Estimate your car loan repayments with Savvy
Before you apply for your car loan, it’s important to understand how much your preferred loan is set to cost you.
You can use our 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.
Have a trial run with our calculator now to find out what the best loan for you could be before getting a quick quote.
Some of our 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?
Here’s how we can help when it comes to finding the right car loan for you.
Car loan interest rates explained further
What are my car loan options?
Just like every type of financial product, car loans come in many different types. One type is not necessarily better than the other, but may suit your needs better. First, you must select between a fixed or a variable rate car loan. Fixed loans “lock in” your interest rate over a pre-determined time, while variable rates can move up and down according to the official Reserve Bank cash rate. People may like the flexibility of variable rates while others may want security.
You can save money on a car loan by opting for a secured car loan. Secured car loans tie the value of the loan to your car. This means less risk for your lender and lower interest rates.
How do I avoid extra fees and charges?
Using a car loan calculator is a great first step to figure out how much you can afford, but you should also remember some interest rates don’t include how much you could be paying in fees and charges. To get a clearer idea of how much you might be paying, you should look for comparison rates.
Comparison rates include most fees and charges included in a car loan. Some of these charges and fees are unavoidable. Other lenders may charge early payment fees and account keeping fees. To avoid paying too much, you should consult a car loan broker to help you sift through all the different vehicle finance products on the market.
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 impossible 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.
Frequently asked questions
Find out more about how much a car loan will cost and how to budget with a car loan calculator.
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