Close Brothers Motor Finance Ireland EMI Calculator

EMI Formula:

\[ EMI = \frac{P \times r \times (1 + r)^n}{(1 + r)^n - 1} \]

Monthly Payment (EMI):

Total Payment:

Total Interest:

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1. What is EMI?

EMI (Equated Monthly Installment) is the fixed payment amount a borrower pays to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month so that over the loan term, the loan is paid off in full.

2. How Does the EMI Calculator Work?

The calculator uses the standard EMI formula:

\[ EMI = \frac{P \times r \times (1 + r)^n}{(1 + r)^n - 1} \]

Where:

\( P \) — Loan principal amount (€)
\( r \) — Monthly interest rate (annual rate divided by 12 months)
\( n \) — Loan term in months

Explanation: The formula calculates the fixed monthly payment that would pay off the loan with interest over the specified term.

3. About Close Brothers Motor Finance

Details: Close Brothers Motor Finance is a leading provider of motor finance in Ireland, offering flexible financing solutions for new and used cars. Their loan products typically range from 12 to 84 months with competitive interest rates.

4. Using the Calculator

Tips: Enter the loan amount in euros, annual interest rate (APR), and loan term in months (typically 12-84 for car loans). The calculator will show your estimated monthly payment, total repayment amount, and total interest cost.

5. Frequently Asked Questions (FAQ)

Q1: What's the typical loan term for car finance?
A: Close Brothers Motor Finance typically offers terms from 1 to 7 years (12-84 months), with most customers choosing 3-5 year terms.

Q2: Are there any additional fees?
A: There may be arrangement fees or other charges - always check the full terms with Close Brothers for accurate pricing.

Q3: Can I pay off my loan early?
A: Most lenders including Close Brothers allow early repayment, though there may be an early settlement fee.

Q4: How does the interest rate affect my payments?
A: Higher rates increase both your monthly payment and total interest cost. Even a 1% difference can significantly impact total cost over longer terms.

Q5: Is this calculator accurate for all Close Brothers loans?
A: This provides an estimate. Actual payments may vary based on specific product features, fees, and your credit profile.