Car Loan Calculator: Estimate Your Repayments in Seconds
Working out what a car loan will actually cost you each month is the first step to buying with confidence. Our free car loan calculator lets you plug in your loan amount, preferred term and interest rate to get an estimate of your weekly, fortnightly or monthly repayments before you apply.
Yes Loans is a Perth-based finance broker, not a lender. We work across a panel of lenders including Angle Finance, Latitude Financial, Sovereign Credit, Pepper Money, Money3 and Allied Credit to find finance that fits your situation. The calculator gives you a guide figure to work with. When you’re ready, our brokers will find you a real rate tailored to you.
This calculator works for car loans, personal loans, caravan loans, boat loans, motorcycle loans, chattel mortgage and commercial hire purchase. Use it to compare scenarios, adjust your loan term and figure out a repayment amount that fits your budget. We work harder to say yes more often.
Car Loan Calculator
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Why Choose Yes Loans
Soft check first. Always.
Getting a quote here won’t affect your credit score. We do a soft assessment so you can see real options before anything is formally submitted.
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We compare lenders across our panel, including Angle Finance, Latitude, Sovereign, Pepper, Money3 and Allied Credit. More lenders means a better chance of approval and a competitive rate.
Found a repayment figure that works?
Chat to one of our brokers on (08) 9472 3000 or apply online to get a tailored quote. Checking your options won’t affect your credit score.
How Does a Car Loan Repayment Calculator Work?
- The amount you want to borrow (your loan principal)
- Your preferred loan term (2 to 7 years)
- An estimated interest rate
What Does This Calculator Cover?
The Yes Loans repayment calculator works across most loan types we arrange. You can use it to estimate repayments for:
- Car loans (new and used vehicles)
- Personal loans
- Caravan, boat and motorcycle finance
- Business car finance, including chattel mortgage and commercial hire purchase
- Secured and unsecured loan structures
One thing to note for business loans: fortnightly and weekly repayments may not be available on all commercial products. If you’re looking at a chattel mortgage or commercial hire purchase, check with one of our brokers about which repayment frequencies apply.
The calculator does not factor in GST implications, application fees, ongoing fees or early repayment charges. These vary by lender and loan product. Use the result as a starting point, then ask our team for a full breakdown.
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What Affects Your Car Loan Repayments?
Your repayment amount isn’t just about the interest rate. Several factors feed into what you’ll actually pay each period, and understanding them helps you use the calculator more effectively.
Loan amount
The more you borrow, the higher your repayments. A larger deposit reduces the loan principal.
Loan term
Interest rate
Credit history
If you’ve been knocked back before or your credit history is patchy, that doesn’t mean you’re out of options. Visit our car loans page to see the full range of loan structures we arrange, or talk to one of our brokers about what fits your situation.
Weekly, Fortnightly or Monthly: Which Repayment Frequency Works Best?
Most lenders let you choose how often you make repayments. The right choice depends on how you get paid and how you like to manage your money.
- Monthly repayments are the simplest to track and align with most household bills.
- Fortnightly repayments can reduce the total interest you pay, because you make 26 payments a year rather than 24 (two per month). Over a full loan term, that small difference can add up.
- Weekly repayments are convenient if you’re paid weekly and prefer smaller, more frequent amounts going out.
There’s no universal answer. The most important thing is choosing a frequency you can sustain comfortably throughout the loan term. Missed or late repayments can affect your credit score and make it harder to refinance later.
Note: Weekly and fortnightly repayments are typically available on personal and car loans but may not be an option on commercial products like chattel mortgage or commercial hire purchase. Check with your broker before choosing.
What Is a Balloon Payment and How Does It Affect My Repayments?
Some car loans include an optional balloon payment, which is a lump sum you agree to pay at the end of the loan term. Setting a balloon reduces your regular repayments during the loan, but you’ll owe the full balloon amount when the term ends.
Here’s a worked example. On a $35,000 loan over 5 years at 7.5% p.a.:
- Without a balloon: estimated monthly repayment around $700
- With a 25% balloon ($8,750): estimated monthly repayment drops by roughly $120
- But over 5 years, the balloon structure costs approximately $1,400 more in total interest
Balloon payments work well if you plan to sell the vehicle at the end of the term or know you’ll have funds available to pay out the residual. They’re less suitable if you’re counting on the car long-term and aren’t sure you can cover the lump sum.
Not all lenders allow early repayment of the balloon, and some charge fees if you pay it off ahead of schedule. If you’re considering a balloon structure, talk to one of our brokers before you commit. You can also compare loan options through our car loan options page.
Using This Calculator for Business Car Finance
If you’re buying a vehicle for business use, the calculator can give you a guide figure for a chattel mortgage or commercial hire purchase repayment. Simply enter the purchase amount (excluding GST if your business is GST-registered), your preferred loan term and an estimated rate.
A few things to keep in mind for business car finance:
- GST implications and tax deductions are not factored into the calculator result. Your accountant can advise on what’s claimable.
- Weekly and fortnightly repayment frequencies may not be available on commercial loan products.
- Business loan rates and approval criteria differ from personal car loans. Your broker will assess your business financials separately.
Yes Loans arranges chattel mortgage, commercial hire purchase and equipment finance for business borrowers across Australia. Visit our commercial loans page for more detail, or call our team on (08) 9472 3000 to talk through your options.
How to Pay Off Your Car Loan Faster
Paying off your loan ahead of schedule saves on interest and gets you to debt-free sooner. Here are a few practical ways to do it.
- Make extra repayments. If your loan contract allows it, paying more than the minimum each week or month reduces your outstanding balance faster and cuts the interest you’ll pay overall.
- Switch to fortnightly repayments. As noted above, 26 fortnightly payments a year adds up to the equivalent of 13 monthly payments instead of 12, quietly chipping away at the principal.
- Make a lump sum payment. If you come into extra money (a tax return, bonus or inheritance), check whether your lender allows lump sum payments and whether any fees apply.
- Refinance to a better rate. If your credit profile has improved since you took out the loan, a lower rate could mean smaller repayments or a shorter term. Talk to one of our brokers about whether refinancing makes sense.
One important caveat: some lenders, particularly on fixed-rate loans, charge an early repayment or exit fee. Always check your loan contract or ask your broker before making additional payments. The savings need to outweigh any fees charged.
Ready to find a loan with flexible repayment options? Apply online or call (08) 9472 3000 and we’ll match your application to the right lender on our panel.