Car loan repayment calculator
Estimate repayments on a car, ute, truck or equipment loan. Change the amount, rate, term and balloon to see how each one affects what you pay.
Estimated repayment
$0
per month
- Balloon at the end
- $0
- Total repayments (incl. balloon)
- $0
- Total interest
- $0
Example only, based on the figures you enter. Assumes a fixed rate, repayments in arrears and no fees or charges. Not a quote or an offer of credit. Your rate depends on your situation, the vehicle and the lender. Credit criteria, fees and charges apply.
How a balloon changes your repayments
A balloon lowers your regular repayments by leaving part of the loan to pay at the end, but you'll usually pay more interest overall. For a $40,000 loan at an example rate of 8.5% p.a. over 5 years:
| Balloon | Monthly repayment | Owing at the end | Total interest |
|---|---|---|---|
| None | $821 | $0 | $9,240 |
| 20% | $713 | $8,000 | $10,792 |
| 30% | $659 | $12,000 | $11,568 |
More detail in balloon payments, explained.
Weekly, fortnightly or monthly?
On the same loan, more frequent repayments mean slightly less interest, because the balance comes down sooner. Pick the frequency that matches when you're paid or when your business has cash coming in.
FAQs
Does the calculator include fees?
No. It shows principal and interest only. Lenders may charge establishment fees, monthly account fees and other charges, and we may charge a broker fee. All fees are set out in your quote and our Credit Guide before you go ahead.
Are repayments in advance or in arrears?
The calculator assumes repayments in arrears, at the end of each period. Some business loans have repayments in advance, which changes the figures slightly.
What interest rate should I use?
Use the rate from your quote if you have one. If not, the example rate is a starting point, but your actual rate depends on your credit history, income, the vehicle and the lender.
Can I use it for a chattel mortgage or equipment loan?
Yes. The maths is the same for car loans, chattel mortgages and most equipment loans. GST and tax aren't included, so check those with your accountant.
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Related
General information only. It doesn't take into account your objectives, financial situation or needs. Credit criteria, fees and charges apply. My Finance Hub is a Credit Representative (553769) of Purple Circle Financial Services (Australian Credit Licence 486112).