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You’ll need to enter some details about your car 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.
CAR LOAN AMOUNT | 5% INTEREST | 7.5% INTEREST | 10% INTEREST |
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$10,000 | $188.71 | $200.38 | $212.47 |
$20,000 | $377.42 | $400.76 | $424.94 |
$30,000 | $566.14 | $601.14 | $637.41 |