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Our car loan repayment calculator can help you estimate your repayments on a car loan. You can adjust the borrowed amount, repayment period and interest rate and we’ll calculate your total repayable amount as well your estimated repayments on a weekly, fortnightly and monthly basis.
Loan Amount: $2,400
*The repayments shown by our car loan repayment calculator is an estimate based on the information you provided. Actual repayment amounts may vary depending on your individual circumstances and your lender.
up to 8.89%
up to 12.42%
up to 11.89%
up to 18.57%
1. Enter the amount you’d like to borrow
In the I’d like to borrow box, let us know how much you’d like to borrow to purchase your car. You can play around with different amounts to see how your repayments might change.
2. Select your loan term
Choose your loan term using the slider under Paid back over. This is the amount of time that you’ll have to repay your car loan.
3. Choose your preferred interest rate
In the box under With an interest rate of, type in your interest rate. The car loan interest rate is a percentage of the amount borrowed that you will have to pay back on top of your loan. It is essentially a fee that you are charged for borrowing the money to purchase a car. The lower your interest rate is, the less you’ll pay overall in car loan repayments.
4. Get your estimated repayments
Once you’ve filled out all the required fields, click Calculate repayments. You'll be shown your total repayable amount as well as your estimated weekly, fortnightly and monthly repayments.
There are a number of factors that you will have to consider in your calculations. All car loan calculator will ask you to input certain values. Yet, don’t stress! We will go through them step by step to guarantee the repayments will be correct and that you are getting the best possible outcome based on your financial situation. Here are a few tips to keep in mind:
First things first – what is the vehicle purchase price? This will greatly differ depending on the model, make, year and condition of the car you wish to purchase. For example, if you are planning on buying a second-hand car, this will probably cost you less than buying one brand new from the dealership. Therefore, you might not need to borrow as much money.
Though it sounds like common sense, the vehicle purchase price is an important element of the initial calculation of your car loan. You should work out what you can reasonably afford given your lifestyle, income and overall financial situation.
It is up to you to decide what loan term will work best for you. If you would like to pay off the loan quickly, you will need to make larger repayments more often. If you are happy to pay the loan off over a number of years, you may spread out the repayments and pay less in each repayment. This is, however, subject to what the contractual amount is - unless you’re experiencing hardship.
Note that repaying your loan quickly will have the added benefit of paying less interest overall. However, loan repayments shouldn’t become too stressful, so we urge you to be reasonable in paying off your car loan. Sometimes, the flexibility afforded by smaller payments can be worth some added interest.
Interest is a small percentage calculated on the loan amount that’s payable on top of your loan repayments. It is essentially a small fee charged by us for our service of providing money to you upfront.
Interest is calculated according to available interest rates. Interest rates are affected by a variety of factors, such as your credit score and what the lender can offer you in the current market.
This is where the maths can get a bit confusing, so a car loan calculator will do the work for you! It will take into account the relevant interest fee in your repayments, revealing to you the sum of interest per repayment.
Purchasing a car is a big decision and must be carefully thought out. Often people need to take out a car loan to help cover the costs of purchasing a new or used vehicle. By getting an idea of the overall cost of a car loan as well as the regular repayments, you’ll be well equipped to make an informed decision tailored to your financial situation.
By inputting different amounts and playing around with different interest rates, you’ll get a better understanding of how your repayments might differ in different situations. Remember, that the repayments shown by our car loan calculator are estimates based on the information you’ve provided.
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Last updated: 19/08/2020, 10:00am
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It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
The Australian Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.