APR Comparison Calculator
Lenders quote rates differently. Compare offers like-for-like: enter the amount, APR, and term for each — see the monthly payment, total interest, and which lender saves you the most over the life of the loan.
Key terms
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Annual Percentage Rate (APR)
The total yearly cost of borrowing — interest plus mandatory fees — expressed as a single percentage to make loans comparable.
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Annual Equivalent Rate (AER)
A standardised gross annual interest rate that accounts for compounding, used to compare savings accounts on a like-for-like basis.
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Personal Contract Plan (PCP)
A car finance product split into a deposit, monthly payments, and a large optional final 'balloon' payment that you can pay, refinance, or hand the car back to settle.
How is this calculated?
For each offer we apply the standard fixed-rate amortisation formula at the offer’s APR over the offer’s term. Total repayment = monthly payment × number of months. The cheapest offer is the one with the lowest total repayment. Savings = highest total repayment − lowest total repayment.
For car finance offers, watch for PCP structures — the headline APR can hide the cost of the balloon at the end. Compare savings products on AER for the symmetric like-for-like.
Frequently Asked Questions
Why compare by APR rather than interest rate?
APR includes the interest rate plus most mandatory fees (arrangement fees, broker fees, certain charges). Two loans with the same headline interest rate can have very different APRs if their fees differ. APR is the like-for-like comparison.
Should I always pick the lowest APR?
Usually yes — but check non-rate features too: early repayment penalties, payment-protection requirements, fixed vs variable rate, and what happens if you miss a payment. A slightly higher APR with no early-repayment fee can save money if you plan to overpay.
Why do APRs vary so much between lenders?
Lenders price for the risk they perceive. Credit unions often have the lowest personal-loan APRs (typically 6–9%) because their cost of capital is low. High-street banks sit in the middle (8–11%). Specialist lenders and dealer finance can be 11%+ but accept more risk.
Does the loan term affect APR?
Same APR but a longer term means a lower monthly payment AND a higher total interest cost. Comparing offers with different terms requires looking at total repayment, not monthly payment. The calculator does this for you when you enter different terms per offer.
Can I negotiate APR with an Irish lender?
Sometimes — especially with credit unions and specialist lenders. Banks rarely move on advertised personal-loan APRs but may offer better terms if you're a long-standing customer with a strong account history. Always shop around first to know your alternatives.
Last updated: May 2026 · Rates sourced from Revenue