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Car loan calculator

Find out how much you will pay on your car finance with our calculator.

When you’re planning on taking out car finance, it’s important you understand how much you can afford to borrow. Understanding your borrowing limits will ensure the loan you choose is right for you, and avoid costly interest repayments.
Calculate how much you can borrow and compare car finance below.

Car loan repayment calculator

The table below features an automatic payment calculator. Simply pop your details in and you’ll be able to see how much your repayments will be and the total interest you’ll accrue.

How do I use the car loan repayment calculator?

Don’t let the graph put you off, the car loan repayment calculator is easy to use. Just follow these simple steps:

  1. Enter your total loan amount. If you aren’t sure of this amount just yet, use the slider to enter an amount you think will be sufficient to finance your car.
  2. Enter your interest rate. Use the interest rate of the car loan to more accurately determine your repayments.
  3. Enter the loan term. The shorter the term the more your repayments will be, but the more you will save on interest. You should check the loan terms offered by the different loans you are looking at to make sure you are able to choose the terms you want.
  4. Set your repayment frequency. You will need to check the options offered by the loan you are looking at, as not all lenders offer every type of repayment frequency. If you are able to choose the frequency, you should try and match it to when you get paid ie. monthly pay, monthly repayments.

Let’s look at how the calculator can help you save

Now you’ve got the basics of how to use the car loan repayment calculator, it’s time to learn how to get the most out of it. Let’s say Jane is looking at taking out a $5,000 car loan at an interest rate of 7.80% p.a. for a 5 year loan term. She’s planning to make monthly principal and interest repayments for the duration of her loan.

Here’s what the car loan calculator tells Jane her repayments will be:

How to use the car loan calculator step 1

Jane will be making a monthly repayment of just over $100 and incur $1,054 in interest payments over the life of her loan. Jane decides that she can afford to put more than $100 a month towards her car and she wants to save herself some money on interest.

Here’s what happens when she tweaks her loan term in the car loan calculator:

Car loan repayment calculator

As you can see, by choosing a four year loan term instead of a five year loan term, Jane only increases her repayments by about $20 a month (only $5 extra a week) and she saves herself $217 over the life of the loan. Not to mention she pays off her loan one year earlier.

Like Jane, see how much money you can save on your loan by using the car loan calculator. If you want to compare your car loan options, you can use the lender comparison table at the bottom of this page.

What to consider before applying for car finance

A car loan calculator takes the burden off your shoulders by figuring out what your potential repayments are going to be. But it’s also important to factor in the following so you can decide if the car loan you’ve chosen is right for you and your needs. Some of the things to consider include:

  • Loan terms. Most car loans are for one to seven years, but they vary from lender to lender. Once you calculate what car loan repayments you can afford, this will determine your loan term. You also have the option of lowering your repayments by selecting a longer loan term. This can be a good option if the loan also allows you to repay it early without a fee.
  • Buying a new or used car. While there are pros and cons for both, buying a new or a used car can impact which car loan you’re eligible for. Some lenders may only supply loans for new cars and others may supply loans for new or used, so consider your options before making a final decision.
  • Ability to get additional funds. Some car loans allow you to borrow additional funds within the loan to cover expenses, However, as this is not the case with all car loans. If this is something that you need to do in order to cover these expenses you could also take out an unsecured personal loan.
  • Affordability. Calculate your budget. Being able to afford the loan repayments is a huge consideration in determining if a loan is right for you. If you are unable to afford the repayments, this will impact your income, budget and your general living situation, so it’s an important consideration.

Frequently asked questions

Some questions that we get asked frequently include:

Compare car finance options

Name Product Interest Rate (p.a.) Min. Loan Amount Max. Loan Amount Loan Term Establishment Fee
FAST QUOTE
Simplify Secured Car Loan
6.25% - 12.50%
$5,000
$500,000
12 - 60 months
$100 - $500
Eligibility: Must be 18+, a New Zealand resident or permanent citizen and have an income of at least $500 per month.
See how much you could borrow without affecting your credit score.
MTF Finance Secured Car Loan
8.20% - 20.20%
$2,000
$100,000
3 to 60 months
$376
Eligibility: Must be 18+, be an NZ citizen, resident or have a work visa, and have a regular source of income.
Secured car loans from $2,000.
The Lending People Car Loan
6.95% - 26.95%
$2,000
$75,000
1 to 7 years
$0 - $995 depending on loan type
Eligibility: Be 18+, an NZ citizen or permanent resident, in employment and earning at least $500 per week.
Secured and unsecured car loans of up to $75,000 from a variety of reputable lenders.
FROM 6.99%
The Co-operative Bank Unsecured Personal Loan
6.99% - 19.99%
$3,000
$50,000
6 months to 5 years
$200
Eligibility: Be 18+, an NZ citizen/permanent resident, or have a valid work visa.
Floating-rate, unsecured personal loans from $3,000.
Kiwi Car Loans Secured Loan
6.95% - 19.95%
$5,000
$500,000
1 to 5 years
$195 - $995 depending on lender
Eligibility: Be 18+, an NZ citizen, permanent resident or have a work visa, and have an income of least $500 per week.
100% online secured car loans from $3,000.
Lending Crowd Secured Car Loan
5.03% - 15.44%
$5,050
$200,000
3 or 5 years
$450 - $1,450 depending on the amount borrowed
Eligibility: Be a NZ resident/citizen and have a good credit score.
Borrow $5,050 to $200,000 for your chosen vehicle. 100% online with no paperwork or early repayment fees.
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