Car Loan Repayment Calculator Australia (Updated 2022)

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Your repayments

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How to use the Car Finance calculator

To use the car finance calculator, you’ll need to enter some details about your loan. These are explained below:

Vehicle Purchase Price — The value of the vehicle you wish to buy. Car loans are secured by the vehicle you purchase, and this amount will be relative to the base loan amount for your car finance.
Initial Deposit / Trade-In Amount — The deposit amount put toward the vehicle during the purchase, or the amount you are offered when trading in your current vehicle. The final loan amount (minus any fees) is calculated by subtracting the deposit or trade-in amount from the vehicle purchase price.
Interest Rate — This is the fixed interest rate the lender will apply to your car loan, and is used to calculate both the total amount of interest you will pay over the loan period and your scheduled repayment amount.
Loan Term — The length of your car loan as dictated by your loan agreement. The loan term is important as it will allow you to accurately calculate your monthly, fortnightly, or weekly payments through an Annual Percentage Rate (APR) calculation. The shorter your loan term, the higher your scheduled repayments will be.
Establishment Fees— Any upfront fees charged by the lender when creating the secured car loan agreement. Establishment fees are included in the calculation for your repayments to provide a more accurate total loan amount.
Loan Amount — The amount of money you will be taking out under a car loan agreement, including any fees, and discounting any deposit or trade-in amount.

Once you have filled in your car loan details, simply click ‘See My Repayments’ to view an estimated repayment amount. You can then select Monthly, Fortnightly, or Weekly repayments to see what your repayment amount will be at various frequencies.

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Car Loan Repayment and Interest Formula

The car loan calculator uses what is called an amortisation calculation. Amortisation is best understood as the way you will gradually repay your loan amount over time. For example, when you make your first repayment on your car loan, a greater portion of the amount will go toward repaying the interest. As you continue to meet your repayments, the portion of interest paid on each amount will decrease, and the portion paid on your principal amount will increase.

Car loans are generally secured by the vehicle, and offered for a fixed rate over a fixed term. Calculating your repayments this way will not only give a more complete representation of repayments, but also allow you to determine the amount of interest you will pay over the term — or save if you are able to repay the loan early.

CAR LOAN AMOUNT	5% INTEREST	7.5% INTEREST	10% INTEREST
$10,000	$188.71	$200.38	$212.47
$20,000	$377.42	$400.76	$424.94
$30,000	$566.14	$601.14	$637.41

Car loan repayment examples are calculated using monthly repayments with a fixed interest rate on a 5-year term. They do not include any fees that may be charged by a lender in addition to interest.

How do you qualify for a car loan?

To qualify for a car loan in Australia, you will need to be over the age of 18, a permanent resident or citizen of Australia, able to verify that you earn a steady income, and most importantly prove your ability to repay the car loan amount.

What is the interest rate for a car loan?

Secured car loans will generally use fixed interest rates offered between 5.00% and 29.90%. You can get the best interest rates on a car loan by purchasing the vehicle from a franchise or dealership, however you are still able to obtain reasonably low rates if you wish to purchase the vehicle through a private sale.

Can I get a car loan if I have bad credit?

Yes, you can get a car loan with bad credit. Bad Credit Car Loans are offered by non-bank lenders and will have higher interest rates than standard car loans. You will still need to prove your ability to meet repayments, and it is very likely that you will be asked to provide extensive supporting documentation to the lender.

How much can I borrow on a car loan?

The average amount for a car loan in Australia is $30,000. Most lenders will approve a secured car loan application for anywhere between $5,000 and $100,000. The amount you are able to gain approval for will depend on your personal borrowing profile, which will be assessed according to your income and credit rating.