Car Loan Repayment Calculator
Calculate monthly car loan repayments, total interest paid, and see a full amortization breakdown.
Amount you are paying upfront
Optional lump sum at end of loan (common in car finance). Leave 0 if none.
How to Use
1. Enter the car's purchase price 2. Enter your deposit or trade-in value 3. Enter the interest rate from your lender (comparison rate is more accurate than advertised rate) 4. Select your loan term — longer terms mean lower repayments but more interest 5. Add a balloon payment % if your finance includes one (common in novated leases and dealer finance)Comparison rate vs. advertised rate: Always use the comparison rate — it includes fees and gives the true cost of the loan.
Formula
Monthly Payment = P × r(1+r)ⁿ / ((1+r)ⁿ−1) | Total Interest = (Monthly × Months) − PrincipalFrequently Asked Questions
What is a good car loan interest rate in Australia?
As of 2024–25, competitive car loan rates range from 6–9% p.a. for secured loans (car as collateral). Dealer finance is often higher (10–15%). Credit unions and online lenders typically offer better rates.
What is a balloon payment?
A balloon is a lump sum due at the end of the loan. It reduces your monthly payments but means you owe a large amount at the end — you'll either pay it, refinance, or sell the car. Common in novated leases.
Should I take a longer or shorter loan term?
Shorter terms (3 years) cost significantly less in interest. A $30,000 loan at 8% over 3 years costs ~$3,900 in interest; over 7 years it costs ~$9,200. If you can afford higher repayments, shorter is better.
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