Before you apply for a personal loan, see what you can afford and find out what your repayments will look like.
Using a calculator to determine your loan repayments can put you in a better position when you're searching for a loan. While most personal loan calculators function along similar lines, just how you go about using them depends on the calculator in question. Here, you can learn about the little differences for calculators offered by three players in the personal loan market. So before you take out a personal loan from 360 Finance, ADCU or Arab Bank Australia, find out how to use their calculators to your best advantage.
360 Finance personal loan calculator
360 Finance offers a variety of car loans, and also offers customers a way to determine their repayments by using their car loan calculator. This calculator displays results in the form of a graph and also offers an amortization schedule. It requires the following information from you:
- Loan amount. This refers to the amount you wish to borrow.
- Loan term. You can have between one and seven years to repay the amount you borrow. By changing these terms you can see your repayments rise and fall.
- Interest. This field auto-populates with the existing interest rate for the loan you take out.
- Extra repayments. Do you want to be able to make extra repayments? You can select either yes or no.
- Balloon payment. Choose yes or no, and if yes, you'll need to enter a balloon percentage.
ADCU personal loan calculator
ADCU has been rebranded and is now called Australian Military Bank, they offer all the same home loan products and services. This piece is kept for informational purposes only.
ADCU also offers a car loan repayment calculator through its website, and as with the previous calculator, this one also gives you a fair indication of what your repayments would look like under changing scenarios. The inputs this calculator requires are as follows:
- Loan amount. The minimum and maximum amounts vary in accordance to the loan you choose.
- Loan term. The loan type will determine the maximum loan term that's available, but this cannot exceed seven years in any case. The minimum loan term is one year.
- Interest rate. You'll need to enter this as per the loan you choose.
- Payment frequency. Do you want to make weekly, fortnightly, or monthly repayments?
Arab Bank Australia personal loan calculator
The loan repayment calculator that Arab Bank Australia offers also gives you an indication of what your repayments will look over time, irrespective of whether you wish to make weekly, fortnightly, or monthly repayments. You require the following details to use this calculator:
- Loan amount. How much do you want to borrow?
- Loan term. Arab Bank Australia personal loans come with loan terms of between one and five years.
- Interest rate. You'll have to enter the interest rate, so refer to the bank’s existing rates to move forward.
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When will these bank personal loan calculators come in use?
Using a personal or car loan calculator can help highlight crucial aspects when comparing different loans, and therefore, simplify your decision-making process. Give below are the benefits of using a good loan calculator.
- Establish affordability. By using a loan calculator you can have a clear indication of how much you can afford to borrow. This is because the calculator takes multiple aspects into account and lets you adjusts what you put in, helping you to understand the effects of those adjustments in terms of affordability.
- Predict repayments. Most calculators give you approximate figures for your weekly, fortnightly, and monthly repayments, helping you to budget for your future repayments.
- Work out your ideal loan term. If you can only afford a certain amount in the form of repayments, you can tweak the loan term to see what will work with your budget.
- Understand the effect of additional payments. By making extra repayments throughout the course of the loan you can save in the form of interest while also reducing your loan term. You can see the benefits of doing this by using a calculator.
- Save time. A loan calculator requires you to enter simple data and does all the calculations for you, saving valuable time.
Personal loan calculator
The personal loan calculators that finder.com.au offer tell you how much you can afford to borrow and what your repayments will look like, while also allowing you to compare loans side by side. The calculator that tells you how much you can borrow requires details about your income and expenses. The loan repayment calculator requires you to enter your loan amount, loan term, interest rate and repayment frequency. A loan comparison calculator gives you the ability to compare any two loans, even loans offered by banks mentioned on this page. This calculator requires a common loan amount and a common loan term. Variables include upfront fees, ongoing fees, the introductory rate and intro term as well as the ongoing rate. Find out how much you can borrow below.Back to top
What personal loans do these banks offer?
Details about personal and auto loans these banks offer are as follows.
360 Finance offers a number of car finance options, which include secured and unsecured car loans, new and used car loans, refinance car loans, and novated leases. You can also turn to this institution for a bike, boat, or caravan loan. For businesses, 360 Finance offers truck finance, chattel mortgages, and fully maintained leases.
ADCU offers its members personal loans for worthwhile purposes, like buying a car, renovating a home, paying medical bills, or going on a holiday. You get to choose between a standard variable rate personal loan and a fixed rate personal loan. If you’re looking at consolidating existing debts, you can think about applying for ADCU’s debt consolidation loan.
Arab Bank Australia
Arab Bank Australia gives you a variety of different personal loan options from which to choose, and you can use proceeds from your loan for just about any legitimate purpose. You can benefit from a lower interest rate if you opt for the secured personal loan over its unsecured counterpart and you can also choose between fixed and variable interest rates.
Getting a personal loan might not be difficult, especially if you fulfil some basic criteria, but be aware that even similar offerings can come with notable differences. Before you go ahead and apply for a personal loan make sure you compare your options across different parameters, and what better way to do so than by turning to a reliable loan calculator.