Car Loan Repayment Calculator
Work out your car loan repayments, total interest and fees, with an optional balloon payment.
Amount owing over time
Repayments include the account fee. Total cost is every repayment plus any balloon. The effective rate includes the establishment and account fees, so you can compare it with other loans' comparison rates.
Printed from ClearCalc (clearcalc.com.au/car-loan-calculator/). Estimates only, not financial advice.
How car loan repayments work
Your repayment depends on how much you borrow, the interest rate and the loan term. Borrowing $30,400 (a $35,000 car, less a $5,000 deposit, plus a $400 establishment fee) at 7.7% over five years costs about $612 a month, plus any account fee. You'd pay about $6,300 in interest over the five years.
Secured vs unsecured car loans
Most car loans are secured: the car is security for the loan, so if you stop paying, the lender can repossess it. Secured loans usually have lower rates than unsecured personal loans. Lenders often only secure newer cars, commonly under 7 to 12 years old at the end of the loan.
Balloon payments
A balloon (or residual) is a lump sum due at the end of the loan. A 30% balloon on the example above drops the repayment to about $468 a month, but you'll owe $10,500 at the end and pay about $1,900 more in interest. Balloons are common with novated leases and business car loans.
Look at the comparison rate
Australian lenders must show a comparison rate next to the advertised rate. It includes most fees, so a loan with a low rate but high fees can still cost more. The calculator shows an effective rate with your fees included, so you can compare loans fairly.
Tips to pay less
- Get pre-approved before you visit a dealer, so you can compare dealer finance with a bank or online lender.
- Put down a bigger deposit to borrow less and pay less interest.
- Choose the shortest term you can afford. Repayments are higher, but the total cost is lower.
- Check for early payout fees if you might sell the car or pay the loan off early.
In September 2026 the average car loan rate for borrowers with good credit was about 7.7%, with competitive rates from around 6.5%. Dealer and bad-credit loans can be much higher. Already have a car loan? See if the car loan refinance calculator can save you money.
Frequently asked questions
What are the repayments on a $30,000 car loan?
At 7.7% over five years, borrowing $30,000 costs about $604 a month, or $279 a fortnight, before any account fee. Over three years it's about $936 a month, but you'd pay much less interest.
What is a good car loan interest rate in Australia?
For borrowers with good credit, rates around 6.5% to 8% are competitive in 2026. Rates for used cars, dealer finance and borrowers with poor credit are usually higher, sometimes above 15%.
Should I get a balloon payment?
A balloon lowers your repayments but increases the total interest, and you'll need to pay the lump sum at the end. It can suit people who plan to trade in the car, or businesses managing cash flow, but it's usually cheaper overall without one.
How long should my car loan be?
Most car loans run from one to seven years. Shorter loans have higher repayments but cost less in total. Many people choose three to five years, roughly matching how long they plan to keep the car.
Last reviewed October 2026. This calculator gives an estimate for general information only. Check important figures with the relevant government agency or a licensed professional.