When you're planning on taking out a car loan, it's important you understand how much you can afford to borrow. Understanding your borrowing limits will help make sure you get the loan that is right for you and avoid costly interest repayments.
Use our car loan repayment calculator on the table below to see what repayments will be on actual products from a range of lenders. You can also use our calculator tool and input your own loan information.
Loans.com.au - New Car Loan
Loans.com.au - New Car Loan
Early payout available
No monthly ongoing fee
Borrow up to $100,000
100% confidential application
Loans.com.au - New Car Loan
A competitive fixed rate to purchase a car up to four years old. Option to add on-road costs into loan amount.
Enter the details of a loan below to calculate repayments
The table below features an automatic payment calculator. Simply pop your details in and you'll be able to
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:
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.
Enter your purchase rate. Use the comparison rate of the car loan to more accurately determine your repayments.
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.
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.
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:
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 in the car loan calculator:
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.
After using the car loan calculator and getting that result, Jane decides 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:
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 above.
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.
You'll receive a fixed or variable rate depending on the lender you are approved with Apply for up to $100,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.
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