Car loan repayment calculator

$15,000
3 years
9%

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Based on your inputs, here are some personal loans worth considering. Some lenders can give you loan pre-approval within minutes.

  • New Car Loan

    Interest rate
    4.99%
    p.a.
    comparison rate

    The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

    5.53%
    p.a.based on $30,000
    over 5 years
    Monthly Repayment Representative example figures and monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Fees are included in the representative example but not the monthly repayment. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
    $2319

    Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 4.99% would cost $34,359.97 including fees.

    Details
  • Car Loan

    Interest rate
    4.89%
    p.a.to 9.99% p.a.
    comparison rate

    The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

    5.44%
    p.a.to 10.56% p.a.based on $30,000
    over 5 years
    Monthly Repayment Representative example figures and monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Fees are included in the representative example but not the monthly repayment. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
    $2319

    Terms from 3 to 7 years. Representative example: a 5 year $30,000 loan at 4.89% would cost $34,276.58 including fees.

    Details
  • Secured Car Loan

    Interest rate
    6.79%
    p.a.
    comparison rate

    The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

    7.16%
    p.a.based on $30,000
    over 5 years
    Monthly Repayment Representative example figures and monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Fees are included in the representative example but not the monthly repayment. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
    $2319

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 6.79% would cost $35,729.09 including fees.

    Details
  • Car Loan

    Interest rate
    5.35%
    p.a.
    comparison rate

    The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

    5.65%
    p.a.based on $30,000
    over 5 years
    Monthly Repayment Representative example figures and monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Fees are included in the representative example but not the monthly repayment. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
    $2319

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 5.35% would cost $34,507.61 including fees.

    Details
  • Used Car Loan

    Interest rate
    4.99%
    p.a.
    comparison rate

    The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

    5.53%
    p.a.based on $30,000
    over 5 years
    Monthly Repayment Representative example figures and monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Fees are included in the representative example but not the monthly repayment. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
    $2319

    Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 4.99% would cost $34,359.97 including fees.

    Details

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Car loan guides

 Top tips for managing car loan repayments

According to the Australian Bureau of Statistics, there are over 19 million vehicles registered in Australia and for a vast number of people, taking out a car loan is how they afford to have a car for personal use. When borrowing money for a car, it is important to calculate not just how much money you need to purchase the car, but also factor in costs like car insurance, rego and maintenance costs. Here we will run through some of the most frequently asked questions about how to best manage repayments on a car loan.

What’s the maximum term for a car loan? 

In Australia, the most common maximum loan term offered by banks and lenders in our database for new car loans is 7 years, though it is possible to get a loan term of 10 years from Unity Bank. 

How do I work out the best car loan repayment term for me? 

How much time you’ll need to pay off your car loan is going to vary depending on the interest rate of the loan, your budget and the loan size. One of the best aspects to the car repayments calculator above is that you can play around with the loan term so that you can get an idea of the best loan term for you prior to applying. 

The longer the loan term, the smaller your repayments will be month to month but it will also mean you’ll pay more interest over the life of the loan so you’ll pay a higher price for your car overall.

The key to selecting a loan term is making sure that you are not going to be financially stretched to make your repayments. In many instances, lenders will allow for you to make extra repayments on loans so it can be a good idea to get a loan term that you’ll comfortably be able to make your monthly loan repayments and then whenever you have extra money, you can put this towards the loan. 

How much can I borrow for a car?  

The amount of money that you will be able to borrow will depend on a number of factors including your current income, assets and liabilities. It is a good idea to make sure that prior to applying for a car loan that you do a loan affordability test. This can be as simple as choosing a car that you want to purchase, plugging this amount into the car loan repayments calculator above along with a loan term to get an estimated repayment calculation. 

Then, for the next few months, put the amount of this repayment into a high interest savings account each month to see whether you’d be able to manage this kind of repayment. If not, you can then try changing the loan amount or term until you can find an amount that you’d be able to pay off comfortably.  

How do I compare the cost of fees and interest rates between lenders?

When you are comparing car loans from different lenders and banks, you’ll notice that there are usually two rates advertised. The interest rate and the comparison rate. The comparison rate combines both the interest rate with some common fees so that you can see the ‘true cost’ of the loan. You should use this rate when comparing car loans side by side. 

How is interest calculated on car loans? 

Like most other loans, interest is calculated daily on the unpaid daily balance of your car loan. This interest is included in your monthly repayment. 

What factors determine what interest rate I will get on a car loan?

Many lenders in Australia have risk-based pricing for car loans which means that they will personalise the interest rate you’ll get depending on your credit history. This kind of pricing is good for people with excellent credit as it generally means that they’ll get the most competitive interest rates available.

Another factor that might affect the interest rate you’ll get could be the type of car loan you are applying for. If you are borrowing money for a new car, it’s likely that you’ll be able to get a secured loan, which means that you’ll use the car as security for the loan. The benefit of doing this is that you’ll get a lower interest rate.