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You’ll need to enter some details about your loan. These are explained below:
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.
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.
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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.
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.
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.
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.