Before you apply for a car loan, it’s important to understand what it could cost you. Whether you're buying a new or used car or looking to refinance, our car loan repayment calculator can help you estimate your repayments based on the details you enter.
This gives you a clearer picture of the real cost of your loan – helping you budget and understand your options before applying for finance.
Car loan repayment calculator
Crunch the numbers to see how much you could be paying
Your estimated repayments
$98.62
| Total interest paid: | Total amount to pay: |
| $1233.43 | $5,143.99 |
How do I use Savvy’s car loan repayment calculator?
Using our car loan repayment calculator is simple. Just enter your desired loan amount, repayment term, an estimated interest rate and the size of your deposit (if any). From there, it’ll tell you how much your weekly, fortnightly, monthly and total repayments are likely to be based on the numbers you’ve provided.
The interest rate shown in our calculator is the lowest car loan rate currently available through Savvy – however, your actual rate may vary depending on your credit score, loan amount, income and overall financial profile.
Please note: our calculator provides an estimate only. It does not include lender fees such as account keeping charges, establishment fees or early repayment penalties, and cannot predict your interest rate. If you’re ready to get a personalised quote, you can apply with Savvy and compare options from our panel of lenders.
What affects the cost of my car loan?
Several factors influence how much you’ll pay for your car loan. Let’s look at some scenarios:
- Interest rate
- Loan amount
- Loan term
- Deposit
- Additional repayments
- Balloon payment
Interest rate
Interest is the most obvious aspect of a car loan that determines its cost. The higher your rate, the more you’ll pay. Here’s an example of how your interest rate can impact the total cost of your loan, based on a $30,000 car loan repaid monthly over five years:
| Interest rate | Total interest paid | Total cost of loan |
|---|---|---|
| 6% | $4,799 | $34,799 |
| 7% | $5,642 | $35,642 |
| 8% | $6,498 | $36,498 |
| 9% | $7,280 | $37,280 |
| 10% | $8,150 | $38,150 |
When comparing loans, it’s also important to check the comparison rate, not just the interest rate. A comparison rate gives a clearer picture of the loan’s true cost because it factors in both the interest rate and most fees, such as establishment and account-keeping charges. Here’s an example:
| Loan A | Loan B | |
|---|---|---|
|
Interest rate
|
7.50% p.a.
|
8.50% p.a.
|
|
Fee %
|
2.5%
|
1%
|
|
Comparison rate
|
10.00% p.a.
|
9.50% p.a.
|
|
Total cost
|
$38,245
|
$37,803
|
Calculations based on a $30,000 car loan repaid monthly over five years.
Loan amount
The more you borrow, the more you'll have to repay overall – not just in principal, but also in interest. Because interest is calculated on the loan amount, a higher loan means you'll pay more in interest charges over time. Here’s an example of how your loan amount can affect the total cost:
| Loan amount | Total interest | Total cost of loan |
|---|---|---|
| $30,000 | $5,997 | $35,997 |
| $40,000 | $7,996 | $47,996 |
| $50,000 | $9,995 | $59,995 |
| $60,000 | $11,994 | $71,994 |
| $70,000 | $13,993 | $83,993 |
Calculations based on a five-year car loan repaid monthly with a 7.50% p.a. interest rate.
Loan term
Interest is calculated based on ongoing loan balance, so the faster your balance falls (shorter loan terms), the less you’ll pay. This table shows how different loan terms can impact the cost of interest overall:
| Loan term | Repayments | Total interest | Total saving |
|---|---|---|---|
|
Seven years
|
$461
|
$8,653
|
N/A
|
|
Six years
|
$519
|
$7,347
|
$1,306
|
|
Five years
|
$602
|
$6,069
|
$2,585
|
|
Four years
|
$726
|
$4,818
|
$3,835
|
|
Three years
|
$934
|
$3,595
|
$5,058
|
|
Two years
|
$1,350
|
$2,400
|
$6,253
|
|
One year
|
$2,603
|
$1,233
|
$7,420
|
Calculations based on a $30,000 car loan repaid monthly with a 7.50% p.a. interest rate.
Deposit
Paying a deposit will also reduce the amount of interest you pay. The following table shows how this works for different deposit sizes:
| Deposit | Loan amount | Repayments | Total interest | Total saving |
|---|---|---|---|---|
|
$0
|
$30,000
|
$602
|
$6,069
|
N/A
|
|
$1,500
|
$28,500
|
$572
|
$5,765
|
$304
|
|
$3,000
|
$27,000
|
$542
|
$5,462
|
$607
|
|
$6,000
|
$24,000
|
$481
|
$4,855
|
$1,214
|
Calculations based on a car loan repaid monthly over five years with a 7.50% p.a. interest rate.
Additional repayments
Making extra payments can help you pay your loan down faster (though it’s important to check beforehand if your lender charges fees for paying out your loan ahead of schedule). The following table shows how much you can save (and how much sooner you can clear your debt) when making additional payments:
| Loan term | Extra payment | Total payments | Total interest | Total saving | Total loan term |
|---|---|---|---|---|---|
|
Five years
|
$0
|
$602
|
$6,069
|
N/A
|
Five years
|
|
Five years
|
$100
|
$702
|
$5,019
|
$1,050
|
Four years, two months
|
|
Five years
|
$250
|
$852
|
$3,994
|
$2,075
|
Three years, four months
|
Calculations based on a $30,000 car loan repaid monthly with a 7.50% p.a. interest rate.
Balloon payment
A balloon or residual payment is a lump sum to be paid at the conclusion of your loan term. Although they can reduce your monthly payments, they’ll also increase the amount of interest you pay overall. This is because your loan payments will gradually reduce to your residual value, rather than $0. The table below demonstrates this:
| Balloon payment | Repayments | Total interest | Total saving |
|---|---|---|---|
|
$6,000
|
$519
|
$7,105
|
N/A
|
|
$3,000
|
$560
|
$6,587
|
$519
|
|
$1,500
|
$581
|
$6,328
|
$777
|
|
$0
|
$602
|
$6,069
|
$1,037
|
Calculations based on a $30,000 car loan repaid monthly over five years with a 7.50% p.a. interest rate.
Why apply for a car loan with Savvy?
