car-loan-repayment-calculator

Car Loan Repayment Calculator

Can you afford that car? We're here to help you work it out.

When you're considering any purchase, whether it be a car, a house, or even a new pair of shoes, you should always be asking whether you can afford it. This question of affordability is easier to determine with smaller purchases and these purchases tend to put less of a dent in your finances should you calculate this incorrectly (or if you ignore your bank balance completely and make the purchase anyway). Luckily, you can stop yourself from taking out a car loan you can't afford by calculating your repayments. Take a look at our guide below on using the finder.com.au car loan calculator to determine your car repayments and also how to use the calculator to help you save.

Use the table below to calculate and compare your car loan options

The table below features an automatic payment calculator. Simply pop your details in and you'll be able to

IMB New Car Loan

IMB New Car Loan

from

5.99 % p.a.

fixed rate

from

6.34 % p.a.

comparison rate

  • No monthly fees
  • No early repayment fees
  • Borrow up to $75,000
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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
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Rates last updated August 21st, 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)
6.34%
$2,000
1 to 7 years
$250
This fixed rate new car loans up to 2 years old features no early repayment penalties
AutoCarLoans
From 5.16% (fixed)
6.64%
$15,000
1 to 7 years
$381.80
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)
7.54%
$15,000
1 to 7 years
$380
Enjoy this fixed rate new car loan offer from RACV. No ongoing fees.
IMB Secured Personal Loan
From 7.39% (fixed)
7.74%
$2,000
1 to 5 years
$250
A secured loan from IMB with flexible repayment features
Latitude Personal Loan (Secured)
From 12.99% (fixed)
14.2%
$3,000
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)
9.67%
$10,000
1 to 7 years
$250
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)
9.6%
$3,000
1 to 5 years
$195
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

How do I use the car loan repayment calculator?

Don't let the graph put you off, the car loan repayment calculator is easy to use. Just follow these simple steps:

  1. Enter your total loan amount. If you aren't sure of this amount just yet, enter an amount you think will be sufficient to finance your car.
  2. Enter your purchase rate. Use the comparison rate of the car loan to more accurately determine your repayments.
  3. Enter the loan term. The shorter the term the more your repayments will be, but the more you will save on interest. You should check the loan terms offered by the different loans you are looking at to make sure you are able to choose the terms you want.
  4. Set your repayment frequency. You will need to check the options offered by the loan you are looking at, as not all lenders offer every type of repayment frequency. If you are able to choose the frequency, you should try and match it to when you get paid ie. monthly pay, monthly repayments.
  5. Choose your repayment type. Principal and interest repayments refer to you making repayments which go towards both the amount you borrow and the interest charged on that amount. Interest-only repayments involve you only paying the interest which is charged on the loan amount, so you don't actually pay any of your loan off. If you are unsure, you should select the principal and interest option.

How to use the car loan calculator to help you save

Now you've got the basics of how to use the car loan repayment calculator, it's time to learn how to really use the calculator. Let's say Jane is looking at taking out a $5,000 car loan at an interest rate of 7.80% p.a. for a five year loan term. She's planning to make monthly principal and interest repayments for the duration of her loan.

Here's what the car loan calculator tells Jane her repayments will be:

How to use the car loan calculator step 1

Jane will be making a monthly repayment of just over $100 and incur $1,054.24 in interest payments over the life of her loan. Jane decides that she can afford to put more than $100.90 a month towards her car and she wants to save herself some money on interest.

Here's what happens when she tweaks her loan term:

How to use the car loan calculator step 2

As you can see, by choosing a four year loan term instead of a five year loan term, Jane only increases her repayments by about $20 a month (only $5 extra a week) and she saves herself $217.64 over the life of the loan. Not to mention she pays off her loan one year earlier.

Jane decide that she wants to reduce her repayments and also save herself money on interest. Have a look at what happens when she decides to make weekly repayments instead of monthly:

How to use the car loan calculator step 3

By making her repayments weekly instead of monthly, Jane saves herself $2.40 a week and $12.39 over the life of her loan. Not much, but it's something.

Like Jane, see how much money you can save on your loan by using the car loan calculator. If you want to compare your car loan options, you can use the table below.

Picture: Shutterstock

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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

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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