UK broker Creditplus has launched an online car finance calculator to show customers potential examples of HP or PCP deals.

The calculator takes into account the customer’s credit rating (broken down to five categories from ‘excellent’ to ‘bad’), the value of the car, the length of contract desired and the total deposit.

Manos Dramilaris, a web developer, said: "The Car Finance Option tool is a great addition to Creditplus’ ever-increasing capabilities of being able to save customers time, effort and money in their car finance buying journey."

"Because we pride ourselves on being an ethical lender, the creation of this tool is a great example of how we are supporting and assisting customers when they are thinking about their finance options. As the lead developer on this project, it’s satisfying to know that I was part of a bigger team that could potentially make a real difference to a customer’s decision making process."

Motor Finance understands this is the first of a number of news initiatives the broker is planning in the near future.