Best Loan Rates UK Calculator
Use this tool to calculate the best loan rates available in the UK based on your loan amount and term. Compare rates from various lenders and find the most suitable option for your financial needs.
Loan Amount (£)
Loan Term (Years)
Annual Income (£)
Credit Score
Calculate
function calculateBestLoanRates() {
const loanAmount = parseFloat(document.getElementById(“loanAmount”).value);
const loanTerm = parseInt(document.getElementById(“loanTerm”).value);
const annualIncome = parseFloat(document.getElementById(“annualIncome”).value);
const creditScore = parseInt(document.getElementById(“creditScore”).value);
if (isNaN(loanAmount) || isNaN(loanTerm) || isNaN(annualIncome) || isNaN(creditScore)) {
alert(“Please fill in all fields with valid numbers.”);
return;
}
// Simple rate calculation based on credit score and loan term
let interestRate = 5.5; // Default rate
if (creditScore >= 750) {
interestRate = 3.5;
} else if (creditScore >= 650) {
interestRate = 4.5;
}
const monthlyInterestRate = interestRate / 100 / 12;
const numberOfPayments = loanTerm * 12;
const monthlyPayment = (loanAmount * monthlyInterestRate) / (1 – Math.pow(1 + monthlyInterestRate, -numberOfPayments));
const totalPayment = monthlyPayment * numberOfPayments;
// Display results
document.getElementById(“rateResult”).textContent = `Best Interest Rate: ${interestRate}%`;
document.getElementById(“monthlyPaymentResult”).textContent = `Monthly Payment: £${monthlyPayment.toFixed(2)}`;
document.getElementById(“totalPaymentResult”).textContent = `Total Payment: £${totalPayment.toFixed(2)}`;
document.getElementById(“loanResults”).style.display = “block”;
}
