Enter your loan details
Ask us about finance at this rate →Your estimated payment
Monthly payment
$580
per month for 60 months
- Loan amount
- $30,000
- Total interest
- $4,799
- Total cost
- $34,799
- Down + trade-in
- $5,000
Payment breakdown
Principal 86%Interest 14%
Tip: a bigger down payment or a shorter term can cut the interest you pay. Try the sliders.
Estimates only, not a credit offer. Your actual rate depends on your lender and circumstances.
Compare loan scenarios
Same car, different terms. See how the numbers change on a loan of $30,000.
Lowest cost
36-month loan
$30,000 at 5.5% APR
- Payment
- $906/mo
- Total interest
- $2,612
- Total cost
- $32,612
Highest payment, lowest total cost. Best if you can afford it.
Sweet spot
60-month loan
$30,000 at 6.0% APR
- Payment
- $580/mo
- Total interest
- $4,799
- Total cost
- $34,799
A balance of payment and cost. The most popular choice.
Most interest
84-month loan
$30,000 at 7.0% APR
- Payment
- $453/mo
- Total interest
- $8,034
- Total cost
- $38,034
Lowest payment, but far more interest, and a long time to owe on a car that loses value.
The 20/4/10 rule: how much car can you afford?
A widely used affordability guideline.
20%
Down payment
Put at least 20% down to reduce the loan, lower your payment and protect against negative equity.
4 yrs
Maximum loan term
Finance for no more than 48 months to minimise interest and stay ahead of depreciation.
10%
Of gross income
Keep total vehicle costs (payment, insurance, fuel) under 10% of your gross monthly income.
Example: earning $6,000 a month gross means a maximum of about $600 a month in total vehicle costs. After around $150 for insurance and fuel, that leaves roughly $450 for the loan payment.
How interest rate affects your total cost
On a loan of $30,000 over 60 months. See why rate shopping matters.
3.0% APR
$539/mo
$2,344 total interest
5.0% APR
$566/mo
$3,968 total interest
7.0% APR
$594/mo
$5,642 total interest
10.0% APR
$637/mo
$8,245 total interest
The gap between 3% and 10% is about $5,901 in extra interest. Comparing offers before you sign is worth the time.
Quick financing tips
Apply these before you sign anything.
Get pre-approved first
Lock in a rate with your bank or lender before you visit the dealer. If our offer can't beat it, you already have your financing secured.
Negotiate price, not payment
A low monthly figure can hide a long term or a high price. Agree the total price of the car first, then talk about how to pay for it.
Improve your score first
Even a small improvement in your credit score can lower your rate. Pay down cards, fix errors and avoid new credit before you apply.
Key numbers to know
- Compare 3+
- Lenders before choosing
- 48–60 mo
- Recommended loan term
- 10–20%
- Recommended down payment
- 10%
- Max of gross income on car costs
How to use this auto loan calculator to make a smarter purchase
A car payment is one of the largest recurring expenses in most people's budgets, and many buyers commit to a loan without fully understanding what they are agreeing to. The monthly payment is just one number. What matters equally is how much of that payment goes to interest versus principal, and how much you will pay in total over the life of the loan.
Adjust the sliders for price, down payment, trade-in, interest rate and term and you can see in real time how each variable affects your monthly payment and total cost. The breakdown bar shows the split between principal and interest, a useful reminder that longer terms and higher rates mean a greater share of every payment goes to the lender rather than toward owning your car.
The most powerful use of the tool is scenario comparison. Try the same car at 60 months and then at 72 or 84 months and watch the total interest climb. Increase your down payment by a small amount and see the monthly saving. These comparisons take seconds and can be worth a lot over the life of a loan.
- ✓Know what you can afford and what rate you should be targeting.
- ✓Get pre-approved, then compare our finance offer against it.
- ✓Keep the term as short as your budget allows.
Frequently asked questions
How is a car payment calculated?
Your payment depends on the loan amount (price minus down payment and trade-in), the interest rate (APR) and the term. The calculator spreads the amount you borrow, plus interest, evenly across every month of the loan.
What is a good monthly car payment?
A common guideline is to keep your total monthly car costs, including insurance and fuel, under 10% of your gross monthly income, with the loan payment itself well below that.
How much car can I afford?
Try the 20/4/10 rule: 20% down, a loan of no more than 4 years, and total vehicle costs under 10% of gross income. Then use the sliders to see what price fits.
Does a larger down payment make a difference?
Yes. It lowers the amount you borrow, so you pay less interest and a smaller monthly payment, and it helps you avoid owing more than the car is worth.
Should I choose a shorter or longer loan term?
A shorter term costs more each month but far less in total interest. A longer term eases the monthly payment but you pay more overall and stay in debt longer.
How much interest will I pay in total?
The calculator shows total interest for your exact numbers. Move the APR and term sliders to see how much a lower rate or shorter loan could save.
Know your payment, now find your car
Get a clear finance figure before you commit. Talk to us about the car you have in mind.