Car Loan Calculator
Calculate regular car repayments and the final balloon from your purchase and loan details.
Your vehicle loan
Enter the purchase details, then choose the loan terms. Results update as you type.
Your car loan estimate
Example inputsUnavailable. Check the fields with errors to calculate your estimate.
- $627.59
- Each month at the starting settings. The balloon is additional to the last regular repayment.
- $7,500
- $35,500
- $9,655
- $500
- $45,155
- Not entered
60 monthly repayments. The last payment is $8,127.59 including the balloon.
Compare the total interest
Only the term changes. Both options use the same rate, amount financed, frequency and balloon.
| Total outlay including deposit and positive trade-in equity | $52,655 |
|---|---|
| Last payment including balloon | $8,127.59 |
| 7-year regular repayment | $496.55 |
| Other term: total interest | $13,710 |
| Other term: total paid to lender | $49,210 |
| Other term: last payment including balloon | $7,996.55 |
From Vehicle Price to Amount Financed
The amount financed is the vehicle price minus your cash deposit and net trade-in equity, plus the fees you add to the loan. Net trade-in equity is the trade-in offer after repaying the old vehicle loan.
For example, a $12,000 trade-in contributes $2,500 after a $9,500 payout. If the payout is $14,500, the trade-in instead leaves a $2,500 shortfall. Enter that as -2,500: it adds $2,500 to the borrowing instead of reducing it.
The starting example finances $35,500 from a $42,500 vehicle, a $5,000 cash deposit, $2,500 net trade-in equity and $500 financed fees. Add duty or other purchase costs only if you will finance them. Leave costs paid separately out of the loan amount.
Car Loan Repayments With a Balloon
A balloon payment is a lump sum left to repay at the end of a car loan. Deferring that principal reduces the regular repayment, but interest continues on the outstanding balance. Moneysmart explains the cost and final-payment risks of a balloon.
In this calculator, the balloon is additional to the last regular repayment. The starting $35,500 loan at 8.5% over five years has 60 monthly repayments of $627.59 and a $7,500 balloon. The last payment is $8,127.59 including that month's regular repayment.
The total paid to the lender is $45,155, including $9,655 interest. The $500 financed fee is already part of the $35,500 principal, so it is not added again. Including the deposit and positive trade-in equity, total outlay is $52,655.
Paying the balloon from cash ends the debt. Selling the car can fund it, but you must cover any shortfall between the sale proceeds and the payout. Refinancing spreads the balloon over another loan, with new interest and a separate approval decision.
A balloon alone does not guarantee the car's future value or a right to hand it back. If the balloon is unaffordable, discuss the payout or hardship options with the lender before it falls due. Changing vehicles does not cancel an unpaid balance.
Comparing Loan Terms
A longer term lowers the regular repayment by spreading the borrowing over more periods. It also keeps the balance outstanding longer. Compare total interest and the last payment alongside the regular amount.
These hypothetical examples hold the $35,500 financed amount, 8.5% annual rate, monthly frequency and $7,500 balloon constant. The calculator uses full precision internally and rounds the displayed repayment to cents.
| Payment or cost | Five years | Seven years |
|---|---|---|
| Regular monthly repayment | $627.59 | $496.55 |
| Total interest | $9,655 | $13,710 |
| Final balloon | $7,500 | $7,500 |
| Last payment including balloon | $8,127.59 | $7,996.55 |
| Total paid to lender | $45,155 | $49,210 |
The seven-year example reduces the monthly payment by $131.04 and adds about $4,055 in interest. A lender still decides whether a seven-year term is available for a particular used car. The term field does not establish vehicle eligibility.
What the Calculation Leaves Out
This car loan calculator estimates the payments for the numbers entered. It does not assess credit approval, affordability, vehicle age or security requirements. The same arithmetic can model a new car, used car or truck without deciding which finance product accepts it.
The model assumes a fixed rate, equal payments at each period's end and compounding at the payment frequency. Weekly uses 52 periods a year, fortnightly 26 and monthly 12. Daily interest, irregular first payments or lender rounding can change a quoted repayment.
Financed fees are included once. Recurring fees, costs paid outside the loan, rate changes and early payout charges are excluded. Stamp duty, registration, insurance and running costs still affect the client's budget.
The calculator does not predict resale proceeds or future refinance approval. Select a term and balloon that leave a workable final payment, even if the car sells for less than expected.
Working Back to an Interest Rate
Enter a known repayment to solve the implied nominal annual interest rate for the selected amount financed, term, balloon and payment frequency. For the starting example, a $627.59 monthly repayment implies approximately 8.5% a year.
The solver finds the rate at which the discounted repayments and balloon equal the amount financed. It searches from 0% to 100% annually. A repayment below the zero-interest amount or above that range is flagged as incompatible, and the results become unavailable.
Exclude recurring fees from the known repayment. Keep financed upfront fees in the amount financed because they also accrue interest. This implied nominal rate is not a statutory comparison rate: use the lender's comparison rate to compare fee-inclusive borrowing costs on the same loan amount and term.