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.
*Whilst every effort has been made to ensure the accuracy of this calculator, the results should only be used as an indication. They are neither a recommendation nor an eligibility test for any product and should not be construed as financial advice, investment advice or any other sort of advice.
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 comparison rate 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.
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.
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.
Credit Concierge Car Loan
Credit Concierge Car Loan
Competitive fixed rate
Balloon payment available
Same day approval
100% confidential application
Credit Concierge Car Loan
Get access to over 20 providers to finance a new or used car with fixed rates starting from 4.79% p.a.
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.
Matt Corke is the head of publishing in Australia for Finder. He previously worked as the publisher for credit cards, home loans, personal loans and credit scores. Matt built his first website in 1999 and has been building computers since he was in his early teens. In that time he has survived the dot-com crash and countless Google algorithm updates.
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