Car Loan Calculator
Work out your car loan repayments and total interest.
- Total interest paid
- $10,677
- Total amount repaid
- $45,677
This calculator provides estimates only. It is general information, not financial or taxation advice, and doesn't account for your full personal circumstances. Confirm figures with your lender or a licensed adviser before making a decision.
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How this calculator works
Car loans are fixed-term, fixed-rate loans secured against the vehicle, repaid in equal instalments over a set term — typically 1 to 7 years in Australia. Because the car secures the loan, rates are usually lower than an unsecured personal loan, but higher than a home loan.
Enter the amount you're financing (after any deposit or trade-in), the interest rate, and the loan term to see your regular repayment and total interest cost.
Worked example: a $35,000 car loan at 7.9% p.a. over 7 years costs $543.78 a month, with $10,677.13 in total interest — so you'd repay $45,677.13 in total for a $35,000 car.
A longer term lowers the monthly repayment but increases total interest, and can leave you owing more than the car is worth for longer (since cars depreciate faster than the loan balance falls early on) — worth weighing a shorter term or a bigger deposit if you can manage the higher repayment.
Frequently asked questions
- Does this include balloon or residual payments?
- No — this assumes a standard fully amortising loan with no balloon payment at the end. A balloon payment lowers your regular repayment but leaves a lump sum owing at the end of the term, which this calculator doesn't model.
- Should I finance the car price or the price minus my deposit?
- Enter the amount you're actually borrowing — the car's price minus any deposit or trade-in value you're putting toward it, not the full purchase price.
- Is a dealer loan or a bank loan cheaper?
- It varies — dealer finance is convenient but not always the cheapest option. Compare the advertised rate and any fees against a bank or credit union personal/car loan before signing.