Car Loan Repayment Calculator

Work out your car loan repayments before you dive into the application process with Savvy.

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, updated on July 4th, 2023       

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Calculate 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 weekly, fortnightly, monthly and overall repayments might be for any loan amount, term and interest rate. You can even compare what your savings could be based on a loan with an upfront deposit. Run the numbers with Savvy today before you get a free, no-obligation car loan quote with us.

Your estimated repayments

$98.62

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

Savvy’s car loan repayment calculator explained

How do I use Savvy’s car loan repayment calculator?

Savvy’s car loan repayment calculator is very simple to use. All you’ll need to input is your desired loan amount, preferred repayment term, an estimate of your interest rate and the size of your deposit (if any). From there, it’ll tell you how much your loan is likely to cost you based on the numbers you’ve included. This can show weekly, fortnightly and monthly instalments, as well as the cost you’d pay overall if you were approved for a loan with these conditions.

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 understand what these numbers mean in real terms before you jump into your finance deal.

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 example, two lenders may offer $50,000, five-year car loans at 6% p.a. and 6.5% p.a., respectively. By using the calculator, you’d be able to see that you could save $700 by opting for the lower rate in this instance.

Are there any costs not included in the car loan repayment calculator?

Yes – the car loan repayment calculator can’t predict or include 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 figure which is displayed next to your loan’s annual percentage rate. Remember, though, that a comparison rate doesn’t include conditional charges such as late or early repayment fees.

The car loan repayment calculator also can’t predict your interest rate, which is based on a range of factors. As mentioned above, this is dictated by a wide variety of factors, so a calculator can’t account for this. If you’re looking for an indicative interest rate, you can take out a free, no-obligation car loan quote with us and speak to one of our friendly consultants, who may be able to advise you on the rate you could be approved or pre-approved for.

On top of these factors, there’s a set of on-road costs which are important to account for. While they don’t appear in the calculator, it’s crucial to think about what you’d pay in terms of stamp duty on your vehicle purchase, as this could be worth hundreds of dollars (if not more) depending on the laws in your state and territory and the value of your vehicle. You’ll also need to budget for the following when buying your car:

  • Comprehensive car insurance
  • Vehicle registration
  • Ongoing servicing and maintenance
  • Ongoing petrol expenses

How can I save on my car loan?

There are several key ways you can look to save on your car loan, which our car loan calculator can show you. These include:

  • Pay a deposit: by putting forward a lump sum of your own money, you could potentially significantly reduce the cost of your car loan. For example, a $5,000 deposit on a $50,000, five-year loan at 6.5% p.a. would save you more than $850 overall.
  • Choose a shorter loan term: the shorter your loan term, the less interest you’ll pay. This is because your sum owed will decrease at a faster rate, meaning the interest calculated and charged will as well. For instance, opting for a four-year term on a $50,000 car loan at 6.5% p.a. instead of five years would save you close to $1,800 (albeit your repayments would be over $200 more each month).
  • Make more frequent repayments: you may also be able to save on your car loan by paying your instalments on a more frequent basis. This is because fortnightly payments work out to be approximately 13 months’ worth of instalments per year instead of 12. The saving is likely to be more marginal (approximately $70 for a $50,000, five-year loan at 6.5% p.a.), but it may still be worth considering.

Why take out a car loan through Savvy?

Factors which can impact your car loan interest rate

Frequently asked car loan questions

Can I add a balloon payment to my car loan and how will that impact my repayments?

You have the option to add a balloon payment to your car loan with some lenders, which is a lump sum attached to the end of your car loan to be paid at the conclusion of your term. This can reduce the cost of your ongoing instalments, as the balloon you choose is effectively taken out of your loan and added to the end. However, doing so will likely increase the cost of your loan overall, as your amount owing will decrease more slowly to the value of your payment, rather than $0, meaning you’ll pay more interest over your term.

How do I use the car loan repayment calculator if I’m trading in my current vehicle?

If you’re trading in your current car as part of your next vehicle purchase, you can simply deduct the value of your existing car from the loan sum, as this will more accurately reflect the size of loan you’ll need from your lender.

How quickly can I be approved for a car loan with Savvy?

When you apply for finance through Savvy, you could have your car loan formally approved within one business day and fully settled in two. Get a simple online quote with us today and have your next car sorted before you know it.

What is car loan pre-approval?

Car loan pre-approval is a conditional approval you can receive from a lender which indicates what they may be willing to lend you and the terms you may receive if you were to formally apply. This can give you a clear idea of your budget, which can help inform the cars you consider in the purchase process. It can also show vendors and dealership sellers that you’re a serious customer and provide you with a stronger hand for negotiating the price of the vehicle.

What’s the difference between fixed and variable rates on car loans?

Fixed interest rates are those which are locked in for the duration of your loan agreement, meaning your repayments will remain consistent, while variable rates are left open to potential change by your lender and fluctuation in the market. It’s worth considering which you’d prefer when comparing car loan options.

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