Calculate your car loan repayments, total interest, and compare loan terms
Updated October 2026Built and checked by MaverickHow it's calculatedReport an error
Repayment
$701/month
≈ $701/mo equivalent
Loan amount
$35,000
$5,000 deposit
Total interest
$7,080
over 5 years
Total cost
$42,080
principal + interest
Loan amortises to zero across the term: early years carry more interest, later years more principal.
Early years skew heavily toward interest; the ratio flips as the balance falls.
On this loan, a rate 1 percentage point higher adds $17/month to the repayment.
Longer terms lower the repayment but cost much more in total interest.
Work out your car loan repayments from the vehicle price, deposit, interest rate, loan term and repayment frequency, with an optional balloon payment at the end. The calculator shows the repayment, the total interest, how the balance falls each year, and how the repayment changes with the rate and the term. Car loans usually run from one to seven years. Lenders must give you a comparison rate, which combines the interest rate with most fees, so compare loans of the same amount and term on that figure. For current rates, the car loan rates page on this site lists what banks, lenders and carmakers' finance companies publish under the Consumer Data Right.
As of 7 November 2026, the lowest car loan rate from a bank or lender is 5.74%, from Westpac's Car Loan, while the typical best across 42 institutions is 6.99%. The lowest carmaker finance rate is 2.70%, from Chery Motor Finance's Chery 4.46% EV Comparison Rate Offer, while the typical best across 12 institutions is 4.99%.
Sarah is buying a $45,000 SUV with a $10,000 deposit at 7.5% over 5 years.
Loan amount: $35,000. Monthly repayment: $701. Total interest: $7,080, so she repays $42,080 on the loan.
Tom is buying an $18,000 used car with a $3,000 deposit at 9% over 3 years.
Loan amount: $15,000. Monthly repayment: $477. Total interest: $2,172. Over 5 years the repayment would fall to $311, but the interest would rise to $3,683.