Car Loan Calculator

As you consider the range of cars available, making that final buying decision involves many considerations. A car loan calculator can assist you with comparing repayments on loans for different priced cars.

If you’re tossing up over several varying priced cars, the calculator can show you how the price tag may translate into monthly repayments on a car loan. Be mindful that these devices are quite generic and can only formulate ballpark estimates, but they can be very useful.

·         Compare repayments on different priced cars.

·         Assist with planning your finances for your car loan.

·         Assessing affordability of different cars.

·         Assist in planning how you want your loan structured to achieve the repayment level that suits your budget.

On finance calculators are available on many websites – from finance companies, banks and some car dealers that offer finance. To ensure you are fully informed around the device you are using, read the disclaimer and other information provided in reference to its use.

Calculators can be used to calculate repayment estimates for new and used vehicles, regardless of whether you buy from a dealer, private seller or at auction. They are suitable for both personal loans and business vehicle finance.

Using a Car Loan Calculator

Most calculators are set out in a similar fashion with essential information and data fields clearly indicated. You simply enter the data for the car you are interested in, in the relevant fields and click the calculate icon and a result will be displayed. To calculate an outcome for a different car, just clear the fields and enter new values.

The values to enter include:

  • Loan amount: may include allowance for dealer charges, on road costs etc.
  • Loan term: how many months/years you want to repay the loan.
  • Interest rate: the current rate for both personal and business car loans is usually displayed on the same website.
  • For business finance – a balloon, residual or buyback – usually included as options with commercial finance products.

After entering the values and clicking on the calculate button, a repayment amount will be displayed. Of course the device can’t predict fees and charges which may be applied by your lender or any other factors specific to your loan. The repayment you are offered when you receive a formal quote may be higher or lower. And remember, using a calculator is not a loan approval or any offer of a loan. It is simply a useful tool to assist with your own decision making and to give you a rough estimate.

Car finance calculators are quick and easy to use and easily accessible from most devices – computer, laptop, smart phone or tablet.

We know where you can access a car loan calculator. If you would like to be directed to a source, please contact us.