Car loan calculator

The calculator takes the car price, subtracts your deposit and any trade-in, and treats the rest as the amount to finance. It then applies the interest rate you choose over your selected term using a standard loan repayment formula, assuming a fixed rate and equal repayments. You see the repayment for weekly, fortnightly or monthly payments, plus the estimated total interest and total repaid. It's a guide only, not a quote.

The rates linked to each credit history option are examples to help you test scenarios, not offers. Your actual rate is set by the lender after it assesses your credit file, income, expenses, the car's age and value, the loan term and whether the loan is secured. Two people borrowing the same amount can be offered quite different rates. A broker can give you a personalised figure once they understand your situation.

No, the estimate covers the amount financed and interest only. A real loan can add an establishment fee, monthly account fees and, where it applies, a brokerage fee, and some lenders add fees to the loan amount so you pay interest on them too. That means your actual repayments could be a little higher than the estimate. Ask for a full breakdown of fees with any quote you receive.

Not at the moment: the calculator assumes the loan is fully paid off by the final repayment, with no balloon. A balloon or residual lowers your regular repayments because part of the loan is deferred to a lump sum at the end. The trade-off is more interest overall, since that portion stays outstanding for the whole term. A broker can show you repayments with and without a balloon side by side.

No, it isn't a quote, an offer of credit or an approval. It simply does the maths on the figures you enter so you can set a realistic budget before you shop. Whether you're approved, and on what terms, depends on the lender's own credit assessment. For real numbers, the quiz takes about 60 seconds and connects you with a licensed broker who can compare lenders that may suit you.

A comparison rate combines the interest rate with most standard fees and charges into one percentage, so you can compare loans more fairly. In Australia it's worked out on a set example, which for car and personal loans is usually $30,000 over five years, so it may not reflect your exact loan. It also leaves out some costs, such as early payout or late payment fees. A low headline rate with high fees can cost more.

A longer term lowers each repayment but increases the total interest, because you're borrowing the money for longer. Try it in the calculator: switch between three, five and seven years on the same amount and watch the total interest figure move. A shorter term means higher repayments yet usually a noticeably lower total cost. Aim for the shortest term whose repayments still sit comfortably within your budget.

Weekly or fortnightly repayments can save a little interest compared with monthly, because the balance falls more often and many lenders calculate interest daily. The saving is usually modest. The bigger benefit is lining repayments up with your pay cycle, so the money is in your account when each one is due. Check that your lender offers the frequency you want and doesn't charge extra for it.

It depends on more than your income. Lenders look at your take-home pay, living expenses, existing debts and credit card limits, dependants and credit history, then check the repayments are affordable with a buffer for changes. Two people on the same salary can be offered very different amounts. The calculator shows what a loan would cost, not what a lender will approve, so a broker is the best source of a realistic figure.