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Calculate Your Car Loan Repayments With A Car Loan Calculator

March 4, 2020 11 minute read
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Daniel Wessels

Calculate Your Car Loan Repayments With A Car Loan Calculator

Jacaranda drives car loans 

If you’re thinking of getting a car loan to purchase your new car, think no further than Jacaranda Finance. We’re a down-to-earth, online lender that can provide you with fast cash to get you in the driver’s seat as quickly as possible. The process is efficient, the application no-nonsense, and the loans beneficial!

We offer great flexibility in our car loans in regards to the loan amount, the term and the repayments. If you’re looking for a car loan, then you’ve come to the right place. We offer car loans between $5,000 and $35,000, for a term between 1 and 5 years. 

This guide will give you an idea of how to calculate a car loan that is suitable and affordable for you. We recommend using a car loan calculator to assist you in your calculations, as there are many factors to consider along the way. A car loans repayment calculator can help you work out repayment rates and terms upfront to make informed financial decisions.

Calculating your loan

There are many questions that accompany the decision to apply for a car loan. For example, how much can you borrow? How long can you borrow it for? What will your repayments be? It’s easy to get overwhelmed, particularly as some lenders can be vague in answering these questions. 

At Jacaranda, we pride ourselves on our transparency and realistic attitudes towards all matters of car finance. We won’t lie to you or hide any fees or costs. We will work together with you to ensure that your proposed car loan is sensible and that you will be able to meet all the repayments. 

Numbers, numbers and more numbers!

Unfortunately, there is some math involved. If you’re like us and don’t like complicating matters where you don’t have to, then we have an easy solution for you: a car loan calculator. A car loan calculator can do all the tricky maths for you in an instant, generating real figures for you to consider and weigh up.

You can play around with the numbers that you enter into the calculator (for example, changing the loan amount or loan term) to see how this will affect your repayments. This way, you can discover what you can reasonably afford, and you’ll never get in over your head.

Which calculator does Jacaranda recommend?

At this present stage, Jacaranda Finance does not offer its own car loan calculator. However, we recommend the ASIC car loan calculator – as a government website, ASIC will provide you with unbiased calculations that aren’t affected by other lenders’ fees and rates.

Factors to consider in your calculations 

There are a number of factors that you will have to consider in your calculations. All car loan calculators 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:

Vehicle purchase price

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 would maybe be able to loan less money than if you were buying a brand new car.

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. 

On-road costs

Some dealers will not include stamp duty and other on-road costs in the vehicle purchase price (mainly for seconds hand cars). So, you may also need to factor this into your loan amount needs.

Loan amount

The vehicle purchase price and on-road costs will impact the loan amount you will need to take. It will give you an indication of your suitable loan amount. For example, for more expensive cars, you will need a more expensive loan. Jacaranda offers car loans between $5,000 and $35,000, so you are able to choose an amount at any value between these.

Use a car loans calculator to estimate your repayments!

Loan terms and frequency of repayments 

Jacaranda offers loan terms between 1 and 5 years. It is up to you to decide what 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 avoiding high-interest costs. 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.

A car loan calculator will promptly generate different loan repayments depending on the loan term that you input. You can play around with this, selecting loan terms of varying lengths to see how much you will have to pay back and how often.


As with all loans, you will have to pay interest on your car loan with Jacaranda. Put simply, 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. 

Calculating bad credit

A note on bad credit: traditional lenders like banks and credit unions will turn you away if you have a bad credit score. However, at Jacaranda, we like to take a fresh approach to lending. We prefer to look at your spending habits and overall relationship with money. We will still conduct a credit check but we won’t assess your application solely on the basis of your credit score. These assessments will include not just a quick glance at the number of your credit score, but an in-depth and realistic consideration of your finances.

For example, a bad credit score can perhaps be due to mistakes made up to 7 years ago or unfortunate financial circumstances that were unavoidable. Considerations such as your current employment status, income and spending habits can provide a better, more complete picture of your current finances – so, we will take the good with the bad.

Is my car loan secured?

As with most car loans, Jacaranda’s car loans are secured. Secured loans allow for more options on your end – you may borrow larger amounts of money and for longer than if the loan was unsecured. However, it’s important to note that the asset, usually the vehicle you’ve just purchased, is offered up as security. 

This means that if you fail to meet the repayments on your loan, we will have the right to repossess your car. It sounds scary, but we can assure you that we don’t want to resort to that any more than you do. We believe in responsible lending practices, and will not lend money that we don’t reasonably believe you will be able to repay.

On a brighter note, if you meet all your repayments and eventually repay your loan in full, you will own your car debt-free! 

How do I apply for a car loan with Jacaranda?

Eligibility criteria 

Firstly, we will have to assess if you are eligible to apply for a car loan with Jacaranda Finance. We’re not like most loan companies – we don’t unnecessarily restrict our application criteria. If you comply with the few criteria we have below, then don’t hesitate to apply!

You must:

  • Be 18-years of age or older;
  • Be an Australian citizen or a permanent resident;
  • Have a valid driver’s licence;
  • Be receiving a regular work income into your personal bank account for at least the last three months prior to your application.

Apart from this, we don’t discriminate. If you’re in need of cash to finance your car, then that is enough reason for us. For example, we offer car loans for pensioners, car loans for students and car loans for people on Centrelink. 

Application forms 

So you want to apply, you calculated what you can afford to apply for using a car loan calculator, and you’re eligible to apply – now it’s time to actually apply. Luckily, this is the simple part. Our entire application process, including all the forms, are online. This means that there’s no unnecessary paperwork to fill out, or long journeys to the office to speak with someone. All you have to do is fill out the required information, and press submit.

If you have any further questions with the application process, however, our friendly team is happy to assist over the phone.

Application details

Whilst filling out the application forms, you’ll be asked to provide a few personal and contact details. We don’t ask any intrusive questions, so you don’t have to worry. However, to be prepared, we will require your full name, date of birth, residential address, and other basic information.

In order to contact you, we’ll also require your current mobile number and email address.


After you’ve completed all the steps above, it’s our turn to get to work. As soon as we receive your application, we work hard to get one of our team members to assess it as quickly as possible. If we need to clarify something or ask for any information, we will contact you via the contact details you have provided us with.

If you happen to be successful, then our team members will contact you to inform you of this. We will then arrange for an efficient transfer of funds into your bank account and will organise and agree upon the methods of repayment. 

If the case is that you are not successful, there may be an issue with the affordability of your car loan. At Jacaranda, we closely examine each applicant’s financial situation to decide what is in their best interests. This means that we may contact you to work out an option that is affordable and suitable for your lifestyle. It does not mean that we give up on you entirely! We will also let you know in a timely manner if you’re not approved so you can move on and make alternative arrangements if need be. 

How long will the process take?

We understand the importance of time – that’s why we aim to be as time-efficient as possible. If we receive your application during business hours and it does not require any additional documentation or details, then we may be able to approve it in as little as 60-minutes from the time we receive it.

Please note that we cannot provide a definitive time estimate. How long it takes us to assess your application will differ per individual case.


We hope that this page has provided useful and beneficial information if you are considering taking out a car loan. A car loan calculator is a convenient tool when you are delving into the world of car loans.

However, if you still have some questions that remain unanswered, feel free to check out our  FAQ page. If you prefer to talk to someone in person (whether that be over the phone or via messenger), our customer service team is happy to speak to you during our business hours. Visit our contact page for all our contact details and business hours.

Lastly, we’re not just here to help you with car loans. Jacaranda Finance also offers a variety of personal loans that can help you purchase items other than cars. Check out our personal loans page and discover how you can soon make your dreams a reality with a little help from Jacaranda Finance!

Daniel Wessels Avatar

Authoritative Source: Daniel Wessels

Young entrepreneur Daniel Wessels is the CEO and Founder of Jacaranda Finance. Although only in his early thirties, Wessels’ determination and adaptability has led him to successfully pioneer a range of other enterprises both here and abroad.

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Last updated: 13/05/2020, 3:57pm

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