Car Loan Repayment Calculator
Calculate your car loan repayments and work out your car borrowing capacity.
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.
Car loan features and benefits
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.
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.
Additionally, you can choose whether to service your loan each week, fortnight or month depending on your preferences.
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.
Because all of our car loans are fixed, you can be sure that the repayment estimation in your calculator applies consistently across your loan.
We can match you with flexible lenders who allow you to make additional contributions free of charge and not face any early settlement 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
Your credit score
Lenders will look to your credit score as an indicator of your ability to repay a sizeable debt. This score is formed by assessing your credit behaviour when it comes to paying off any other loans you may have or even things like utility and phone bills. The better your score, the more likely you are to receive a lower car loan interest rate.
How to apply for a car loan with Savvy
What our customers say about their finance experience
Frequently asked questions
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:
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 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.
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.