Car Loan Calculator

See my repayments

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Loan Amount: --

Establishment Fee: --

Interest: --

How to use the Car Loan Calculator With Balloon

You’ll need to enter some details about your car 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.
  • Balloon Payment Any balloon payment or residual value as a dollar amount or a percentage.
  • 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.

Car Loan Repayment Calculator with Balloon 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.

Example of Monthly Car Loan Repayments

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.

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Money Pty Ltd,
Suite 3, Level 2,
1 Taylor Street,
Moorabbin, VIC, 3189 Australia

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Money Pty Ltd trading as Money
ABN: 42 626 094 773
ACL: 528698
AFCA: 83955

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Disclaimer

Money Pty Ltd (trading as Money.com.au) provides information about credit products and is authorised to do so as the holder of Australian Credit Licence 528698. Money.com.au does not compare every Lender in Australia. We are not a broker or credit provider and when we provide information via this website, we are not providing you with a recommendation or suggestion about a particular credit product. When you apply for a credit product via the Money.com.au website, you are not applying with us, you are applying directly with a Lender Partner. Before entering into any credit product from one of our Lender Partners, you should confirm the rates and product information with the Lender. All information on this website is general advice only and does not take into account your objectives, financial situation or needs. You should consider whether this advice is right for you and we encourage you to seek independent financial advice.