Get an idea of what your car loan repayments* will be and how much you can borrow with our easy to use car loan repayment calculator!
Whether you're financing a new or used car, simply type in the amount of the loan, the interest rate (e.g. 5.97%), select your frequency of repayments (weekly or monthly) and select the length of the loan. If you will be paying a balloon amount then you can include this too. For a more detailed breakdown of your repayments, including interest paid, click on "view details".
Car Loan Calculator
Your Monthly Repayment: $
* The repayment amount shown using this car loan repayment calculator is an estimate, based on information you have provided. It is provided for illustrative purposes only and actual repayment amounts may vary. To find out actual repayment amounts, contact us. This calculation does not constitute a quote, loan approval, agreement or advice by AFPL. Interest rate of 5.97% (Comparison Rate 7.86%) only applicable for new goods (new vehicle finance) that have not been pre-owned, where the amount borrowed is greater than $35,000, the applicant owns or is buying a property and has a good credit history. Finance subject to approval, including the application of applicable lending criteria. Terms and Conditions apply. Fees and Charges are payable. Interest rates vary depending on credit scoring and our final assessment of your application. Credit provider is Automotive Financial Services – Australian credit licence 383762.
^Comparison rate for AFS Loan Contract and Mortgage is calculated on a loan amount of $30,000 secured over a term of 5 years based on monthly repayments.
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
Current Car Loan Interest Rates
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Interest Rates: It's important to understand that the advertised interest rate is not always the interest rate which you will actually be eligible for. Interest rates are calculated based on a significant number of criteria and it's good to understand this before applying for a car loan. If you'd like to know more about car finance interest rates you can take a look at our blog post, Car Loans Interest Rates Explained.
For a more accurate idea of how much you can borrow and at what interest rate you will be eligible for, please call us on 1300 769 999 or apply online!
What Is A Comparison Rate? Why Does It Matter?
In basic terms, the comparison rate is the base interest rate (advertised rate) plus any fees or charges that will be added to the car loan. What a comparison rate allows you to do is compare interest rates between lenders easily. Take a look at the video below to find out more about comparison rates and how to understand them so you get the best car finance deal.
Still not enough information? Find out more about comparison rates.
What Is A Balloon Payment?
A balloon payment is essentially a lump sum that you set aside when taking out a loan, payable at the end of your loan period, and is a great way to decrease the amount of your repayments. The balloon payment amount is normally the residual value of the vehicle. Once you reach the end of your loan period, you can choose to either pay out the full balloon amount, upgrade your car or refinance the balloon amount over a new loan period (subject to approval conditions at that time).
Helpful advice for obtaining car finance:
Plan Your Loan: Before taking out a car loan, you should think about any factors that may impact your ability to make repayments. Using a budget planner can be an effective way to give you visibility into how much you can afford in repayments. When planning your budget, make sure you include any reoccurring costs such as monthly repayments such as phone bills.
Loan Amount: This is the actual amount of money you want to borrow. If you have a deposit you obviously won't need to borrow an amount equal to the full value of the vehicle. Having a deposit lowers the loan amount thus reducing the amount of interest you will pay over the life of the loan. We recommend having a reasonable deposit such as 10% - 30% of the full value of the vehicle you are purchasing. Having an ample deposit can affect your car finance interest rate.
Loan Term: The shorter the length of the loan, the more you will save in the long run. Therefore, you should choose the shortest loan term to fit your budget. You can get an idea of how significantly the term of your car loan will affect the amount of interest paid using the car finance calculator and adjusting the loan term.
Payment Frequency: Does it make a difference whether you repay your loan weekly, fortnightly or monthly? Definitely. Interest on a car loan is calculated daily. This means the quicker you reduce the principle (the amount you borrowed) the less interest you’ll pay. Depending on the loan amount it might be a hundred dollars or so over the life of the loan. Use the car loan calculator to understand the difference repaying your car loan weekly has versus repaying it monthly.
Balloon Payments: A balloon payment for a car loan is a "lump sum" which you agree to pay at the end of the term of the loan that will generally be equal to the residual value of the vehicle. Balloon payments can be an attractive option for a car loan because they can help reduce your regular loan repayments. You can experiment with how much the balloon payment will effect your repayments by changing the balloon amount in the car loan calculator.
Insurance: You should research and organise insurance in advance. Aussie Car Loans can organise a competitive quote for comprehensive insurance to protect your vehicle. Get a free car insurance quote today.
Credit Rating: Your credit rating can affect your ability to obtain a loan. A copy of your credit rating can be ordered for free from My Credit File.
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- What Is A Car Loan Comparison Rate?
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*Finance subject to approval, including the application of applicable lending criteria. Terms and Conditions apply. Fees and Charges are payable. The credit provider is Automotive Financial Services Pty Limited – Australian credit licence 383762. ^Comparison rate for AFS Loan Contract and Mortgage is calculated on a loan amount of $30,000 secured over a term of 5 years based on monthly repayments. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
Finance subject to approval, including the application of applicable lending criteria. Terms and Conditions apply. Fees and Charges are payable. Commercial rates are only available for novated leases or businesses with a registered Australian Business Number (ABN) and where the goods being financed are predominantly for business use. Interest rate only applicable for new goods that have not been pre-owned and where the applicant has an established good credit history. The credit provider is Automotive Financial Services – Australian credit licence 383762.