Calculator
Car loan calculator
Estimate your monthly and weekly repayments before you apply. Adjust loan amount, rate, term and balloon to suit your budget.
Get a quote for this amount6.50% p.a. is a starting point for estimating repayments only. It is not a quote, not an offer of finance, and not a rate available to every applicant. Your actual rate depends on the lender, the asset, the loan term, the loan amount and your circumstances. Adjust to model scenarios.
Monthly repayment
$587
Weekly
$135
Fortnightly
$271
Total repaid
$35,219
Estimates only. Your actual rate depends on your credit profile, lender and loan structure. Results are indicative only.
Comparison rate or interest rate: which one to compare
Assumptions
- A fixed interest rate applying for the full loan term.
- Repayments made in arrears at the end of each period.
- Lender fees, establishment costs and the interest effect of a balloon are excluded unless shown above.
- Weekly and fortnightly figures are the monthly repayment converted across the year, not a separate repayment schedule a lender has agreed to.
- These are estimates only and are not an offer of finance.
- 6.50% p.a. is a starting point for estimating repayments only. It is not a quote, not an offer of finance, and not a rate available to every applicant. Your actual rate depends on the lender, the asset, the loan term, the loan amount and your circumstances.
How the car loan calculation works
The calculator uses the standard amortising loan formula. It takes the amount you are borrowing, subtracts any balloon you have set, then spreads the remainder across the number of months in your term at the rate you enter. Each repayment covers the interest accrued on the outstanding balance first, with whatever is left reducing the principal.
Because the balance falls a little with every repayment, the interest portion shrinks and the principal portion grows as the loan runs. That is why paying a loan out early saves less than people expect near the end of a term, and considerably more near the start.
What shapes the rate band you are offered
Lenders price a car loan against risk rather than against a single published number. Your credit history and score, how long you have been in your job, whether you are PAYG or self-employed, and the size of the loan against the value of the car all move you between rate bands. The vehicle matters too. Age, kilometres and whether it is a dealer or private sale all feed the assessment.
This is why the calculator asks you to supply the rate rather than guessing one for you. Two people buying the same car on the same day can sit in genuinely different bands. Your broker compares lenders to find where your profile actually lands before anything is submitted.
How a balloon payment changes the numbers
A balloon is a lump sum deferred to the end of the term. Setting one lowers your regular repayment because you are only amortising part of the loan, but the deferred portion keeps accruing interest for the whole term. The total cost of the loan rises even though the monthly figure falls.
Balloons suit buyers who intend to sell or trade the car before the term ends and want the repayment to match how long they will actually keep it. They are a poor fit if you plan to hold the car long term, because the lump sum still has to be paid, refinanced or covered by selling.
Choosing a loan term
A longer term lowers the repayment and raises the total interest paid. A shorter term does the reverse and typically costs less, because the lender is exposed for less time. The useful question is not which is cheaper in isolation but which repayment fits comfortably in a normal month rather than a good one.
Match the term to how you actually plan to run the loan. Some buyers stretch to a seven-year term to keep the minimum repayment low, then make additional payments or pay it out when they sell the car. If that is not the plan, a longer term than you need can leave you owing money on a car you no longer own, which is a common structural mistake in consumer car finance.
Understanding your numbers
How repayments are calculated
Your repayment is determined by the loan principal, the interest rate and the loan term. A balloon payment reduces monthly repayments but leaves a lump sum owing at the end.
Your repayment is calculated on the loan principal (amount borrowed minus balloon), the interest rate and the number of months.
A longer term reduces monthly repayments but increases total interest paid over the life of the loan.
A balloon payment defers a portion to the end of the term, lowering regular repayments. It suits buyers who plan to sell or trade before the loan ends.
The rate shown is illustrative. Your actual rate is determined by your credit profile, employment type, lender and the asset you are purchasing.
Rate factors
What affects your interest rate?
Credit history and score
Your credit file records how you have repaid past credit, including any defaults and how many applications you have made recently. Lenders read it early, and it shapes which of them will consider your application at all, not only how they price it. You are entitled to a copy of your credit file from each bureau, so errors can be found and corrected before you apply. How your credit score affects a car loan explains what sits on the file and how to read it.
Employment type (PAYG vs self-employed)
Lenders need to see income they can verify. If you are PAYG that usually means payslips. If you are self-employed it means tax returns, BAS, or with some lenders, business bank statements. Neither route is a barrier, but they ask for different paperwork, so knowing which applies to you shortens the process. How long you have been in your current role counts as well. See car finance when you are self-employed.
Loan-to-value ratio
Loan-to-value ratio measures the loan against what the car is worth. A deposit or a trade-in brings it down, because you are borrowing less against the same asset. Lenders use it to judge how much of the purchase they are funding, and it is weighed alongside the vehicle itself. Working out your deposit before you start shopping tells you what price range the loan needs to cover.
Age and condition of the vehicle
Because the car is the security, lenders care about how old it will be when the loan ends, not only how old it is now. Most set a maximum age at term end, so an older car can narrow the terms available to you. Odometer reading, condition and whether the sale is through a dealer or a private seller all form part of the assessment. Checking a lender's age policy before you commit avoids a re-quote.
Loan term selected
The term you choose sets the size of each repayment and the total interest paid across the life of the loan. Lenders also weigh it against the age of the car, since most cap how old a vehicle can be when the loan ends. A balloon payment leaves an agreed amount owing at the end, which changes both figures again. Balloon payments explained sets out the trade-off.
Lender appetite at time of application
Lenders decide what kind of lending they want to take on, and those settings move over time with their funding, the book they already hold and their own lending criteria. A lender leaning into a particular kind of loan one month may be focused elsewhere the next. It is why the same profile can meet different outcomes at different times, and why comparing across a panel is worth more than approaching one lender and taking the first answer.
Next step
Ready to see real numbers?
The calculator gives you a starting point. A broker compares lenders to find a rate and structure that suits your situation. Takes two minutes.
Step 1 of 3
What are you financing?
Select a finance type and tell us your loan amount.
Common questions