Car Loan Comparison Rate Calculator

Take the guesswork out of rates and terms when trying to secure a car loan with a comparison calculator.

You can use a car loan comparison rate calculator to help understand the actual amount you'll pay when you take out your car loan. Just enter all the relevant information and you'll get an estimation from the calculator. You can use the calculator if you already have a car loan and want to get a better idea of how much you're going to pay in the years you have left, or if you're comparing loans and want to see if you'll be able to afford it.

Start comparing a range of car loans right now

How to use the car loan comparison rate calculator?

To make the best use of this tool you will need to input data that is reflective of your needs, such as how often you will be making repayments. The rest of the information required is in regards to your loan.

When using the calculator you will see some terms that you will want to familiarise yourself with first before beginning the comparison.

  • Loan amount.
    This will be the amount of money you are looking to borrow and will be the same for both loans you are comparing.
  • Loan terms.
    This reflects how long you want to take out the loan for. Most car loans offer terms from one to seven years for variable rate loans or one to five years for fixed rate loans.
  • Interest rate.
    This will be the annual interest rate being offered by each of the loans you are comparing. You can find a range of car loan interest rates in the table below.
  • Repayment frequency.
    This is a personal choice based on what works for your budget. For most loans, you can choose to make weekly, fortnightly or monthly repayments, but check that this is available for the loans you are comparing.
  • Upfront fees.
    The upfront fees are those you will pay to initiate the loan. These include application and establishment fees.
  • Ongoing fees.
    These are those monthly or yearly maintenance fees that are charged to some loans.

Case Study

We can use the example of an individual who is trying to secure $20,000 to purchase a new car in order to better understand how the calculator works. If the first loan they found were to advertise a 12% p.a. rate, with an upfront fee of $500 and monthly maintenance charges of $10, they would be making monthly repayments of $664 over the course of three years. The total amount of interest paid over that three-year period would be $4,774.

If you compare this loan to one with three-year loan terms, a $1,000 upfront fee, a $20 monthly fee and an interest rate of 10% p.a., you might assume that the lower rate will be cheaper. However, the car loan calculator shows that the better deal is actually the 12% p.a. loan. The lower fees make this loan $178 cheaper over the course of the three years despite the higher interest rate.

Use the calculator at the top of the table below

The comparison table below features a basic calculator you can use to get a rough idea of the repayments on a loan

IMB New Car Loan

IMB New Car Loan


5.99 % p.a.

fixed rate


6.34 % p.a.

comparison rate

  • No monthly fees
  • No early repayment fees
  • Borrow up to $75,000
Security Logo

100% confidential application

IMB New Car Loan

Apply for IMB New Car Loan and enjoy a great low fixed interest rate with no ongoing fees.

  • Interest rate from: 5.99% p.a.
  • Comparison rate: 6.34% p.a.
  • Interest rate type: Fixed
  • Application fee: $250
  • Minimum loan amount: $2,000
  • Maximum loan amount: $75,000
Go to site

Compare some of the options available to apply for.

Rates last updated August 24th, 2017
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment Product Description
IMB New Car Loan
From 5.99% (fixed)
1 to 7 years
This fixed rate new car loans up to 2 years old features no early repayment penalties
From 5.16% (fixed)
1 to 7 years
AutoCarLoans can match you with a lender on their panel with rates starting from 5.16% p.a.
RACV New Car Loans
From 6.99% (fixed)
1 to 7 years
Enjoy this fixed rate new car loan offer from RACV. No ongoing fees.
IMB Secured Personal Loan
From 7.39% (fixed)
1 to 5 years
A secured loan from IMB with flexible repayment features
Latitude Personal Loan (Secured)
From 12.99% (fixed)
2 to 7 years
$250 (Loans under $4000 - $140)
Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.
Westpac Car Loan
From 8.49% (fixed)
1 to 7 years
Apply for a Westpac car loan and enjoy a great interest rate when you purchase a new or used vehicle.
St.George Secured Personal Loan - Fixed Rate
From 8.49% (fixed)
1 to 5 years
Get behind the wheel of your perfect car with a competitive interest rate from St.George. Get an application response within 60 seconds.

Compare up to 4 providers

Frequently asked questions

Are all the possible fees included in the loan comparison calculator?

There may be other fees associated with the loan that you will need to discuss with the bank or broker. These could include transaction or activation fees as well as exit fees.

How are repayment amounts calculated?

There are assumptions in this calculator that there are 12 months, 26 fortnights and 52 weeks in the year. To work out weekly or fortnightly repayments, your total yearly repayment amount would be divided by the appropriate number that matches the terms that you chose.

Why should I use the car loan calculator?

Even a short term car loan is a big financial commitment to make. A smart borrower will use all the resources available to compare the different loans that are being offered to them. The calculator is not able to make the decision for you, but it will give you a better idea of exactly how much money over the principal cost of the loan you are going to be paying along with the repayment amount.

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Related Posts

IMB New Car Loan

This fixed rate new car loans up to 2 years old features no early repayment penalties

Latitude Personal Loan (Secured)

Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.


AutoCarLoans can match you with a lender on their panel with rates starting from 5.16% p.a.

RACV New Car Loans

Enjoy this fixed rate new car loan offer from RACV. No ongoing fees.

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4 Responses

  1. Default Gravatar
    MichelleJuly 31, 2015

    I need to buy a new second hand car. I currently have a personal loan that I am paying off which I bought the car with. But not sure if I could afford another repayment.

    • Staff
      ElizabethAugust 3, 2015Staff

      Hi Michelle,

      Thanks for your question.

      Before applying for a car loan you need to consider whether you will be able to afford another repayment – if the answer is no or if you think you might struggle, then you should reconsider getting out the loan. If you decide you can afford another loan then you can compare your options on this page. Click through to the review pages to see if you are eligible, and when you’re ready to apply click ‘Go to Site’.

      I hope this has helped.



    • Default Gravatar
      MichelleAugust 4, 2015

      Could someone please give me call regarding a loan.

    • Staff
      MattAugust 4, 2015Staff

      Hi Michelle,

      You’ve come through to – an online comparison service, not an actual lender.

      To speak to a lender about any of the loans compared on the site, please click the Green ‘Go to Site’ button. You’ll be connected directly with the company you enquire with.

      Hope that helps.


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