Car Loan Repayment Calculator
Calculate the weekly, fortnighly, monthly and total loan repayment cost of a car loan in seconds. Adjust the amount, loan repayment period and interest rate as needed.
Updated 17 January 2025
Our calculator works out the true cost of car loans that can be paid back over periods of between 1 - 5 years.
To find out your repayments, simply insert:
Important: Be aware that advertised interest rates from lenders may vary from your actual rate due to your personal circumstances.
Do you need more information?
Our calculator works out the true cost of car loans that can be paid back over periods of between 1 - 5 years.
To find out your repayments, simply insert:
- The loan amount (the total amount of money you want to borrow)
- The loan length (how long you want to repay the loan)
Important: Be aware that advertised interest rates from lenders may vary from your actual rate due to your personal circumstances.
Do you need more information?
- Our guide to
- If you want to calculate using a specific interest rate, our simple customisable repayment calculator (below) does this.
Enter Loan Information
Amount to Borrow
Repayment Period (Months)
Repayment Frequency:
Important: Our calculations are based on the assumption that you make the same fixed Car loan repayment for the entire loan period, the interest rate does not increase or decrease, you don't miss any repayment deadlines, overpay or underpay.
Warning - car loans can create long-term debt that's hard to repay if you're financial situation changes for the worst. Please consider all options before accepting a car loan offer, and always obtain multiple quotes from lenders to ensure you're fully comparing the market. Different lenders have different criteria, meaning the interest cost varies widely.
Know this: Missing a payment on a car loan will risk the car being repossessed have severe consequences on your credit history and will likely make borrowing in the future far more difficult. If you have security over your loan, if you do not keep up with repayments, your security will be repossessed - this means losing your car.
Loan limits and repayments:
Warning - car loans can create long-term debt that's hard to repay if you're financial situation changes for the worst. Please consider all options before accepting a car loan offer, and always obtain multiple quotes from lenders to ensure you're fully comparing the market. Different lenders have different criteria, meaning the interest cost varies widely.
Know this: Missing a payment on a car loan will risk the car being repossessed have severe consequences on your credit history and will likely make borrowing in the future far more difficult. If you have security over your loan, if you do not keep up with repayments, your security will be repossessed - this means losing your car.
Loan limits and repayments:
- Car loans usually have a maximum amount you can borrow, but it depends on your earnings and affordability. As car loans are secured, if you later default on the loan, you could lose your car.
- Most car loan terms run from one year up to five years - the longer your loan, the more interest costs you will pay overall so having a shorter term is better for you financially.
- Interest rates are usually fixed which means what you pay will always be the same throughout the term of the loan.
Must Know Tips for Managing Car Loan Repayments
Too many New Zealanders struggle with car loan repayments - it's a major cause of debt crisis. Our tips below help you find the best car loan on your terms.
1. The maximum you can borrow for a car depends on many factors
The maximum you can borrow for a car depends on many factors. The maximum limit for a car loan can vary significantly depending on several factors, including the lender's policies, the borrower's affordability and creditworthiness, and the value of the car being purchased, as we explain in detail:
- Credit history: Lenders will assess your credit history to determine your eligibility and the maximum loan amount; the better your history, the more you can borrow and the lower the interest rate.
- Affordability: Your income and existing debt obligations are also critical; lenders want to ensure that you have the money to repay the loan so they will assess your recent spending and debt repayments.
- Car value: As car loans are secured, lenders usually set the maximum loan amount based on the car's market value or the invoice price, often allowing financing up to 80-100% of this value.
- Lender policies: Different lenders have varying policies regarding loan limits, but most lenders typically process car loans ranging from $5,000 to $50,000.
- Your needs: It's critical to borrow only what you need and can afford. Too many New Zealanders are financially strained because of their car loans. A popular approach is to limit your car loan repayments to 10% of your monthly pre-tax income. For example, if your annual pre-tax income is $70,000, a safe borrowing limit would be around $7,000 annually, or approximately $583 per month, to ensure you can comfortably manage your repayments and other expenses.
2. Finding the best car loan deal requires research and comparison, but the payoff is tremendous
Car loans are too expensive to rush into - please don't sign up for the first offer you receive. Our steps and tips are proven to help secure the best terms:
More details:
- Compare rates and fees online: Read our car loan comparison research to get an idea of the current offers.
- Check with multiple lenders: Don't settle for the first offer you receive. We suggest contacting car loan brokers, banks, credit unions, and online lenders and getting quotes from dealership financing to see who can offer the best terms.
- Understand the total cost: Look beyond the interest rate - consider the total cost of the loan, including fees and any additional charges. Some lenders might offer a low rate but have high fees.
- Negotiate terms: Car loans make lots of money for lenders and dealers, so don't hesitate to negotiate with lenders and use competing offers as leverage.
- Consider pre-approval: Getting pre-approved for a loan gives you a clear idea of how much you can borrow and at what rate, strengthening your negotiating position with dealers.
- Evaluate loan features: Most car loans offer flexible repayment options, including the ability to make extra repayments without penalties. This can save a lot of money if you have the means to repay early - check to see if the loan offers this.
- Loan term length: While longer loan terms reduce monthly payments, they increase the total interest paid. Aim for the shortest term you can afford - the interest savings will be considerable.
More details:
- Our guide to car loans explains everything you need to know to make the right decision and has a list of best-buy finance deals.
- Know how to boost your credit score to get the best car loan deal.
Our Customisable Car Loan Repayment Calculator
Our calculator empowers you to see the total cost of a car loan, and has the following features:
- Fully customisable: Our calculator lets you input your variables. Whether it's the loan amount, interest rate, or repayment period, you can play around with the figures that match your actual circumstances.
- No lender priority: This calculator isn't preset with lender-specific data.
- Realistic planning: We encourage you to use our calculator realistically to assess what you can afford. It's not just about getting a loan; it's about managing it smartly without falling into a debt trap.
Car Loan Repayment Calculator
Car Loan Amount
Car Loan Payment
Car Loan Amount
Total Interest
Total Cost
-
Car Loan Amount
-
Total Interest
-
Total Cost
-
Popular Guides with the Best Offers
Calculators
Popular Comparisons and Reviews:
- Compare Car Finance and Understand the Ongoing Costs using our Car Finance Calculator
- Personal Loans
- Debt Consolidation Loans
- Secured Loans
- Home Renovation Loans
- Online Loans
- Bad Credit Loans
- Beneficiary Loans
- Payday Loans
- Low Income Loans
- Cash Advance Loans
- Same Day Loans
Calculators
- Debt Consolidation Calculator
- Refinance Personal Loan Calculator
- Home Renovation Loan Calculator
- Interest Calculator
Popular Comparisons and Reviews: