Car Loan Repayment Calculator
One of the first steps in working out how much you can afford to borrow, is working out or estimating what your disposable income is, after all your bills and other expenses have been paid. Once you are clear about what your weekly, fortnightly or monthly disposable income is expected to be, you'll get a better idea of how much you'll be able to afford to borrow, by moving the loan calculator slider above, from left or right.
As a responsible borrower, it is important that you don't extend yourself too much by being unable to make the repayments on your loan. Money3, as a responsible lender will also calculate and verify your income and expenses when working out how much money you could affordably borrow1. Once this is done, we'll be able to confirm with you, your loan pre-approval offer.
When you have been given your loan pre-approval, you'll then be able to confidently look for your next car or another vehicle, within your pre-approval price range.
Smaller loans with Money3 start over a 2-year period, however, to ensure the loan repayments are appropriate and affordable for you, the more you borrow, the longer the loan term may be. Loan terms start from 2 years when borrowing from $2,000 and go up to 5 years for larger car loans, generally when borrowing over $16,000.
Also See: How to Get a Car Loan.
1. Subject to verification, suitability and affordability
Understanding APR and Comparison Rates
When you're considering a car loan, it's important to understand the costs associated with borrowing beyond the principal loan amount. Two key terms you'll encounter are the Annual Percentage Rate (APR) and the Comparison Rate. Here's what each means and why they matter:
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APR (Annual Percentage Rate): This rate represents the actual yearly cost of funds over the term of a loan. This includes the interest rate plus any fees that are integrated into the loan. Our APR is fixed, meaning it doesn't change over the lifetime of your loan, ensuring consistency in your repayments.
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Comparison Rate: The comparison rate includes the interest rate and most fees and charges related to the loan, combined into a single percentage figure. This rate helps you understand the total cost of the loan, providing a clearer picture of the financial commitment you're considering.
Why Pay Attention to Comparison Rates?
The comparison rate is particularly useful as it helps you compare different loan products with a single figure that reflects the true cost of the loan. It’s designed to give you a better idea of the actual cost per year, which can assist in making more informed decisions when comparing various loan offers. It includes the interest rate, fees, and charges into a single percentage figure but considers the total cost of the loan over the entire term and then averages it back into an annual rate. This helps you understand the average yearly cost of the loan over its life, incorporating all charges and fees, not just the interest.
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Example Car Finance Costs Chart
| Borrow | Costs | Repay |
|---|---|---|
| $5,000 | $1,909 | $6,909 |
| 24 months at 13.95% APR & 34.16% Comparison Rate | ||
| $10,000 | $6,925 | $16,925 |
| 48 months at 13.95% APR & 29.11% Comparison Rate | ||
| $25,000 | $14,850 | $39,850 |
| 60 months at 13.95% APR & 20.38% Comparison Rate | ||
| $50,000 | $30,285 | $80,285 |
| 72 months at 13.95% APR & 17.23% Comparison Rate | ||
| $75,000 | $42,219 | $117,219 |
| 72 months at 13.95% APR & 16.15% Comparison Rate | ||
EXAMPLE: A platinum secured personal loan of $5,000 for 24 months has fees and charges totalling $1,935.15 and a total repayment of $6,935.15. The Minimum loan term is 24 months and the Maximum term 24 months. The loan term will be 24 months, 52 fortnights or 104 weeks. The Maximum APR is 13.95%. The Comparison Rate, based on a loan of $5,000 over two years, is 34.58%.
EXAMPLE: A platinum secured personal loan of $25,000 for 60 months has fees and charges totalling $14,850.43 and a total repayment of $39,850.43. The Minimum loan term is 24 months and the Maximum term 60 months. The term will be 60 months if you repay monthly, 130 fortnights or 260 weeks. The Maximum APR is 13.95%. The Comparison Rate, based on a loan of $25,000 over five years, is 20.38%.
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.
Please Note: Advertised costs and repayments have been rounded up to the nearest dollar amount, so costs may be slightly cheaper in most cases. Australian Credit Licence 389067.
Car Loan Calculator FAQs
A car loan calculator is a tool that allows you to estimate your weekly repayments based on the amount of money you'd like to borrow. Alternatively, it allows you to estimate how much you could borrow, based on how much you could affordably repay on a weekly, fortnightly or monthly basis.
The repayment calculator can be used to work out how much money you could borrow and for how long, based on the repayment estimates, per week, fortnight or month shown in the example. However, if you are already set on a particular vehicle, you can move the slider to the cost of the vehicle. This will then show you an estimate of how much you would be expected to repay every week, fortnight or month, during the loan term for that vehicle. If the repayments are affordable for you, and you meet our lending criteria, then you can start your application with Money3.
If everything looks affordable for you, head over to our car loans page to learn more and get started.
At Money3, you do not need a deposit to qualify for a car loan. We could potentially finance up to 100% of your car’s purchase price, affordability and approval1.
To qualify for a car loan with Money3, you must be over 18 years old, an Australian resident (either a permanent resident or citizen) and have a minimum income of $480, which can include benefits. We consider applicants with various financial backgrounds, including those with bad credit or receiving Centrelink benefits. We'll give you a fair go!
Yes1, at Money3, we give everyone a fair go! We understand that life can have its ups and downs, which can affect your credit score. We consider all applications, even those from customers with bad credit.
Learn more about car loans with bad credit and apply online.
Yes, you could secure a car loan1 while receiving Centrelink payments, as long as these are not your sole income sources from Newstart Allowance, Youth Allowance, Abstudy, or Austudy. We review all applications holistically, considering various forms of income to support your loan application.
Get started with your car loan on Centrelink.
Consider your financial needs and your ability to meet regular payments when deciding how much to borrow. It's important to not only think about the initial cost but also the overall affordability during the loan term.
You can use our handy online repayment calculator, above. Simply input your desired loan amount and select the repayment frequency (weekly, fortnightly, or monthly) to see an example of what your repayments could be. This tool helps you visualise the financial commitment and assists in making an informed decision based on your budget and the loan term.
Always ensure that the loan amount aligns with both your immediate needs and your ability to manage repayments over time.
The value of your estimated repayments will be determined by your loan amount, the type of loan you take out (e.g. fixed rate loans), and your repayment frequency (e.g. monthly repayments, fortnightly repayments, etc.) among other factors. Use our repayment calculator above to get an idea of how much your weekly or monthly repayments would be, based on the selected loan amount.
You will need to work out what your disposable income is. That is the money you have left over, after all your bills, such as rent, gas and electric, travel and shopping plus any other expenses have been paid.
As an example, if after everything has been paid, you have $500 left for you to spend as you wish each month, then this would be your disposable income. As a guide, you should make sure you don't extend yourself too much towards your maximum affordability, as emergencies do crop up.
Money3, when reviewing your application will double-check and take your affordability into account when giving you your car loan pre-approval offer1. Our reviewing processes follow Australian government regulations, and we operate with an Australian Credit Licence 389067.
Your car loan interest rate may vary depending on your car loan amount (new or used car), your financial circumstances and your repayment history with us, among other factors.
To get an idea of your loan costs, please see the Example Loan Costs Chart above. Our chart will provide you with examples of our secured car loan repayments.
When planning for a vehicle purchase, it's important to consider all associated costs beyond the principal loan amount. Here's a list of expenses you should factor into your budget:
- Car insurance: Essential for protecting your vehicle against accidents, theft, and other damage.
- Registration: Required by law and must be renewed typically every year.
- Regular maintenance: Includes oil changes, brake checks, and other routine services to keep your vehicle running smoothly.
- Fuel: Ongoing cost depending on your vehicle's fuel efficiency and how much you drive.
- Repairs: Unexpected repairs can arise; setting aside a budget for this can help manage these surprises.
Planning for these expenses will help you manage your finances more effectively throughout the term of your loan and beyond.
* Money3 is not affiliated with, or endorsed by, Services Australia, but does provide personal loan and vehicle finance options which are available to recipients of benefit payments
1. Subject to verification, suitability and affordability
The results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for the product. Information such as interest rates quoted, and default figures used in the assumptions are subject to change.
