A car loan calculator helps you determine your estimated monthly repayments based on the loan amount you wish to borrow. The car loan calculator also takes into account whether the car you want to buy is new or used, or an electric vehicle. Your monthly repayment amount may also change based on your residential status.

The repayment calculator can be used to work out how much money you could borrow and for how long. Carefully considering the inputs of the calculator will help ensure your monthly repayment estimates are as accurate as possible.

A comparison rate is a tool to help you understand the true cost of a car loan. This rate allows you to better compare the price of different loan providers by factoring in some of the fees and charges that are included in their loan. Some loan providers have very high fees that cover the costs for establishing the loan. 

Typically, the comparison rate on a car loan is calculated on a $30,000 loan amount over 60 months. This includes the interest rate and additional fees (including establishment fees, brokerage fees and monthly fees). 

While the comparison rate covers many costs, some are not included:

The amount you can borrow to buy your new car, known as the loan amount or principal, is the base sum on which interest and any applicable upfront fees are charged. In Australia, car loans typically range from $5,000 to $100,000, although some lenders may offer higher amounts. 

Your borrowing capacity is determined by considering a range of factors, which may include; your credit score, income, expenses and loan term.