Car loans are vital for many people in the market for their next new or used vehicle, but that doesn’t mean you should simply accept the first offer you come across. Whether you’re buying a new or used car or looking to refinance, there are plenty of savings to be had simply by taking the time to compare your options.
That’s where a car loan repayment calculator like this one can help you out. By punching in your preferred amount, term and interest rate, you can see how much even small differences in each of these factors can make a big difference to the cost of your vehicle finance package.
Car Loan Repayment Calculator
Your estimated repayments
$98.62
| Total interest paid: | Total amount to pay: |
| $1233.43 | $5,143.99 |
How do I use Savvy’s car loan repayment calculator?
Using our car loan repayment calculator is simple. Just enter your desired loan amount, repayment term and an estimated interest rate. From there, it’ll tell you how much your weekly, fortnightly, monthly and total repayments are likely to be based on the numbers you’ve provided. If you’re looking to pay a deposit on your car purchase, you should exclude this from the loan amount.
The interest rate shown in our calculator is the lowest car loan rate currently available through Savvy. However, your actual rate may vary depending on your credit score, loan amount, income and overall financial profile. Getting a quote with Savvy provides a more personalised view of your situation, as well as letting you know when the car you’re after is out of reach (or when you might have a higher budget to play with than you thought).
The car loan calculator estimates repayments based on the information you input. It can’t predict your interest rate and doesn’t include other lender fees.
Why apply for a car loan with Savvy?
What affects the cost of my car loan?
There’s a range of factors that influence the cost of your car loan, including:
- Your interest rate
- Your comparison rate
- Your loan amount
- Your loan term
- Whether you pay a deposit
- Whether you make additional repayments
- Whether a balloon payment is added
Let’s take a look at the role each of these variables can play in your car loan’s cost:
Interest rate
Probably the most obvious cost factor is your loan’s interest rate. The higher your rate, the more you’ll pay. The average new car loan rate through Savvy in 2025 was 8.80% p.a., but you can see how both lower and higher rates affect the cost of a $30,000, five-year loan:
| Interest rate | Monthly repayment | Total interest paid |
|---|---|---|
| 6.30% p.a. | $584 | $5,050 |
| 7.80% p.a. | $605 | $6,325 |
| 8.80% p.a. | $620 | $7,191 |
| 9.80% p.a. | $634 | $8,068 |
| 11.30% p.a. | $657 | $9,406 |
| Calculations based on a $30,000, five-year car loan repaid monthly. | ||
As you can see, even an increase of 1.00% p.a. from the average rate on a $30,000 new car loan would cost you close to $900 more.
Comparison rate
Although it may not seem as important, comparison rates are arguably more crucial to check than interest rates. That’s because they include both your interest and unconditional loan fees, giving you a clearer indication of your loan’s cost. You can see how a car loan with a cheaper interest rate could end up being more expensive here:
| Loan A | Loan B | |
|---|---|---|
| Interest rate | 8.80% p.a. | 9.50% p.a. |
| Establishment fee | $600 | $150 |
| Ongoing/monthly fee | $10 | $0 |
| Comparison rate | 10.36% p.a. | 9.72% p.a. |
| Total cost | $38,391 | $37,953 |
| Calculations based on a $30,000, five-year car loan repaid monthly. Comparison rate calculations conducted via Quantum Finance. | ||
Loan amount
The larger your loan, the more interest you’ll pay. The average car loan approved through Savvy in 2025 was $37,049, so you can see how adding to that amount will increase your interest bill in the table below:
| Loan amount | Interest rate | Monthly repayment | Total interest paid |
|---|---|---|---|
| $27,049 | 8.50% p.a. | $555 | $6,248 |
| $32,049 | 8.50% p.a. | $658 | $7,403 |
| $37,049 | 8.50% p.a. | $760 | $8,558 |
| $42,049 | 8.50% p.a. | $863 | $9,713 |
| $52,049 | 8.50% p.a. | $1,068 | $12,023 |
| $67,049 | 8.50% p.a. | $1,376 | $15,488 |
| Calculations based on a five-year car loan repaid monthly at 8.50% p.a. | |||
Even taking the small step up from $37,049 to $42,049 at the same competitive rate bumps up your interest bill by over $1,150.
Loan term
Taking longer to repay your loan will also result in a greater interest outlay. The average car loan term approved through Savvy was just over five years, which is comfortably the most common length.
| Loan term | Monthly repayment | Total interest paid |
|---|---|---|
| 3 years | $947 | $4,093 |
| 4 years | $739 | $5,494 |
| 5 years | $616 | $6,930 |
| 6 years | $533 | $8,401 |
| 7 years | $475 | $9,908 |
| Calculations based on a $30,000, five-year car loan repaid monthly at 8.50% p.a. | ||
When choosing your loan term, you’ll have to strike the right balance between what’s affordable for you and what’ll cost the least in the long run. For example, if you can comfortably manage the $123 per month hit of switching from five years to four, you’d save yourself well over $1,400 in this instance.
Deposit
Paying a deposit will also reduce the amount of interest you pay. The following table shows how this works for different deposit sizes:
| Loan amount | Deposit (%) | Monthly repayment | Total interest paid |
|---|---|---|---|
| $30,000 | $0 | $616 | $6,930 |
| $30,000 | $1,500 (5%) | $595 | $6,583 |
| $30,000 | $3,000 (10%) | $554 | $6,237 |
| $30,000 | $4,500 (15%) | $523 | $5,890 |
| $30,000 | $6,000 (20%) | $492 | $5,544 |
| Calculations based on a five-year car loan repaid monthly at 8.50% p.a. | |||
Like loan terms, this comes down to what you’re comfortable paying as a lump sum. As you can see, forking out $6,000 upfront means you’ll save almost $1,400 in interest, but not everyone has that money lying around. Even a 5% deposit can make a difference.
Additional repayments
Making extra payments can help you pay your loan down faster. You can see how much time and money you could save by doing so here:
| Extra payment | Monthly repayment | Total interest paid | Final loan term |
|---|---|---|---|
| $0 | $616 | $6,930 | 5 years |
| $50 | $666 | $6,268 | 4 years, 7 months |
| $100 | $716 | $5,722 | 4 years, 2 months |
| $150 | $766 | $5,266 | 3 years, 11 months |
| $200 | $816 | $4,880 | 3 years, 7 months |
| Calculations based on a $30,000, five-year car loan repaid monthly at 8.50% p.a. | |||
It’s important to check beforehand if your lender charges fees for paying out your loan ahead of schedule. This is a common fee included in car loan contracts and could negate the benefits of making extra payments.
Balloon payment
A balloon or residual payment is a lump sum to be paid at the conclusion of your loan term. Although they reduce your monthly payments, they’ll also increase the amount of interest you pay overall. This is because your loan payments will gradually reduce to your residual value, rather than $0. The table below demonstrates this:
| Loan amount | Balloon payment (%) | Monthly repayment | Total interest paid |
|---|---|---|---|
| $30,000 | $0 | $616 | $6,930 |
| $30,000 | $1,500 (5%) | $595 | $7,221 |
| $30,000 | $3,000 (10%) | $575 | $7,512 |
| $30,000 | $4,500 (15%) | $555 | $7,803 |
| $30,000 | $6,000 (20%) | $535 | $8,094 |
| $30,000 | $7,500 (25%) | $515 | $8,385 |
| Calculations based on a five-year car loan repaid monthly at 8.50% p.a. Balloon payment calculations conducted via Loan Market. | |||
As you can see from this example, every 5% included as a balloon payment reduces your monthly payment by $20 but increases your interest payable by almost $300. It also means you’ll have to fork out more at the conclusion of your loan term.
