Car Loan Repayment Calculator

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

Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
Our authors
, updated on April 29th, 2024       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

Car Loans Banner - Man sitting on the couch looking at his phone next to his laptop

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 much will my car loan cost?

As you can see in the calculator, there are several variables that can impact the cost of your car loan. Some of these include:

Interest rate and loan size

Interest is the most obvious aspect of a car loan that determines its cost. The higher your rate, the more you’ll pay. However, because interest is calculated based on your ongoing loan balance, the amount you borrow will also have a major impact on what you pay. The following table shows how both of these factors can impact the total amount of interest you pay:

Loan size 7.00% p.a. 8.00% p.a. 9.00% p.a. 10.00% p.a.
$30,000
$5,643
$6,498
$7,366
$8,245
$40,000
$7,523
$8,664
$9,821
$10,993
$50,000
$9,404
$10,830
$12,276
$13,742
$60,000
$11,285
$12,996
$14,731
$16,490
$70,000
$13,166
$15,161
$17,186
$19,238

Source: How Does a Car Loan Work? – Savvy. Calculations based on a car loan repaid monthly over five years.

Length of loan term

Another factor you can see in Savvy’s repayment calculator that impacts the cost of your loan is the length of the term. As mentioned, interest is calculated based on ongoing loan balance, so the faster your balance falls (shorter loan terms), the less you’ll pay. This table shows how different loan terms can impact the cost of interest overall:

Loan term Repayments Total interest Total saving
Seven years
$461
$8,653
N/A
Six years
$519
$7,347
$1,306
Five years
$602
$6,069
$2,585
Four years
$726
$4,818
$3,835
Three years
$934
$3,595
$5,058
Two years
$1,350
$2,400
$6,253
One year
$2,603
$1,233
$7,420

Source: How Does a Car Loan Work? – Savvy. Calculations based on a $30,000 car loan repaid monthly with a 7.50% p.a. interest rate.

Deposit

Paying a deposit will also reduce the amount of interest you pay. You can see this when using the deposit function in our calculator, while the following table shows how this works for different deposit sizes:

Deposit Loan amount Repayments Total interest Total saving
$0
$30,000
$602
$6,069
N/A
$1,500
$28,500
$572
$5,765
$304
$3,000
$27,000
$542
$5,462
$607
$6,000
$24,000
$481
$4,855
$1,214

Source: Cheap Car Loans – Savvy. Calculations based on a car loan repaid monthly over five years with a 7.50% p.a. interest rate.

Comparison rate

The comparison rate of your loan is the more accurate reflection of its cost, as it includes any applicable establishment and ongoing fees. You should always compare loans based on their comparison rate, with the following table demonstrating how lower interest doesn’t always mean a cheaper loan:

Loan A Loan B
Interest rate
7.50% p.a.
8.50% p.a.
Fee %
2.5%
1%
Comparison rate
10.00% p.a.
9.50% p.a.
Total cost
$38,245
$37,803

Source: Cheap Car Loans – Savvy. Calculations based on a $30,000 car loan repaid monthly over five years.

Additional repayments

One factor not covered in the calculator is additional repayments. Although many lenders will charge fees for you to pay out your loan ahead of schedule, this isn’t always the case. The following table shows how much you can save (and how much sooner you can clear your debt) when making additional payments:

Loan term Extra payment Total payments Total interest Total saving Total loan term
Five years
$0
$602
$6,069
N/A
Five years
Five years
$100
$702
$5,019
$1,050
Four years, two months
Five years
$250
$852
$3,994
$2,075
Three years, four months

Source: How to Pay Off Your Car Loan Faster – Savvy. Calculations based on a $30,000 car loan repaid monthly with a 7.50% p.a. interest rate.

Balloon payment

It’s also important to know how balloon payments can impact your loan’s cost. A balloon or residual payment is a lump sum to be paid at the conclusion of your loan term. Although they can reduce your monthly payments, they’ll also increase the amount of interest you pay overall. This is because your loan payments will gradually reduce to your residual value, rather than $0. The table below demonstrates this:

Balloon payment Repayments Total interest Total saving
$6,000
$519
$7,105
N/A
$3,000
$560
$6,587
$519
$1,500
$581
$6,328
$777
$0
$602
$6,069
$1,037

Source: How to Pay Off Your Car Loan Faster – Savvy. Calculations based on a $30,000 car loan repaid monthly over five years with a 7.50% p.a. interest rate.

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.

Brands you can trust

anz logo
Plenti logo
liberty logo
finance one logo
wisr logo
firstmac logo
Macquarie logo
Now Finance Logo
SocietyOne
logo money3
Commonwealth Bank logo
Capital finance logo
Moula logo
prospa logo
BOQ logo
Angle Finance Logo
Westpac Logo
liberty logo
finance one logo
Macquarie logo
firstmac logo
Now Finance Logo
logo money3
Westpac car insurance
Capital finance logo
Moula logo
prospa logo
Angle Finance Logo

Helpful guides on car loans

Cars parked in a row outdoors

The 5 Best Budget Cars in Australia in 2024

If you’re on a budget, finding a car that ticks all the boxes can feel like a challenge. However, there’s still a wide range of new car options available on...

Person opening car door holding the handle

Understanding PPSR for Cars

For car owners and potential buyers in Australia, the Personal Property Securities Register (PPSR) is an essential tool for protecting your financial interests. Whether you're buying a brand-new car from...

Smiling man driving car

Novated Lease Companies

It’s important to compare your options when searching for the right novated lease. This type of car finance involves taking out a car lease through your employer and allows you use...

Man and woman getting into car at dealership

Is Your Car Warranty Worth Its Salt?

A car warranty is essentially a guarantee from the manufacturer or seller that they will cover certain repairs or defects within a specified period. While this can provide peace of...

Man and woman travelling in convertible car

What Is a VIN and What Does It Help You With?

For Australians who own or intend to buy a car, understanding the Vehicle Identification Number (VIN) is crucial. This seemingly random string of numbers and letters holds immense significance, acting...

Car finance broker at desk wearing headset

What Is a Car Finance Broker?

When it comes to buying a car, many Australians turn to car loans to help complete the purchase. Indeed, in 2023, the value of new fixed term loan commitments for...

Car battery being installed in car

How Long Does a Car Battery Last?

A battery is essential to your car’s functionality, providing the necessary power to start the engine, operate lights and accessories, and even power advanced features like navigation systems and entertainment...