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Car Loan Calculator

Jacaranda Team

Written by - Jacaranda Team

March 4, 2020 4 minute read
Car Loan Calculator

How to use our car loan calculator

    1. Enter the amount you’d like to borrow: In the ‘Amount’ 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: This is the amount of time that you’ll have to repay your car loan.
    3. Choose the 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. Select a payment frequency: This refers to whether you’d like your regular repayments to come out on a weekly, fortnightly or monthly basis. 
    5. Get your estimated repayments: Once you’ve filled out all the required fields, you’ll be shown your estimated repayments on either a weekly, fortnightly or monthly basis (depending on which frequency you selected). 

Why is Jacaranda’s car loan calculator useful? 

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. 

Factors to consider in your decision

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 second-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. 

Loan terms and frequency of repayments 

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.


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. 


Jacaranda Team

Written by Jacaranda Team

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Last updated: 19/08/2020, 10:00am

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