Calculate your car loan repayments instantly. Adjust the loan amount, interest rate, term, balloon payment, and repayment frequency to see what your repayments could look like.
| Frequency | Repayment | Total interest | Total cost |
|---|---|---|---|
| Weekly | $138.45 | $5,997 | $35,997 |
| Fortnightly | $277.07 | $6,018 | $36,018 |
| Monthly(selected) | $601.14 | $6,068 | $36,068 |
Switching from monthly to weekly repayments could save you $71 in interest over the life of this loan.
See how borrowing more or less changes your repayments. A $5,000 difference in loan amount can shift your monthly repayment by $80-100 depending on the rate and term.
Even a 1% difference in interest rate has a meaningful impact over the life of a car loan. On a $30,000 loan over 5 years, the difference between 6% and 8% is about $1,600 in total interest.
A balloon payment reduces your regular repayments but means a lump sum is due at the end. Use the balloon slider to see the trade-off between lower repayments now and a larger final payment.
Switching from monthly to fortnightly or weekly repayments can save you interest because the balance reduces faster. The comparison table shows all three side by side so you can see the difference.
Lenders assess your ability to service the loan based on your income, existing debts, and living expenses. They want to see that repayments are affordable for you.
Your credit score and repayment history influence the rate you are offered. A stronger credit history generally means access to more competitive rates.
For secured loans, the age, condition, and value of the vehicle matter. Most lenders have maximum age limits (e.g. no more than 12-15 years old at the end of the loan term).
Lenders prefer applicants with stable employment. Most look for at least 3-6 months in your current role, though some lenders are flexible for contractors and self-employed borrowers.
See car loans from 50+ lenders and find a rate that works for you.
Subject to lender approval, terms and conditions apply.
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Car loan repayments are calculated using a standard amortisation formula. The formula takes your loan amount, interest rate, and loan term to work out equal periodic payments that cover both principal and interest over the life of the loan. Each payment reduces the remaining balance, which means the interest portion decreases over time while the principal portion increases.
A balloon payment is a lump sum due at the end of your loan term. It reduces your regular repayments because you are deferring part of the principal to the final payment. For example, a $30,000 loan with a 30% balloon means your regular repayments are calculated on $21,000, but you owe $9,000 at the end. Balloon payments are common on car loans and are sometimes called residual values.
More frequent repayments (weekly or fortnightly) can reduce the total interest you pay over the life of the loan because the balance reduces faster. The difference is typically modest for shorter-term car loans, but it adds up. Fortnightly repayments are popular because they align with common pay cycles and result in 26 payments per year instead of 24 half-monthly payments, effectively making an extra month of payments each year.
Car loan interest rates in Australia typically range from 5% to 12% p.a. depending on the lender, your credit score, the age of the vehicle, and whether the loan is secured or unsecured. New cars generally attract lower rates than used cars. Secured car loans (where the car is used as collateral) are usually 1-3% lower than unsecured loans. The rate used in this calculator is for illustration only. Your actual rate will depend on your circumstances and the lender.
A longer loan term means lower regular repayments but more total interest paid over the life of the loan. A shorter term means higher repayments but less total interest. For example, a $30,000 loan at 7.5% costs about $5,900 in interest over 5 years, but about $3,400 over 3 years. Consider balancing affordable repayments with the total cost of the loan.
Yes. This calculator works for both new and used car loans. The calculation is the same, though used car loans may attract a slightly higher interest rate from lenders. If you are buying a used car, you can also use our Used Car Buying Scorecard to check the car before you buy.
The results are estimates based on the standard amortisation formula. Actual repayments may differ because lenders may calculate interest slightly differently (e.g. daily vs monthly), charge fees not included here (establishment fees, monthly account fees), or use different compounding methods. Use these results as a guide for budgeting and comparison, not as a quote.
This calculator does not include establishment fees, ongoing monthly account fees, early repayment fees, or lender-specific charges. These vary by lender and can add $200 to $1,000+ to the total cost of a car loan. When comparing finance options, ask lenders for the total cost including all fees.
Results are estimates only and should not be relied upon for financial decisions. Actual car loan repayments will depend on the lender, your credit profile, and the specific terms offered. Interest rates used are for illustration purposes only and may not reflect current market rates.
Subject to lender approval, terms and conditions apply.
This calculator is general information only and is not financial advice.