Car Loan Calculator
Use our easy car loan calculator to figure out how much you could borrow
Why our calculators different
You can get an exact rate match instead of a generic estimate.
All fees included
Our monthly repayment estimates are fully inclusive of all fees of the lender, so no need to worry about hidden surprises.
We'll look at a wide range of inputs to give you a personalised calculation across a variety of loan structures.
Don’t take our word for it
We always recommend a second opinion. Read our customer reviews.
Car Finance With Driva
Borrow the full amount
Whether you’re buying a new or used car, you can borrow the full amount of the car’s purchase price and avoid dipping into your savings!
Expanded choice of vehicles
A car loan can give you the ability to buy a more modern vehicle than you would be able to afford otherwise. This will likely mean cost savings with fewer visits to the repair shop and a more enjoyable driving experience.
Low rates & monthly repayments
Secured car loans with Driva are accompanied by very low rates because your car is used as collateral, and because the loan is paid back over a longer period of time (up to seven years), monthly repayments are low as well.
Looking for something else?
Have a question?
How much can I borrow with a car loan?
Your maximum borrowing amount on a car loan will depend on which lender you’re looking at, as well as your own personal financial situation. In order to determine your maximum loan amount, lending criteria normally includes factors like your credit score, credit history, income sources and your living situation.
One way to change your maximum borrowing amount is to change the length of your auto loan term, for example from 5 years to 7 years.
Using our car loan estimator is a great way to get an idea of how much you can expect to pay in car loan repayments and help you decide if a vehicle loan is the right option for you. If you’d like to get your personalised rates (without impacting your credit score!), you can do so here using Driva’s smart financing platform. Our AI-driven will assess your profile against the policies of our 30+ lenders to calculate car loan repayments and find your best interest rates.
Can I get a commercial loan with Driva?
Absolutely! If you’re looking for a business car loan, Driva has a number of options available. Our most popular commercial loan product is a chattel mortgage, which is where a lender provides the customer funds for them to buy a car, and then consistent repayments are made (plus interest) to pay back the loan. In this situation, the business will assume ownership of the motor vehicle but the lender has a ‘mortgage’ over the car until the loan is fully repaid.
Do Driva’s lenders charge fees?
Every car loan lender charges fees - the important part is making sure you account for them when deciding which lender to go with. These fees will vary between lenders - for example, some lenders might charge early repayment fees or redraw fees.
All lender fees and charges are automatically built into Driva’s personalised quotes and into our car finance calculator, so the monthly repayment figure you see is exactly what you’ll have to pay each month (no hidden fees!).
Driva works with a panel of over 30 lenders to give you the confidence that the options you’re seeing are a good fit for your personal circumstances as well as the vehicle you’re thinking about.
Does my credit score have an impact on my rate?
In most cases, yes. For many lenders, your credit score is one of the main factors that will be assessed when deciding whether you’re eligible for a loan. In fact, in some cases, your credit score will impact how your interest rate is set - the higher your credit score, the lower interest rates you’ll be able to access.
However, for some lenders, your credit score is less important, and other factors like your income, living situation and employment status will be more heavily considered.
Will applying for quotes impact my credit score?
No. Getting your personalised quotes with Driva won’t have any impact on your credit score.
When you get your quotes, Driva runs a ‘soft credit check’. This means we’re able to access the credit score that lenders will use to price your car loan, without recording an inquiry on your file or impacting your score in any way.
Once you’ve decided on your preferred lender, submitted your final application to Driva, and we’ve checked to make sure you’re likely to be approved, only then will we share your application with your chosen lender.
What other finance options are available?
At Driva, we understand that a car loan may not always be the best option for everyone. That's why we offer a range of other finance options to help you achieve your goals, including:
A personal loan is a type of unsecured loan that can be used for a variety of purposes, including purchasing a car. Unlike a car loan, which is secured against the vehicle, a personal loan can be used to finance any purchase, and the interest rates may be higher than a car loan. However, a personal loan may be a good option if you have a strong credit history and can get a competitive interest rate.
Refinancing is the process of replacing your existing car loan with a new loan that has better terms, such as a lower interest rate or longer loan term. Refinancing can help you save money on interest and lower your monthly payments, but it's important to consider any fees and charges associated with refinancing before making a decision.
If you're interested in purchasing an electric vehicle, Driva offers specialised finance options for these types of vehicles. Electric vehicle loans may have lower interest rates and longer loan terms than traditional car loans, and may also offer incentives such as government grants or rebates.
At Driva, we believe in providing personalised finance options to help you achieve your goals. Our car loan calculator is just one of the tools we offer to help you make informed decisions about your finances. Whether you're looking for a car loan, personal loan, or another type of financing, we're here to help you find the best solution for your needs.
What’s the difference between a secured car loan and an unsecured car loan?
The main difference between a secured loan and an unsecured loan is that the former uses your car as collateral against the loan, while the latter does not. Secured loans tend to be accompanied by lower interest rates because the lender has the peace of mind that if you were to default on your loan, they’d be able to recover their funds by repossessing your car. By comparison, unsecured loans are not secured against any asset, so they tend to attract higher interest rates.
What is a comparison rate?
A comparison rate is used to help you understand the true cost of a loan. Unlike the Annual Percentage Rate (APR) rate, it includes almost all of the fees that lenders will charge you (but doesn’t include stamp duty fees). You should consider comparison rates as the key metric when comparing car loan quotes from Driva. We’ll clearly specify the comparison rates of each quote so you can clearly see which is going to cost you the least. We recommend relying on the comparison rate or monthly repayment figure when comparing rates, as the quoted APR can be misleading.
Can I use the car loan calculator for a used car?
Absolutely. Whether you’re after a brand new car or a second hand one, you can get an estimate of how much you could borrow and what your monthly repayments might look like. You’ll just need to enter the estimated manufacture year of the vehicle you’re after. Typically, the older the vehicle, the higher the interest rate.
Can you get an 84 month car loan?
Yes, you can! Our lenders have loan terms available from 1 to 7 years (or 84 months). Keep in mind that the longer your loan term, the lower your monthly repayments will be (but the more you’ll end up paying in interest overall!).
I have a bad credit score. Will I be able to get a loan?
Each lender has different eligibility criteria, so it’s tricky to say. For many lenders, your credit score will have a big impact on both your eligibility for a loan as well as the rate you’re charged. In many cases, the higher your credit score, the lower the interest rate you’ll be eligible for. For other lenders, your credit score isn’t the most important factor, and they’ll consider things like your income, age of the vehicle and employment status when assessing your application.
Driva runs a ‘soft credit check’ when you apply for your personalised quotes. This means we can access the score that lenders will use to price your loan, without recording an enquiry on your file or impacting your credit score. After you’ve decided on your preferred lender, and we’ve made sure you’re likely to be approved, we’ll then submit your application to the lender who will run a full credit check.
Before you start applying for loans, it’s a good idea to check your credit score and review your credit history. You can do this for free through one of the main Australian credit bureaus: Equifax, illion and Experian. Our car loan repayment calculator can also give you an idea of what a loan could cost you.
How fast do cars depreciate?
The rate at which a car depreciates can vary depending on several factors, such as the make and model of the car, its age, mileage, and condition. New cars tend to lose a significant amount of their value in the first few years of ownership, typically around 20-30% in the first year alone. After that, the rate of depreciation tends to slow down.
On average, cars depreciate around 15-25% per year, which means that a car purchased for $30,000 will typically be worth around $15,000 after five years. However, certain factors, such as market conditions, maintenance history, and accidents, can cause a car to depreciate faster or slower than the average rate.
It's important to keep in mind that a car's depreciation rate is not the only cost to consider when purchasing a vehicle. Other factors, such as fuel costs, insurance premiums, and maintenance expenses, should also be taken into account when calculating the true cost of owning a car.
Can I get pre-approved for a car loan?
Yes, you can get pre-approved for secured or unsecured car loans with Driva. Pre-approval can give you a better idea of your borrowing capacity and help you shop for a car with confidence. Simply fill out our car loan calculator above to get your estimated repayments and to get started.
Can I get a loan for an electric car?
Yes, you absolutely can. Find out more about our electric car loans and and explore your options here!
How does a car loan work?
When you take out a car loan, the lender provides you with the funds you need to buy the car. You then make regular repayments, usually monthly, to gradually pay off the loan over the agreed loan term. The loan is secured against the car, which means that if you fail to repay the loan, the lender may repossess the car to recover their losses.
Can I use a car loan to buy a used car?
Yes, car loans can be used to buy both new and used cars. Whether you choose to buy a new or used car will depend on your personal preference and budget. Just make sure to check with your lender if there are any specific requirements or conditions for used car financing.
What is the difference between a fixed rate and a variable rate car loan?
A fixed rate car loan has an interest rate that remains the same throughout the entire loan term, providing you with consistent repayments. On the other hand, a variable rate car loan has an interest rate that can fluctuate over time, which means that your repayments may vary.
What is a comparison rate?
A comparison rate is a percentage that includes both the interest rate and any fees and charges associated with a loan. It provides a more accurate representation of the true cost of a loan and helps borrowers compare different loan options.
Can I make extra repayments on my car loan?
If you have a car loan, you may be wondering if you can make extra repayments to pay off your loan faster. The good news is that many car loan providers do allow borrowers to make extra repayments on their loans. By making additional payments, you have the opportunity to pay off your loan earlier than the agreed term, potentially saving on interest costs. However, it's essential to check with your loan provider if there are any restrictions or fees associated with making extra repayments.
Depending on the type of loan you have, there may be charges or penalties for making additional payments. Therefore, it is important to understand the terms and conditions of your loan before making any extra repayments. Additionally, the amount you can borrow and your weekly repayment amount may also be affected by making extra repayments. So, it's best to discuss any potential extra repayments with your car loan provider to ensure you are fully aware of the implications and any additional costs involved.
What factors determine the interest rate on a car loan?
The interest rate on a car loan is determined by several factors, including your credit history, the loan amount, the loan term, and the type of car you want to purchase. Lenders will also consider current market conditions and their own lending criteria when determining the interest rate.
What documents do I need to apply for a car loan?
When applying for a car loan, there are several documents that you will typically need to provide. If you are applying for a loan with the car as security, you will need to provide the car's registration documents, proof of ownership, and clear title. If you are applying for an unsecured personal loan, you will need to provide documents such as proof of income, employment history, and bank statements to show your ability to repay the loan.
The lender will also require you to have car insurance, and you will need to provide proof of this as well. Additionally, you should be prepared to review and sign the terms and conditions of the loan, including the interest rate and the cost of the loan. It's important to note that the interest rate may be fixed or subject to change, so be sure to understand this before applying for a personal loan.
What is the difference between a car loan and a personal loan?
A car loan and a personal loan are both forms of lending, but there are some key differences between the two. A car loan (including a low doc car loan) is specifically designed for purchasing a vehicle, whether new or used, and is secured against the car itself. It often comes with a fixed or variable rate loan, depending on the lender, and can have comparison rates applied to it. On the other hand, a personal loan can be used for various purposes, including buying a car, but can also be used for other personal expenses.
The interest rate for a personal loan is often personalised based on the borrower's credit history and financial situation. Rates for both types of loans can range depending on the lender and the borrower's circumstances. When applying for a car loan, you typically need to provide more specific details about the car, such as the make, model, and purchase price. Conditions may also apply, such as the requirement for comprehensive car insurance. The total amount payable for both loans should be carefully calculated, including any fees, and can be repaid either fortnightly or monthly, depending on the loan agreement.