Car loan calculator
Your car loan
Interest only; establishment and monthly fees are excluded. Published secured ranges run from 5.94% to 12.99%; Westpac's median is 8.49%.
Summary
A balloon has to sit under the car's value at the end of the term. Check it in the car depreciation calculator.
Want a real rate for this car?
A licensed broker partner can quote across lenders from one application, check the EV and new-car discounts, and structure the deposit, term and balloon so the loan stays under the car's value.
How the car loan calculator works
The amount borrowed is the price minus your deposit or trade-in. Repayments are a standard amortisation at the rate you enter over the term, with the balloon, if any, deducted from the amount amortised and left owing at the end; interest runs on the balloon for the whole term, which is why the total interest rises as the balloon slider moves. Weekly and fortnightly figures divide the annual rate by 52 or 26 and the term into the matching number of repayments, so they are slightly cheaper in total than monthly because the balance falls sooner.
The default rate is Westpac's published median of 8.49%, which it says about half its customers receive or beat; the car loan interest rates guide lists every lender's published range, fees and vehicle age limits, and the dealer finance guide explains why the dealer's rate is worth comparing against a pre-approval on the comparison rate. Fees are excluded here; add the establishment fee to the total cost or compare on comparison rates.
Related guides and calculators
Car loan calculator FAQs
What are the repayments on a $30,000 car loan?
Over five years with no balloon, about $580 a month at 6%, $601 at 7.5%, $623 at 9% and $652 at 11%, before the establishment fee. The lenders publish comparison rates on exactly this loan: BankSA publishes a total payable of $36,404 at its 6.49% minimum and $42,188 at its 12.99% maximum, and CommBank $36,614 to $40,098 across its 6.79% to 10.79% secured range. Enter $30,000 above with your rate to see the weekly and fortnightly figures.
How much is a $40,000 car payment for 60 months?
About $773 a month at 6%, $802 at 7.5%, $830 at 9% and $870 at 11%, over five years with no balloon. Adding a 30% balloon of $12,000 at 7.5% lowers the monthly repayment to about $636 but leaves $12,000 owing at the end and raises the total interest. Set the balloon slider to compare.
What is a balloon payment on a car loan?
A lump sum, also called a residual, left owing at the end of the term. It lowers the repayments during the loan because you are only amortising the difference, but interest runs on the balloon for the whole term, so the total cost is higher, and at the end you pay it out, refinance it or sell the car to cover it. Pepper Money publishes balloons of 50% on one-to-three-year terms, 45% on four, 40% on five and none on six or more, for new or near-new cars; Westpac and BankSA publish no balloon on their car loans, and loans.com.au has withdrawn them from new loans.
What rate should I enter?
Your personalised quote if you have one; otherwise the published secured ranges are 6.49% to 12.99% at Westpac and BankSA, 5.99% to 12.79% discounted at NAB, 6.79% to 10.79% at CommBank, and 5.94% to 16.64% on new cars at loans.com.au, with Westpac publishing a median of 8.49%. CommBank publishes 5.79% for eligible electric and plug-in hybrid cars. The car loan interest rates guide has the full table and the fees that lift the comparison rate.
Does the calculator include fees?
No, it calculates interest only. Add the establishment fee ($250 at CommBank, $350 at NAB, $499 at Pepper Money, none at Great Southern Bank until 23 February 2027) and any monthly fee to the total cost, or compare lenders on their comparison rate, which includes the compulsory fees.
Who is the cheapest for a car loan?
Whoever quotes you the lowest comparison rate for your car and credit file, which changes with the vehicle’s age, whether it is electric, and the security. The bottoms of the published ranges are loans.com.au at 5.94% on new cars, NAB at 5.99% discounted, CommBank at 5.79% for eligible EVs, and Westpac and BankSA at 6.49%, but the rate you are offered can sit anywhere in the range. A broker or a lender that quotes without a credit check (Plenti) lets you compare before applying.
Should I put down a deposit or trade-in?
Yes, where you can, because a new car loses 10 to 15% of its value on delivery and about 15% a year after that, so a loan for the full price is underwater from day one. A deposit or trade-in equal to the drive-off loss keeps the balance under the car’s value; the car depreciation calculator projects the value by year. Pepper Money publishes $0 deposit loans and CommBank $0 deposit on business vehicle loans, so it is optional, not required.
Does using this calculator affect my credit score?
No. It runs in your browser on the numbers you type and nothing is lodged or checked. A credit enquiry happens only when you apply with a lender.