Car Loan Calculator Australia
Compare monthly payments with or without a balloon payment.
Last updated: January 2025 · Built for the 2024–25 financial year
Inputs
Results
Monthly payment
$615.50
Amount financed
$30,000
Total interest
$6,930
Balloon at end
$0
Total cost (incl. deposit)
$41,930
Results are estimates only. For financial advice, consult a licensed adviser.
Overview
Car loan repayments for new and used vehicles
Car loans in Australia typically run 3-7 years at fixed interest rates of 6-12% p.a., depending on whether the car is new or used, secured or unsecured. Dealer finance is convenient but often 1-3% higher than a comparison-rate broker deal.
This calculator returns a fully amortised monthly repayment plus total interest paid, so you can compare a 5-year vs 7-year term — and see exactly what 'low monthly payment' marketing actually costs over the life of the loan.
Formula
Standard amortised loan
P = principal, r = monthly rate, n = months M = P · r(1+r)^n / ((1+r)^n − 1)
What pushes your rate up or down
| Factor | Detail |
|---|---|
| Vehicle age | Cars older than 7 years often attract +2-4% p.a. |
| Loan term | Longer terms = lower repayment but more total interest. |
| Balloon payment | 30-40% balloons cut monthly cost but spike refinance risk. |
| Secured vs unsecured | Secured loans (car as collateral) are 2-5% cheaper. |
Pro tips
- •A 1% rate cut on $40k over 5 yrs saves ~$1,100.
- •Consider novated leasing if your employer offers it.
- •Pay weekly instead of monthly to shave months off the term.