Car loan calculator

Q: How is car loan interest rate calculated?

The formula for calculating car loan interest is: Monthly interest charged = (outstanding balance x interest rate) / 12

Q: How does a 0% car loan work?

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.

Q: Is zero percent car financing a good deal?

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.

Q: What are the most common types of car loans?

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

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Car Loan comparison

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Lender	Advertised rate	Comparison rate*	Monthly repayment	Interest Type	Vehicle Type	Maximum Vehicle Age	Ongoing Fee	Application Fee	Total Repayment	as of November 21, 2024

	7.19^%_p.a.	8.31^%_p.a.	^$929	Fixed	New	99 years	^$8	^$400	N/A	More details
FEATURED	New/Demo - Special Car Loan (3 Years) Approval in 24 hours No ongoing fees, no discharge fee Flexible repayment options
FEATURED New/Demo - Special Car Loan (3 Years) Approval in 24 hours No ongoing fees, no discharge fee Flexible repayment options More details
	6.39^%_p.a.	6.61^%_p.a.	^$918	Fixed	New	99 years	^$0	^$150	N/A	More details
	New Car Loan (Fixed) (3 Years) Approval in 24 hours No ongoing fees, no discharge fee Flexible repayment options
New Car Loan (Fixed) (3 Years) Approval in 24 hours No ongoing fees, no discharge fee Flexible repayment options More details
	6.45^%_p.a.	6.72^%_p.a.	^$919	Fixed	New	99 years	^$0	^$195	N/A	More details
	New Car Loan (3 Years) Approval in 24 hours No ongoing fees, no discharge fee Flexible repayment options
New Car Loan (3 Years) Approval in 24 hours No ongoing fees, no discharge fee Flexible repayment options More details
	6.49^%_p.a.	6.84^%_p.a.	^$919	Fixed	New, Used	99 years	^$0	^$250	N/A	More details
	Car Loan (3 Years) Approval in 24 hours No ongoing fees, no discharge fee Flexible repayment options
Car Loan (3 Years) Approval in 24 hours No ongoing fees, no discharge fee Flexible repayment options More details
	6.49^%_p.a.	6.77^%_p.a.	^$919	Fixed	New	99 years	^$0	^$200	N/A	More details
	Secured Fixed Personal Loan (new asset) (3 Years) Approval in 24 hours No ongoing fees, no discharge fee Flexible repayment options
Secured Fixed Personal Loan (new asset) (3 Years) Approval in 24 hours No ongoing fees, no discharge fee Flexible repayment options More details
	6.78^%_p.a.	7.17^%_p.a.	^$923	Fixed	New, Used	99 years	^$0	^$275	N/A	More details
	Secured Loan (3 Years) Approval in 24 hours No ongoing fees, no discharge fee Flexible repayment options
Secured Loan (3 Years) Approval in 24 hours No ongoing fees, no discharge fee Flexible repayment options More details
	8.99^%_p.a.	9.33^%_p.a.	^$954	Fixed	New, Used	99 years	^$5	^$0	N/A	More details
	Secured Car Loan (3 Years) Approval in 24 hours No ongoing fees, no discharge fee Flexible repayment options
Secured Car Loan (3 Years) Approval in 24 hours No ongoing fees, no discharge fee Flexible repayment options More details
	6.69^%_p.a.	7.81^%_p.a.	^$922	Fixed	New	99 years	^$8	^$400	N/A	More details
	Green Car Loan (3 Years) Approval in 24 hours No ongoing fees, no discharge fee Flexible repayment options
Green Car Loan (3 Years) Approval in 24 hours No ongoing fees, no discharge fee Flexible repayment options More details
	7.99^%_p.a.	8.26^%_p.a.	^$940	Fixed	New	99 years	^$0	^$190	N/A	More details
	Fixed Rate New Car Loan (3 Years) Approval in 24 hours No ongoing fees, no discharge fee Flexible repayment options
Fixed Rate New Car Loan (3 Years) Approval in 24 hours No ongoing fees, no discharge fee Flexible repayment options More details
	8.95^%_p.a.	9.16^%_p.a.	^$953	Fixed	Used	99 years	^$0	^$150	N/A	More details
	Fixed Rate Car Loan (3 Years) Approval in 24 hours No ongoing fees, no discharge fee Flexible repayment options
Fixed Rate Car Loan (3 Years) Approval in 24 hours No ongoing fees, no discharge fee Flexible repayment options More details
	6.49^%_p.a.	6.95^%_p.a.	^$919	Fixed	New, Used	99 years	^$0	^$225	N/A	More details
	Secured Fixed Car Loan (3 Years) Approval in 24 hours No ongoing fees, no discharge fee Flexible repayment options
Secured Fixed Car Loan (3 Years) Approval in 24 hours No ongoing fees, no discharge fee Flexible repayment options More details
	7.99^%_p.a.	9.10^%_p.a.	^$940	Fixed	Used	99 years	^$8	^$400	N/A	More details
	Used Car Loan <5 years (3 Years) Approval in 24 hours No ongoing fees, no discharge fee Flexible repayment options
Used Car Loan <5 years (3 Years) Approval in 24 hours No ongoing fees, no discharge fee Flexible repayment options More details

New/Demo - Special Car Loan

Product Features

Available for purchasing new and demo vehicles
$5,000 to $150,000 loan amount
Redraw facility available up to $5000/day
Required: Good credit history, stable employment history. Aus citizenship or PR.

Monthly repayments:$916

6.24%Advertised Rate (p.a.)

7.36%Comparison Rate*

More details

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 November 21, 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