Car Loan Repayment Calculator
Work out your car loan repayments before you dive into the application process with Savvy.
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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.
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?
Over 40 reputable lenders on our panel
Our wide panel of lenders helps us maximise your chances of finding a competitive loan to suit your needs.
100% online process
Your car loan application can be completed online via our simple form, including submitting the required paperwork.
FBAA-accredited and informed
As one of the country’s longest-running and most trusted brokers, we’re here to share our wealth of car loan knowledge with you.
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. The better your score, the more likely you are to receive a lower car loan interest rate, as lenders will view you as being at a lesser risk of defaulting or having issues repaying the loan during your term.
Your history of repaying similar loans
Although credit score is perhaps the most important factor, showing your lender a verifiable history of paying off a car loan, chattel mortgage or similar loan will maximise your chances of approval for your loan with an affordable interest rate. This gives the strongest possible indication from a lender’s perspective that you’ll be able to comfortably manage the responsibility of repaying your loan.
Your employment and income stability
Part of the confidence lenders want to feel in you regarding the affordability of your loan is that you’ll be able to consistently support your repayments without fear of losing your income stream. As such, long-term permanent employees are likely to be offered the best rates.
The condition of your car
Loans for brand-new vehicles are sometimes offered the lowest interest rate, though this isn’t always the case. This difference may also be marginal, so it’s important to know that even if you’re buying a second-hand vehicle, you can still access highly competitive interest rates.
Whether you’re asset-backed
Finally, lenders will also look at the other assets you own when considering your car loan application, namely whether there’s any property in your name. While this forms no part of the loan itself (you won’t have to put up any home equity to secure your car loan), car financiers will generally look more kindly on those who own property.
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