Car loan repayment calculator for Perth

Work out your repayment

Start with the amount you actually need, not the amount you have been approved for. Then set the term you would be comfortable with, and move the rate across the range to see how much of the repayment is the money and how much is the pricing.

What the numbers mean in Perth

Perth loan sizes skew high for this network, and they skew toward utes and 4WDs — vehicles that cost more to buy and are better to borrow against, because they hold value in this state in a way a small hatch does not.

The consequence catches people out: the same borrower can be offered better terms on a $50,000 dual cab than on a $25,000 hatchback, because the lender's downside is better covered. It is not a reason to borrow more than you need. It is a reason not to assume the cheaper vehicle produces the cheaper loan.

The Western Australian input the calculator cannot know is duty. If you intend to finance your on-road costs — and at $50,000 that is roughly $3,250 here — add them to the loan amount before you calculate, because they are a much larger share of the total than in the eastern states.

The term is the biggest lever, and it cuts both ways

Stretching the term is the fastest way to make a repayment fit, and it is also the most expensive. The table below shows what that trade actually costs on $35,000: a smaller weekly figure, and several thousand dollars more paid across the loan.

There is a second cost that does not appear in any table. A seven-year loan on a used car means owing money on a vehicle old enough to need real work, at the point where it is worth least. That is how people end up rolling negative equity into their next loan.

What the calculator deliberately leaves out

A repayment figure that quietly omits a fee is the kind of number that makes everything else on a page suspect, so it is worth being explicit about what this one does and does not model.

Establishment fee

A one-off charge to set the loan up. Often financed into the loan, in which case it attracts interest for the whole term.

Monthly account fee

A small recurring charge. Ten dollars a month over five years is $600, which is more than most people expect.

Balloon or residual

A lump sum still owing at the end. It makes the monthly figure look much better and raises the total cost. It has to be paid, refinanced, or covered by selling the car.

Comparison rate

A single figure combining the interest rate with the standard fees, so two loans can be compared honestly. It is the number to ask for, not the headline rate.