Car Loan Calculator
Calculate the repayments on a car loan and see the total cost in interest over the term of the loan using our Car Loan Repayment Calculator. What is a car loan? A car loan is a secured personal loan taken out specifically for the purpose of purchasing a car, either for personal or business use.
Car Loan Repayment Calculator
The InfoChoice Car Loan Repayment Calculator helps you compare:
Types of repayments; Principal and Interest Repayments vs Interest Only Repayments.
Repayment Frequency: Monthly Loan Repayments vs Fortnightly vs Weekly.
Car Loan Types: Variable Car Loan vs Fixed Rate Car Loan vs Introductory Rate
Loan Periods: You can set your car loan period and compare loan periods from 1 to 7 years.
Loan Amounts: Enter the amount of the loan you wish to apply to compare interest charged.
The InfoChoice Car Loan Repayment Calculator does NOT take fees into account. Because of this, you may choose to enter a car loan’s comparison rate, instead of headline advertised loan rate. The comparison rate on a car loan takes into account the fees charged by that loan.
Using the calculator does not mean you will be eligible for a loan but could help you to compare car loans and find the best deal for you. You can enter the loan details of the loans you compare here to help you work the cheapest car loan option for your circumstances.
Fixed rate car loans give you certainty and make budgeting easier. You know what you have to pay and the length of time you have to pay it. Variable rate car loans may feature a great rate and flexible conditions but things can change, up or down. Introductory rate car loans can assist you with a great rate for the first few months or year but repayments will increase after that.
The frequency of your car loan repayments can make a significant difference to the amount of interest you pay over the life of your loan. Compare the interest charged on your loan when you choose Monthly, Weekly or Fortnightly repayments.
Comparing loan terms is easy with the loan period slider. A longer loan period may reduce your regular repayments but increase the total interest charged over the life of the loan. A shorter loan period (the total number of years you will take to repay the loan) may increase your repayments but lower the overall interest bill.
To get approved for a car loan, you need to ensure your loan repayments are affordable and within your budget.
Use the InfoChoice Budget Planner Calculator to create an ideal budget for you. Your budget should balance your income against all your living expenses including loan repayments.