Car Loan Calculator
Calculate car loan repayments, total interest, and the cost impact of a balloon payment.
The amount you need to finance
Large final payment at end of loan โ reduces monthly repayments but you owe a lump sum
Value of your current car if trading in (reduces loan amount)
How It Works
The calculator uses the standard loan amortisation formula adjusted for balloon payments. With a balloon, it computes repayments on (loan amount - balloon present value) over the term, then adds the balloon as a final payment. It shows the per-period repayment, total of all repayments, total interest paid, and the true cost of the car (repayments + balloon + deposit/trade-in).
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Frequently Asked Questions
What are typical car loan rates in Australia?
As of early 2026, secured car loan rates from banks and specialist lenders range from about 6.5% to 9.5% p.a. for new cars. Used car loans are typically 0.5-2% higher. Rates depend on credit history, loan term, and the age of the vehicle.
What is a balloon payment?
A balloon payment is a large lump sum due at the end of the loan term. It reduces your regular repayments but means you owe a significant amount at the end โ you either pay it, refinance it, or trade the car in. Common in novated leases and dealer finance.
Should I get a car loan or pay cash?
Paying cash avoids interest costs. But if your savings earn more than the loan rate (e.g. in an offset account against your mortgage at 6%+), financing the car can sometimes make financial sense. Also consider that cash provides a buffer for emergencies.
Is dealer finance a good deal?
Dealer finance is convenient but often more expensive than a bank or credit union car loan. Always compare rates. Dealer finance rates of 8-12% are common, while direct lenders often offer 6-8%. The comparison rate (including fees) is the number to compare.
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