Car loan repayments calculator
Our Car Loan Repayments Calculator helps you decide what amount you want to borrow and will provide you with an estimate of the repayments you will likely need to budget for each month, fortnight or week depending on your preference.
The repayment amount shown using this calculator is an estimate, based on information you have provided. It is provided for illustrative purposes only and actual repayment amounts may vary. To find out actual repayment amounts, contact us. This calculation does not constitute a quote, loan approval, agreement or advice by Savvy. It does not take into account your personal or financial circumstances. To apply for a car loan, you must complete our online application. All applications are subject to our lenders' credit assessment criteria. Terms, conditions, fees and charges apply.
More on car loan calculator
Find out more about how much a car loan will cost and how to budget with a car loan calculator.
What is a car loan calculator?
A car loan calculator is a tool to help you figure out how much a car loan may cost each month, fortnight, or week in repayments. This can figure out how much different loans will cost under different scenarios.
A car loan calculator can show you different repayment figures depending on variables such as how much you want to borrow, your loan term, the interest rate of the loan, and your deposit.
Car loan calculators only show good estimates or approximations of repayments for fixed rate loans. Variable rate loan repayments may change depending on the movement of the loan market and are calculated month to month (or applicable repayment period.)
A car loan calculator will only display an estimate based on the information you provide. It does not take your personal finances, credit score, and other circumstances into account.
How do I use Savvy’s car loan calculator?
Our car loan calculator has four parts. How much you intend to borrow (loan amount), the loan term (in years), the interest rate, your down payment or deposit, and whether you want to pay monthly, fortnightly, or weekly.
Remember that the calculator only uses the information you provide it – if you enter in a base interest rate instead of a comparison rate (an interest rate that includes most fees and charges) it will not show up in the results.
Using the results, you can make a better and more informed decision about your car loan, including how much you can afford each month or repayment period.
The calculator will figure out the numbers automatically. You can also get a quote based on your calculation by clicking the “Get a free quote” button underneath the calculator.
What should I consider before applying for a car loan?
Before applying for a car loan, you need to consider the interest rates available, potential fees you may have to pay, and your repayments. Some or most fees in a car loan may be represented by a comparison rate. You’ll need to check if a car loan is advertised as an interest rate or comparison rate first.
Using the car loan calculator, you’ll be able to get a picture of your repayments each month, fortnight, or week.
However, when putting together your budget, you’ll also need to factor in how much you’ll expect to pay in fuel, registration, insurance, and maintenance each period. For costs like insurance, you should spread this out over the year and include it as an overall figure per month or repayment period.
What fees and charges are not represented in the calculation?
Unless your interest rate is expressed as a comparison rate, there are some fees that are triggered by certain transactions such as requesting a paper account statement, early repayment fees, exit fees, and late fees. These fees vary from loan to loan. These fees must be listed in any car loan product disclosure statement. Ask your car loan consultant for more information.
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You can find different loan types for your situation
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 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 to avoid extra fees and other hidden nasties
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.
