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Car Loan Interest Rate Calculator

Dealers quote a monthly payment, not a rate. Enter the loan amount, monthly payment and term to reveal the real interest rate you're being charged — or switch modes to work out the repayment. Works for cars and any asset loan, with an optional balloon (residual) payment.

What do you want to work out?
$
$
%
$
Annual Interest Rate
7.42%
Total Payments
$42,000.00
Total Interest
$7,000.00
Principal vs Interest
PrincipalInterest
Schedule
PeriodPaymentInterestPrincipalBalance
1$700.00$216.42$483.58$34,516.42
2$700.00$213.43$486.57$34,029.85
3$700.00$210.42$489.58$33,540.27
4$700.00$207.39$492.61$33,047.66
5$700.00$204.35$495.65$32,552.01
6$700.00$201.28$498.72$32,053.29
7$700.00$198.20$501.80$31,551.49
8$700.00$195.10$504.90$31,046.59
9$700.00$191.97$508.03$30,538.56
10$700.00$188.83$511.17$30,027.39
11$700.00$185.67$514.33$29,513.07
12$700.00$182.49$517.51$28,995.56
13$700.00$179.29$520.71$28,474.85
14$700.00$176.07$523.93$27,950.92
15$700.00$172.83$527.17$27,423.75
16$700.00$169.57$530.43$26,893.32
17$700.00$166.29$533.71$26,359.62
18$700.00$162.99$537.01$25,822.61
19$700.00$159.67$540.33$25,282.28
20$700.00$156.33$543.67$24,738.61
21$700.00$152.97$547.03$24,191.58
22$700.00$149.59$550.41$23,641.17
23$700.00$146.18$553.82$23,087.35
24$700.00$142.76$557.24$22,530.11
25$700.00$139.31$560.69$21,969.42
26$700.00$135.85$564.15$21,405.27
27$700.00$132.36$567.64$20,837.63
28$700.00$128.85$571.15$20,266.47
29$700.00$125.32$574.68$19,691.79
30$700.00$121.76$578.24$19,113.55
31$700.00$118.19$581.81$18,531.74
32$700.00$114.59$585.41$17,946.33
33$700.00$110.97$589.03$17,357.30
34$700.00$107.33$592.67$16,764.63
35$700.00$103.66$596.34$16,168.29
36$700.00$99.98$600.02$15,568.26
37$700.00$96.27$603.73$14,964.53
38$700.00$92.53$607.47$14,357.06
39$700.00$88.78$611.22$13,745.84
40$700.00$85.00$615.00$13,130.83
41$700.00$81.19$618.81$12,512.03
42$700.00$77.37$622.63$11,889.39
43$700.00$73.52$626.48$11,262.91
44$700.00$69.64$630.36$10,632.55
45$700.00$65.75$634.25$9,998.30
46$700.00$61.82$638.18$9,360.12
47$700.00$57.88$642.12$8,718.00
48$700.00$53.91$646.09$8,071.91
49$700.00$49.91$650.09$7,421.82
50$700.00$45.89$654.11$6,767.71
51$700.00$41.85$658.15$6,109.56
52$700.00$37.78$662.22$5,447.34
53$700.00$33.68$666.32$4,781.02
54$700.00$29.56$670.44$4,110.58
55$700.00$25.42$674.58$3,436.00
56$700.00$21.25$678.75$2,757.25
57$700.00$17.05$682.95$2,074.29
58$700.00$12.83$687.17$1,387.12
59$700.00$8.58$691.42$695.70
60$700.00$4.30$695.70$0.00

Two ways to use the calculator

This tool works in both directions. Use "Work out the monthly payment" when you know the interest rate and want your repayment, or "Work out the rate" when you know the repayment (for example from a dealer quote) and want to reveal the actual interest rate behind it — useful for checking whether a finance offer is as good as it sounds.

What is a balloon or residual payment?

A balloon (or residual) payment is a lump sum left owing at the end of a car or asset loan. It lowers your monthly repayments because you're not paying the whole amount off over the term — but you'll owe that lump sum at the end, which you'll need to pay, refinance, or cover by selling the asset.

Checking a dealer finance offer

Dealers often quote a monthly repayment rather than an interest rate. By entering the loan amount, the quoted monthly payment, the term, and any balloon, the "Work out the rate" mode reveals the real annual interest rate you're being charged — so you can compare it against a bank or credit union car loan.

Assumptions & What's Not Included

This estimates your car loan repayment. To keep it simple, it assumes the following:

These figures are estimates for guidance only, not a finance quote. Confirm exact repayments, fees, and any balloon payment with your lender.

Worked example

You’re financing a $30,000 car over 5 years at 8%, and want to know the monthly payment (no balloon).

Loan amount$30,000
Interest rate8% p.a.
Term5 years
Monthly repayment$608
Total interest~$6,500
What it tells you: The repayment works out to about $608 a month, with roughly $6,500 of interest over the five years. Switch the mode to ‘work out the rate’ to check what a dealer’s quoted repayment really implies.

Frequently Asked Questions

How do I work out the interest rate on a car loan?

Switch to "Work out the rate" mode, then enter the loan amount, the monthly repayment you have been quoted, the loan term, and any balloon payment. The calculator solves for the annual interest rate behind those numbers, which is useful for comparing a dealer offer against other lenders.

How does a balloon payment affect my repayments?

A balloon payment is a lump sum left owing at the end of the loan. Because you are not repaying the full amount over the term, your monthly repayments are lower, but you must pay, refinance or otherwise cover the balloon amount when the loan ends.

Can I use this for other asset loans, not just cars?

Yes. The same maths applies to any amortising asset loan such as equipment, machinery, caravans or boats, including those with a residual or balloon payment at the end.

Is this calculator private? Do you store my data?

Yes, it is completely private. Every calculation runs locally in your browser, so the figures you enter are never sent to a server, never stored, and never shared. There are no accounts and no sign-up.

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