Calculate your car loan repayments
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Car Loan comparison
Lender | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fixed | New | 1 year | More details | ||||||||||
New Car Loan - Special (Fixed) | |||||||||||||
| Fixed | New | 99 years | More details | ||||||||||
New Car Loan Fixed | |||||||||||||
| Fixed | New | 3 years | More details | ||||||||||
New Car Loan Fixed | |||||||||||||
| Fixed | No max | N/A | More details | ||||||||||
Secured Personal Loan (Excellent Credit) | |||||||||||||
| Fixed | New, Used | 7 years | More details | ||||||||||
Car Loan - Fixed | |||||||||||||
| Fixed | New | 2 years | More details | ||||||||||
Secured Fixed Personal Loan (New Asset) | |||||||||||||
| Fixed | New | 99 years | More details | ||||||||||
New Car Loan (NSW, ACT & QLD only) | |||||||||||||
| Fixed | New, Used | 7 years | More details | ||||||||||
Secured Car Loan | |||||||||||||
| Fixed | New | 1 year | More details | ||||||||||
Green Car Loan Fixed | |||||||||||||
| Fixed | New, Used | 3 years | More details | ||||||||||
Car Loan Fixed | |||||||||||||
| Fixed | New | 5 years | More details | ||||||||||
Fixed Car Loan (New) | |||||||||||||
| Fixed | New, Used | 7 years | More details | ||||||||||
Secured Car Loan Fixed | |||||||||||||
| Fixed | New, Used | 99 years | More details | ||||||||||
Car Loan | |||||||||||||
| Fixed | New, Used | 99 years | More details | ||||||||||
New or Used Car Loan Special | |||||||||||||
| Fixed | Used | 5 years | More details | ||||||||||
Used Car Loan (up to 5 years) (Fixed) | |||||||||||||
- Unlimited extra repayments
- Flexible repayment options
- Required: Good credit history, stable employment history. Aus citizenship or PR.
All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.
The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates for car loans and secured personal loans for the relevant amounts and terms are for secured loans unless indicated otherwise. The comparison rates for unsecured personal loans are applicable for unsecured loans only.
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. Comparison rates are not calculated for revolving credit products.
Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of May 1, 2024. View disclaimer.
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Calculator Assumptions: Car Loan Calculator
The figures provided should be used as an estimate only, should not be relied on as true indication of your car loan repayments, or a quote or indication of pre-qualification for any car loan product. The figures are based upon the information you put into the calculator. We have made a number of assumptions when producing the calculations including:
- Loan term, vehicle purchase price, and loan amount: We assume the loan term, vehicle purchase price, and loan amount are what you enter into the calculator.
- Interest rates: We assume that the rate you enter, is the rate that will apply to your loan for the full loan term.
- Interest and repayments: The displayed total interest payable is the interest for the loan term, calculated on the entered interest rate.
- Payable over 3/4/5 years figure excludes any balloon payment
How to Choose a Car Loan Deal
When checking the market for a new car, dealers will present you different car loan terms. To help you separate and pinpoint the best deal, here are some pointers to consider when choosing a car loan deal:
Low Comparison Rates
When deciding on which car loan to choose, it’s important to use the loan's comparison rates as they are a more accurate indication of the total loan cost.
Remember that comparison rates are there to help buyers understand the overall cost of a loan as they show true cost of the loan including the interest and any fees.
A loan with a low interest rate may not always end up being the cheapest option. Sometimes low interest car loans can have high upfront fees and ongoing costs, which would be indicated in the comparison rate. This is why it's important to use the comparison rate when comparing the overall cost of different car loans.
Low Interest Rates
A low interest rate is another indicator of a good car loan deal. The actual interest rate can affect how large your monthly repayments will be, as well as the overall price of your loan.
You can check the current interest rates on the market online to see the best deals available, and this can help you find a lender that suits your preferences.
Extra Loan Features
There are many car loan lenders that offer loans with extra features to sweeten the deal. Some of these features could include:
-
Pre-approval - helps speed up the loan application process and can give you an idea of how much you can borrow from a lender
-
Additional repayments - extra payments can help you pay your loan off faster
-
Flexible repayment schedule - some lenders will allow you to switch between a weekly, fortnightly and monthly schedule depending on your needs
-
Balloon payment - a large lump sum payment at the end of the loan, making monthly repayments more affordable
Car Loan Calculator FAQs
The formula for calculating car loan interest is:
Monthly interest charged = (outstanding balance x interest rate) / 12
0% car loans allow you to pay back only the loan amount you have borrowed, without being charged any interest. Sometimes, 0% would only be available for a limited time such as for a promotional period and then will revert to a higher interest rate.
0% car loans may not actually mean you save any money compared to a normal car loan. You may be charged with a higher vehicle price and other fees that can significantly increase your repayments.
The most common types of car loans are:
- Secured car loans - this means your lender has the legal right to repossess the vehicle if you fall behind on repayments
- Commercial hire auto loans - a financer purchases the car and hires it to the consumer over a set period, and once all payments are complete the vehicle will be transferred to the consumer
- Finance Leasing - a financer purchases the car then leases it to the consumer giving an immediate use of it
- Unsecured car loans - this is a loan with no collateral, meaning if you default on loan repayments, the lender cannot repossess the car you purchased
*Comparison rates based on a loan of $30,000 for a five-year loan term. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of 11 April 2024.
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Savings.com.au Pty Ltd ACN 161 358 363 | Australian Financial Services Licence and Australian Credit Licence 515843