When you pay a car loan down early, lenders charge both early repayment fees and break fees. Lenders charge various amounts for late or missed payments, ranging from $15 up to $40 or more. Remember, though, that a comparison rate doesn’t include late fees or early repayment charges, so it’s not a 100% accurate representation of the final cost of your car loan.Ĭar loans often come with various charges for early repayment and late repayment fees. A comparison rate bundles all of the regular and initial charges into a representative interest rate figure which is clearly displayed next to the annual percentage rate for the loan.
You can partially get around this by using the lender’s comparison rate instead of the advertised interest rate. Yes – the car loan repayment calculator can’t predict or include variable lender fees like monthly account charges and loan establishment costs. and 5.5% p.a., respectively, but by using the calculator you can see that you’d save almost $700 by opting for the lower rate. For instance, two lenders may offer $50,000, five-year car loans at 5% p.a. Rather than simply comparing offers based solely on interest and fees, you can input all the key deals in our calculator and see a practical example of how much each will cost and what the potential savings between different offers may be. It can be easy to be swayed by a car loan advertising a certain rate and fees, but it’s always crucial to have an understanding of what this might end up costing you in the long run.Īdditionally, you can use this calculator as a comparison tool between different car loans on the market. Repayment calculators can be very useful for borrowers who are entering the application process, as it helps give a clearer idea of the true cost of your loan and what you might be able to comfortably manage as a result. You can also decide how often to make your repayments: choose between weekly, fortnightly and monthly instalments in line with whichever best suits your needs. All you’ll need to input in the calculator is your desired loan amount, preferred repayment term, an estimate of your interest rate and the size of your deposit (if any) and it’ll tell you how much your loan is likely to cost you. Savvy’s car loan repayment calculator is very simple to use.
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