Car Loan Repayment Calculator

Calculate your car loan repayments and work out your car borrowing capacity.

No obligation. It won't affect your credit score.

Last updated on May 26th, 2022 at 05:07 pm by Thomas Perrotta

Estimate your car loan repayments with Savvy

Before you apply for your car loan, it’s important to understand how much it might cost you. You can use Savvy’s simple car loan repayment calculator to determine what your monthly, fortnightly or weekly repayments might be for any loan amount, term and interest rate, which is especially useful when you’re tossing up over what size loan to go with. You can even compare what your savings could be based on a loan with an upfront deposit.

You can have a trial run with our calculator now to find out what the best loan for you could be before getting a quick quote with us.

Your estimated repayments

$98.62

Total interest paid: $1233.43
Total amount to pay: $5,143.99

Car loan features and benefits

Competitive rates from 3.99% p.a. (4.36% p.a. comparison)

You’ll be able to choose from some of the lowest interest rates on the market with our panel of lenders, helping you save on your car loan.

Borrow from $5,000 up to your car’s value

We can arrange 100% financing for any eligible car, whether you’re buying new or looking at a used vehicle, from just $5,000 up to your maximum borrowing power.

Choose your loan term

You can choose whether to pay for your car over as little as one year up to seven and calculate the difference in cost above.

Customisable repayment schedules

Additionally, you can choose whether to service your loan each week, fortnight or month depending on your preferences.

Optional deposits available

Deposits are a great way to save on interest and fees if you have money upfront. A $5,000 deposit on a five-year, $50,000 loan at 5% p.a. could save you over $600.

Fixed repayments

Because all of our car loans are fixed, you can be sure that the repayment estimation in your calculator applies consistently across your loan.

Flexibility around early repayments

We can match you with flexible lenders who allow you to make additional contributions free of charge and not face any early settlement fees.

Affordable fees

You can pay monthly fees up to $20 and establishment fees up to $600 on your car loan, but both of these are able to be waived by some lenders.

Why choose Savvy?

Factors which can impact your car loan interest rate

How to apply for a car loan with Savvy

Our Process

Submit a quick quote and apply

Fill out a quick quote, after which you can do the same for your application. Once we have this, we can start searching for the best loan for you.

Let your consultant handle the rest

Your dedicated consultant will call to discuss your options and tell you which deal is the best or most affordable. Once you give the okay, all you’ll have to do is wait by the phone.

Get approved, sign and pick up your car

If your lender is happy with your application and documents, they’ll send through a loan contract for you to sign and return, after which the funds are released and you can own your next car.

Frequently asked questions

Will I be able to make a balloon payment on my car loan?

Probably not – balloon payments are typically exclusive to commercial car finance agreements and aren’t generally available to standard private borrowers. While paying deposits and balloons can reduce the cost of your repayments, only deposits will save you money overall. This is because the interest on your loan will amortise (gradually reduce) to whatever your balloon is, rather than $0. This means it’ll reduce at a slower rate, costing you more throughout your repayments.

How do I make car loan repayments?

You can make your car loan repayments using direct debit and most lenders will let you choose a convenient day of the week or month so that your payments align with your income.

Should I choose a longer loan term for my car finance?

If you’re in a position where the most suitable and comfortable option for you is to stretch out your repayments over a longer term, it can benefit you to do so. This will reduce the cost of your repayments each week, fortnight or month. However, the longer your loan term, the more interest you’re likely to pay, even at a lower rate. For instance, a $50,000 car loan over five years at 5% p.a. would cost you $6,614 in interest overall but the same loan over three years at 7% p.a. would set you back $5,579, saving over $1,000. If you’re in a position to pay your loan off over a short term, it’s probably worth doing so.

How quickly can I be approved for a car loan?

With the help of your specialist loan consultant, you can receive an offer within a day of submitting your formal application and have the loan settled in as little as 48 hours.

What other costs should I budget for when taking out a car loan?

There are several other charges that will apply upon the purchase of your car that you’ll need to account for, such as vehicle registration, stamp duty, comprehensive car insurance and extended warranties (where applicable). If you can’t afford to pay for all of these upfront, you can request for these to be added into your loan amount and repaid with the rest of the car purchase cost.

How do I use the car loan repayment calculator if I’m using a trade-in?

If you’re trading in your old car, you can just deduct the value of the vehicle from the total borrowed amount before you enter that figure into the car loan repayment calculator.

Car loan repayments explained further

How do I use the car loan repayment calculator and how can it help me?

Savvy’s car loan repayment calculator is very simple to use. All you’ll need to input in the calculator is your desired loan amount, preferred repayment term, an estimate of your interest rate and the size of your deposit (if any) and it’ll tell you how much your loan is likely to cost you. You can also decide how often to make your repayments: choose between weekly, fortnightly and monthly instalments in line with whichever best suits your needs.

Repayment calculators can be very useful for borrowers who are entering the application process, as it helps give a clearer idea of the true cost of your loan and what you might be able to comfortably manage as a result. It can be easy to be swayed by a car loan advertising a certain rate and fees, but it’s always crucial to have an understanding of what this might end up costing you in the long run.

Additionally, you can use this calculator as a comparison tool between different car loans on the market. Rather than simply comparing offers based solely on interest and fees, you can input all the key deals in our calculator and see a practical example of how much each will cost and what the potential savings between different offers may be. For instance, two lenders may offer $50,000, five-year car loans at 5% p.a. and 5.5% p.a., respectively, but by using the calculator you can see that you’d save almost $700 by opting for the lower rate.

Are there any costs the car loan repayment calculator doesn’t include?

Yes – the car loan repayment calculator can’t predict or include variable lender fees like monthly account charges and loan establishment costs. You can partially get around this by using the lender’s comparison rate instead of the advertised interest rate. A comparison rate bundles all of the regular and initial charges into a representative interest rate figure which is clearly displayed next to the annual percentage rate for the loan. Remember, though, that a comparison rate doesn’t include late fees or early repayment charges, so it’s not a 100% accurate representation of the final cost of your car loan.

Car loans often come with various charges for early repayment and late repayment fees. Lenders charge various amounts for late or missed payments, ranging from $15 up to $40 or more. When you pay a car loan down early, lenders charge both early repayment fees and break fees. Paying off the loan in the latter stages of the term is usually cheaper than early in the term.

Early repayment fees also vary from provider to provider and can cost well over $100. The specific amount you pay will depend on how early or late in the term you decide to pay off the loan, but also the remaining balance on the loan and the lender’s costs at that specific time, so they’re difficult to determine until the time comes.

The car loan repayment calculator also can’t predict your own personal interest rate, which is based on your credit profile. As mentioned above, this is dictated by a wide variety of factors, so it’s impossible for a calculator to be able to account for this.

What are my car loan options?

If you’re a borrower looking to purchase a vehicle for your own personal use, the best option for you is likely to be a standard secured car loan. These loans are the most common for private-use car finance and utilise the car itself as collateral for your loan. They come with fixed interest rates, meaning your loan’s interest will remain the same regardless of what happens to your lender’s rate offerings across your term. Because of the secured nature of car loans, your car will typically have to meet eligibility criteria to qualify for financing, namely relating to its age and condition. With Savvy, we can help you get approved for secured car finance for vehicles up to as old as 25 years through our specialist lending partners.

If your car is older than 20 to 25 years, though, you might have to look at unsecured vehicle finance. This is essentially a personal loan, meaning you can use it for just about anything you like (including cars of any age or condition). These loans can either come with fixed or variable interest rates, the latter meaning your rate will be left open to fluctuation across your term. While unsecured loans come with greater scope to pay down your loan earlier and save money in the process, you’ll likely have to pay a much higher interest rate due to the greater risk your lender is taking on in approving finance without security.

There’s a range of other options available if you’re looking to finance a vehicle for commercial purposes. For instance, a chattel mortgage is essentially the same as a regular car loan but is designed for the purchase of commercial vehicles or equipment. These come with the ability to place a residual payment, or balloon, at the end of the loan, which reduces your monthly repayments but requires you to pay a lump sum at its conclusion.

If you don’t want to commit to the purchase of your vehicle, though, you can also opt for a car lease instead, which can come with all the required costs built into your payments and typically enable you to choose whether to buy, sell, trade in or continue to lease it. There are so many options to choose from when it comes to financing your car, so it’s important to carefully consider which options are best for you before diving into the application process.

How should I compare car loans?

There are many ways you can go about comparing different car loans on the market. While it’s always valuable to do this yourself, applying for financing with Savvy takes the legwork out of comparing, as our dedicated and experienced consultants can do the heavy lifting for you. The key areas to consider when choosing your car loan are:

Eligibility criteria

You should always look for lenders whose qualification criteria you meet as a borrower. These can vary slightly between different financiers and will revolve around the following factors:

  • You must be at least 18 years of age
  • You must be an Australian resident (or, in some cases, an eligible visa holder)
  • You must be earning a stable income of at least $26,000 annually (although some lenders may be able to accept less)
  • You must be employed and working consistently (different lenders will have different requirements relating to how long self-employed and casual workers must be in the same job)
  • You must have a good credit score and no prior defaults or bankruptcies (although there are options for bad credit borrowers)

On top of this, your car will also have to meet their criteria. As mentioned, this will mostly relate to its age, with some lenders capping this as low as five to seven years while others allow for up to 25.

Interest rate

Interest rates are the most significant cost factor when it comes to car loans. As you’ll be able to see by using the repayment calculator, even seemingly minor differences can result in a saving of hundreds or thousands of extra dollars. 

Fees

There are several fees which can also apply to your loan, although lenders may be willing to waive some of these on a case-by-case basis. You can compare car loans based on their comparison rates to gain a clearer picture of their true cost inclusive of both interest and fees, but you should consider the following costs:

  • Ongoing monthly fees of up to $20
  • Establishment/application fee of up to $600
  • Early repayment fee of up to $600 to $900 (although this depends on the size of your loan, its rate and how long is left to run)
  • Late payment fees of up to $50

Required loan amounts

Loans don’t tend to come with maximum amounts, but minimums are more common. You should always double-check whether the lender you’re applying with can accommodate you if you only need a small loan, such as if you’re buying an older, cheaper car or are putting down a substantial deposit.