Car Loan Repayment Calculator
Calculate monthly car loan repayments for new and used vehicles. See total interest, total cost, and payoff time. Free Australian car finance calculator.
The purchase price of the car before deposit.
Cash deposit or trade-in value.
Comparison rate may be higher — check with lender.
Typically 1–7 years for car loans.
Optional. Leave empty or 0 for no balloon.
This calculator works for both new and used car loans. If you are comparing new vs used, try entering different vehicle prices to see how the monthly repayment changes. Used cars are cheaper upfront but may attract a higher interest rate from some lenders.
A balloon payment is optional — leave it at zero for a standard fully-amortising loan. If you add a balloon, your monthly repayments drop but you will pay more total interest and need to settle the residual at the end of the term. Run a scenario with and without the balloon using our balloon payment calculator.
A balloon payment (also called a residual) is a lump sum you defer to the end of the loan instead of paying it off across the term. Setting one lowers your monthly repayment because you are only financing the non-balloon portion, but the trade-off is more total interest and a large final payment to fund. On a $40,000 loan at 7.5% over 5 years, a 30% balloon ($12,000) cuts the monthly repayment from $802 to $636 — but adds roughly $2,073 in total interest and leaves the full $12,000 due at the end of the term, whether you pay it out, refinance it, or trade in the car.
Model your own balloon size and term with our car loan balloon payment calculator, or read the balloon payments explained guide for how lenders set residual value limits and what happens if the car is worth less than the balloon at term end.
Indicative monthly repayments at 7.5% p.a. over a 5-year term, no balloon:
| Loan amount | Monthly repayment |
|---|---|
| $20,000 | $401 |
| $35,000 | $701 |
| $50,000 | $1,002 |
Based on the reference rate above (7.5% p.a., last reviewed 2026-05-02). New cars typically attract lower rates and used cars higher — use the calculator above for your own vehicle price and rate.
If you're a PAYG employee, a novated lease lets your employer pay for the car (and often running costs) out of your pre-tax salary, which can reduce your taxable income — especially valuable for electric vehicles that are FBT-exempt. It isn't always cheaper than a standard car loan once fees and residual values are factored in, so it's worth comparing. See our novated lease guide and novated lease calculator to compare against the repayments above.