Car Loan
Calculator
Find out what a car loan really costs, and what you could actually pay. Compare 50+ lenders to lock in your real rate.
FAQ
Common questions about the car loan calculator
How is my car loan repayment calculated?
The calculator uses the standard amortisation formula: M = P × [r(1+r)n] / [(1+r)n − 1], where P is the loan amount, r is the periodic rate, and n is the total number of payments. For a worked example: a $35,000 car loan at 6.49% p.a. over 5 years repaid weekly costs roughly $157/week. Higher amounts or rates push the repayment up; longer terms bring it down. The estimate is mathematically precise. Your actual rate depends on your credit profile, the vehicle, and the lender.
What loan term should I choose for a car?
Five years is the common middle ground. Three years means a higher weekly repayment but you own the car sooner and pay less interest overall. Seven years drops the weekly repayment but you'll likely outlast the factory warranty and the car will be worth a lot less by the time the loan clears. A balloon at the end can soften the weekly number on a long term, but you still owe the lump sum. Match the term to how long you actually plan to keep the car.
Does the interest rate in this calculator reflect what I'll actually pay?
The rate you enter is a guide, not a quote. Your actual rate depends on your credit profile, income, the vehicle (new vs used, age, kilometres), and which lender you match with. New-car rates are typically lower than used, and secured car loans typically beat personal loans. We compare across 50+ lenders to find the rate that actually fits your profile. Checking what you qualify for has no impact to your credit file.
What is the difference between a secured car loan and a personal loan?
A secured car loan uses the car as collateral. The lender takes on less risk, so rates are typically lower and repayments smaller. The trade-off is a slightly longer settlement because the lender needs to verify the asset. A personal loan is assessed against you rather than the car, so settlement is quicker and funds go directly to you. That flexibility means you can spend the funds across a car plus related costs (rego, insurance, accessories), but rates sit higher because there's no collateral. For most newer-car purchases, a secured car loan is the better economics. For older cars (where some lenders won't accept the car as security), private-sale purchases, or buyers who want flexibility on what the funds cover, a personal loan can fit.