This calculator estimates the repayments on a car or vehicle loan. Enter the purchase price, your deposit, an interest rate and a loan term, and it returns an estimated repayment for the payment frequency you choose.
What each input means
- Purchase price — the full price of the vehicle, before your deposit is applied.
- Deposit — the cash you are contributing, or the value of a trade-in. The calculator subtracts this from the purchase price and estimates repayments on the balance.
- Interest rate — an annual interest rate, entered as a number (for example, 8 for 8%). This is a figure you choose in order to model a scenario. It is not a rate offered to you.
- Loan length — the loan term, in years.
- Payment period — how often repayments are made: monthly, bi-weekly (fortnightly) or weekly.
A worked example
On a $40,000 vehicle with a $5,000 deposit, the calculator estimates repayments on the remaining $35,000. Using an example rate of 8% per annum over a five-year term with monthly repayments, it returns an estimated $709.67 per month.
The 8% figure is used only to illustrate the calculation. It is not a rate offer, and the rate available to you depends on the lender, the product, the vehicle, the loan term and your circumstances. Advertised rates change, and a comparison rate is the more useful figure when comparing products, because it accounts for certain fees and charges.
What this calculator does not do
- It returns the estimated repayment only. It does not show total interest or the total amount repaid.
- It does not include establishment fees, ongoing account fees, broker fees, registration, insurance or any other upfront or running costs.
- It assumes a single fixed interest rate for the whole term, with equal repayments throughout.
- It does not model a balloon or residual payment. A loan structured with a balloon generally has lower periodic repayments and a lump sum owing at the end of the term, so the figure shown here will not reflect that structure.
- It is an estimate for planning purposes. It is not a quote, a pre-approval or a credit assessment, and it does not indicate borrowing capacity.
Next steps
To see the finance behind these numbers, our car finance page sets out the loan types available and what lenders assess. If your loan may be structured with a balloon or residual, our balloon payment calculator models that structure instead.
* The loan calculator is for demonstrative purposes only. Results are estimates based on the figures you enter, are not quotes, and do not constitute credit or financial advice. Alpha390 Finance operates under Australian Credit Licence 506065 (Five Tees Pty Ltd). Lending is subject to approval, lending criteria, terms, conditions and fees.