, length of the agreement, fees and total amount payable. A longer term can reduce the monthly payment while increasing the overall amount you repay.
Understand the APR
APR is designed to make borrowing costs easier to compare, but you should still read the full agreement. Check whether the rate shown is representative or specific to you and make sure you understand any fees included in the calculation.
Know what happens at the end
Different finance products work differently. Some agreements are designed to end with ownership once all payments are made, while others may include an optional final payment or choices around returning the vehicle. Read the end-of-agreement terms carefully before focusing on the headline monthly amount.
Check mileage and condition rules where relevant
Some agreements can include annual mileage assumptions and vehicle-condition requirements if the car may be returned. Make sure the limits fit your likely use rather than choosing a figure simply to reduce the monthly payment.
Use a calculator as a starting point
Motavo's finance calculator can help you explore how price, deposit, rate and term change an estimated monthly payment. It is an illustration rather than a finance offer, so always confirm the exact terms with the provider before committing.
